HH Group, a vertically integrated private equity real estate firm specializing in U.S. student housing and multifamily assets, announced the acquisition of Varsity on K, a 197-unit, 212-bed apartment community in Washington, D.C.'s West End neighborhood, adjacent to The George Washington University. The deal, completed through HH Fund, the firm's equity investment and co-development division, expands HH Group's presence in the nation's capital and pushes its assets under management past the $1 billion milestone.
The property, located at 950 24th Street NW, is within walking distance of the university's main campus, George Washington University Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its prime location offers convenient access to Georgetown, the White House, and major employment centers, making it an attractive investment for HH Group, which focuses on high-barrier-to-entry university markets.
Gary Chen, Founding Partner and Chief Investment Officer of HH Group, emphasized the significance of the milestone: “Reaching more than $1 billion in assets under management is an important milestone for HH Group, but more importantly, it reflects the discipline behind how we have grown the platform. Varsity on K is representative of the opportunities we continue to pursue: well-located assets with durable demand drivers, attractive long-term fundamentals, and meaningful potential for value creation.”
The acquisition strengthens HH Group's existing portfolio in Washington, D.C., where HH Red Stone, its property management arm, will now manage its third asset. This concentration allows for operational efficiencies and deeper market knowledge, positioning the firm for continued growth. HH Red Stone was recently named a Top 10 Student Housing Company by J Turner Research, underscoring its expertise in the sector.
Varsity on K offers 21 floor plans from studios to three-bedroom apartments, with fully furnished residences featuring modern kitchens, stainless steel appliances, in-unit washers and dryers, and high-speed Wi-Fi. Community amenities include a fitness center, resident lounge, study rooms, and an outdoor courtyard with a fire pit and grilling stations.
HH Group plans to implement a comprehensive repositioning program, including rebranding the community as Haven on K, refreshing common areas, and completing targeted capital improvements to enhance the resident experience and long-term asset performance. The firm will also integrate centralized asset, leasing, and marketing management to optimize occupancy and net operating income.
Tony Shen, Founding Partner and Chief Operating Officer, noted, “This acquisition strengthens our Washington, D.C. portfolio and underscores our continued confidence in education-anchored markets where an integrated investment and operating platform can create long-term value.”
The investment aligns with HH Group's strategy of targeting markets with durable enrollment and limited housing supply. Lee Chen, Managing Director of HH Fund, commented, “We see that opportunity in Washington, D.C. today. The market combines a highly educated workforce, constrained housing supply, and neighborhoods where people genuinely want to live. Varsity on K allows us to acquire a high-quality asset at an attractive basis and apply our hands-on operating approach to unlock its potential.”
With over 10,000 beds under management and a portfolio of 28 properties, HH Group continues to expand in premier university markets. The acquisition of Varsity on K marks another step in building a scalable, strategically integrated management platform in Washington, D.C., and reinforces the firm's commitment to delivering long-term value through disciplined investment and operational excellence.
