HH Group, a vertically integrated private equity real estate firm specializing in student housing and multifamily assets, announced today 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, marks a significant expansion of HH Group’s presence in the nation’s capital and pushes its assets under management beyond 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 West End location also provides convenient access to Georgetown, the White House, the National Mall, and major employment centers throughout downtown Washington, D.C. The community will be rebranded as Haven on K.
This acquisition is strategic for HH Group, which focuses on supply-constrained, university-anchored markets. “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,” said Gary Chen, Founding Partner and Chief Investment Officer. “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 addition of Varsity on K expands HH Group’s existing portfolio in Washington, D.C., making it the third managed asset for HH Red Stone in the market. This concentration allows the firm to deepen its market knowledge, leverage local relationships, and create operating efficiencies across leasing, management, and capital improvements. HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research, reinforcing its position as a leading operator.
The property offers 21 floor plans ranging from studios to three-bedroom apartments, all fully furnished with modern kitchens, stainless steel appliances, in-unit washers and dryers, high-speed Wi-Fi, and 43-inch HDTVs. Community amenities include a 1,800-square-foot fitness center, a resident lounge with demonstration kitchen, study rooms, a business center, a game lounge, package lockers, indoor parking, bicycle storage, controlled access, and an outdoor courtyard with dining areas, fire pit, and grilling stations.
HH Group plans to implement a comprehensive repositioning program, including rebranding to Haven on K, refreshing common areas, and expanding amenities. Targeted capital improvements will address mechanical, common-area, security, and building systems. Management will transition to HH Red Stone, which will apply institutional systems, local market knowledge, and hospitality-driven execution. Centralized asset, leasing, and marketing management will optimize occupancy and maximize net operating income.
“We have always believed compelling opportunities emerge when short-term market sentiment diverges from long-term fundamentals,” said Lee Chen, Managing Director of HH Fund. “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 nationwide and a portfolio of 28 properties, HH Group continues to expand in university-anchored markets supported by durable enrollment and limited housing supply. The firm, founded in 2015 and headquartered in Silver Spring, Maryland, operates through three divisions: HH Group, HH Fund, and HH Red Stone. Its integrated approach connects strategy, capital, and operations to deliver long-term value across the real estate lifecycle.
This acquisition underscores HH Group’s confidence in education-anchored markets where an integrated investment and operating platform can create long-term value. As the firm scales, it remains committed to disciplined underwriting and operational excellence, positioning itself for continued growth in the student housing sector.
