HH Group, a vertically integrated private equity real estate firm specializing in student housing, has acquired Varsity on K, a 197-unit apartment community in Washington, D.C.'s West End, adjacent to George Washington University. The deal, completed through its equity investment division HH Fund, pushes the firm's assets under management past the $1 billion milestone and expands its presence in the nation's capital.
The property, located at 950 24th Street NW, is within walking distance of the university's main campus, GWU Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location offers convenient access to Georgetown, the White House, and major employment centers. The community will be rebranded as Haven on K and will be 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, strengthening its local operating scale and platform.
Gary Chen, Founding Partner and CIO of HH Group, emphasized the strategic significance: "Reaching more than $1 billion in assets under management is an important milestone, 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 high-barrier-to-entry university markets. Tony Shen, COO, added, "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."
HH Group plans a comprehensive repositioning, including rebranding, common-area refreshes, targeted capital improvements, and operational integration under HH Red Stone. These initiatives aim to elevate the resident experience and support long-term asset performance. Lee Chen, Managing Director of HH Fund, noted, "We see 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 and a portfolio of 28 properties, HH Group continues to expand in university-anchored markets. The firm's vertically integrated model, combining investment and property management, positions it to create value across market cycles. The acquisition of Varsity on K underscores HH Group's commitment to disciplined growth and operational excellence in the student housing sector.
