HH Group, a vertically integrated private equity real estate firm specializing in student housing and multifamily assets, has acquired Varsity on K, a 197-unit apartment community in Washington, D.C.'s West End neighborhood, adjacent to The George Washington University. The acquisition, 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 will be rebranded as Haven on K.
The acquisition aligns with HH Group's strategy of investing in high-barrier-to-entry university markets with durable demand drivers. Varsity on K is located at 950 24th Street NW, within walking distance of GWU's main campus, George Washington University Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location also offers convenient access to Georgetown, the White House, the National Mall, and major employment centers in downtown D.C.
This acquisition strengthens HH Group's existing D.C. portfolio, making Varsity on K the third managed asset in the market for HH Red Stone, the firm's property management arm. HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research, reinforcing its operational expertise. The growing concentration of assets in D.C. allows HH Red Stone to deepen market knowledge, leverage local relationships, and achieve operating efficiencies across leasing, management, and capital improvements.
“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 of HH Group. “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.”
Varsity on K offers 21 floor plans ranging from studios to three-bedroom apartments. The fully furnished residences feature modern kitchens with quartz and granite countertops, 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 a demonstration kitchen, private study and meeting rooms, a business center, a game lounge, package lockers, indoor garage parking, bicycle storage, controlled-access entry, and an outdoor courtyard with dining areas, lounge seating, 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 expanding amenities. Targeted capital improvements will focus on mechanical, common-area, security, and building-system upgrades. The property will transition to HH Red Stone management, integrating institutional systems and hospitality-driven execution. Centralized asset, leasing, and marketing management will optimize occupancy and maximize net operating income.
“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,” said Tony Shen, Founding Partner and Chief Operating Officer at HH Group. “This acquisition strengthens our Washington, D.C. portfolio and underscores our continued confidence in education-anchored markets.”
With over 10,000 beds under management nationwide and $1 billion+ AUM, HH Group continues to expand in university-anchored markets. The firm's integrated platform, including HH Fund and HH Red Stone, positions it for long-term value creation. The acquisition of Varsity on K highlights HH Group's commitment to disciplined investment and operational excellence.
