HH Group, a vertically integrated private equity real estate firm specializing in student housing, has announced the acquisition of Varsity on K, a 197-unit apartment community in Washington, D.C.'s West End neighborhood, adjacent to George Washington University. The deal, completed through HH Fund, the firm's equity investment and co-development division, pushes HH Group's assets under management past the $1 billion mark and deepens its presence in supply-constrained, university-anchored markets.
The property, located at 950 24th Street NW, will be rebranded as Haven on K and managed by HH Red Stone, the firm's property management arm. This marks HH Red Stone's third managed asset in the D.C. market, enhancing its operational scale and local expertise. The firm was recently recognized as a Top 10 Student Housing Company by J Turner Research, underscoring its leadership in the sector.
Gary Chen, Founding Partner and Chief Investment Officer of HH Group, emphasized the strategic significance: "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 aligns with HH Group's focus on education-anchored markets with limited housing supply and consistent demand. Tony Shen, Founding Partner and COO, noted, "Varsity on K reflects the investment characteristics we prioritize: an irreplaceable location adjacent to a leading university, limited new supply, and durable demand in a major urban market."
Varsity on K offers 21 floor plans, from studios to three-bedrooms, with fully furnished residences featuring modern kitchens, stainless steel appliances, in-unit washers and dryers, high-speed Wi-Fi, and 43-inch HDTVs. Amenities include a fitness center, resident lounge with demonstration kitchen, study rooms, business center, game lounge, package lockers, indoor parking, bicycle storage, controlled access, and an outdoor courtyard with a fire pit and grilling stations.
HH Group plans a comprehensive repositioning program, including rebranding as Haven on K, refreshing common areas, expanding amenities, completing mechanical and security upgrades, and transitioning management to HH Red Stone. Centralized asset, leasing, and marketing management will aim to optimize occupancy and maximize net operating income.
Lee Chen, Managing Director of HH Fund, expressed confidence in the investment: "We have always believed compelling opportunities emerge when short-term market sentiment diverges from long-term fundamentals. 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."
With over 10,000 beds under management nationally and a portfolio of 28 properties, HH Group continues to expand in premier university markets. The acquisition of Varsity on K strengthens its position as a national owner and operator, leveraging its vertically integrated platform to deliver long-term value. For more information, visit HHFund.com or HHRedStone.com.
