The acquisition of Varsity on K expands HH Group’s presence in Washington, D.C., advances its strategy of investing in supply-constrained, university-anchored markets, and pushes the firm’s assets under management past the $1 billion milestone.
SILVER SPRING, Md., Aug., 2026 – HH Group, a vertically integrated private equity real estate firm specializing in U.S. student housing and multifamily assets, announced today the acquisition of Varsity on K, a 197-unit, 212-bed apartment community located in Washington, D.C.’s West End neighborhood, adjacent to The George Washington University.
The acquisition was completed through HH Fund, the firm’s equity investment and co-development division. The transaction expands HH Group’s existing presence in the nation’s capital and advances the firm’s continued growth across high-barrier-to-entry university markets in the Mid-Atlantic region. The community will be rebranded as Haven on K.
Varsity on K is HH Red Stone’s third managed asset in the Washington, D.C. market, further strengthening the company’s local presence, operating scale, and growing national platform. HH Red Stone was also recently recognized as a Top 10 Student Housing Company by J Turner Research, reinforcing the firm’s position as a leading operator in the sector. The growing concentration of assets in Washington, D.C. allows HH Red Stone to deepen its market knowledge, leverage long-standing local relationships, and enhance its ability to source and execute future opportunities in the region. It also creates meaningful operating efficiencies across leasing, management, and capital improvements, while improving responsiveness to shifts in resident demand and market conditions. The addition of Varsity on K represents another step in building a more established, scalable, and strategically integrated management platform in Washington, D.C., positioning the firm for continued growth and long-term value creation.
Located at 950 24th Street NW, the property is within walking distance of The George Washington 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.
“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. As we continue to scale, our focus remains on deploying capital thoughtfully, maintaining financial discipline, and building a portfolio positioned to perform across market cycles.”
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.
With over 10,000 beds under management nationwide and $1 billion+ AUM, HH Group continues to expand in university-anchored markets supported by durable enrollment, limited housing supply, and consistent demand for well-located residential communities.
“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 where an integrated investment and operating platform can create long-term value.”
As part of its investment strategy, HH Group plans to implement a comprehensive repositioning program designed to elevate the resident experience, strengthen operations, and support long-term asset performance. Planned initiatives include:
Rebranding and Resident Experience – Rebrand the community as Haven on K, refresh common areas, and expand the amenity offering to create a stronger sense of comfort, connection, and belonging.
Targeted Capital Improvements – Complete mechanical, common-area, security, and building-system upgrades intended to improve the resident experience and enhance the property’s long-term competitive position.
Operational Integration – Transition management to HH Red Stone, HH Group’s vertically integrated property management arm, to apply institutional systems, local market knowledge, and hospitality-driven execution.
Centralized Asset, Leasing, and Marketing Management – Coordinate asset management, leasing strategy, marketing, and community outreach to strengthen demand generation, 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. 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. We are excited to invest at this point in the cycle and believe patient, disciplined capital will be rewarded over the long term.”
The acquisition and planned rebrand further strengthen HH Group’s position as a national owner and operator of student housing and urban multifamily communities, supported by a disciplined investment approach, vertically integrated operations, and alignment with ownership interests.
About HH Group
HH Group is a vertically integrated real estate platform with three operating divisions:
HH Group – The integrated platform that connects strategy, capital, and operations in order to deliver long-term value across the real estate lifecycle.
HH Fund – The equity investment and co-development division focused on sourcing and scaling high-impact real estate opportunities.
HH Red Stone – The property management arm specializing in student housing, multifamily, affordable housing, senior and mixed-use assets.
Founded in 2015 and headquartered in Silver Spring, Maryland, HH Group is a private equity real estate firm focused primarily on student housing investments across the United States. The firm has earned a reputation for strategic growth, disciplined underwriting, and operational excellence. With over $1 billion+ in assets under management and a portfolio of 28 properties, HH Group maintains a strong presence in premier university markets, serving students at top-tier institutions nationwide.
The HH Red Stone platform operates nationally with a rapidly expanding management footprint. Its success is rooted in institutional expertise, entrepreneurial agility, and a student-centered investment philosophy that prioritizes high-quality living experiences. HH Group is committed to innovation, leveraging technology, targeted marketing, and meaningful client partnerships to enhance resident satisfaction and maximize investor returns.
Learn more at www.HHFund.com and www.HHRedStone.com.
MEDIA AND BUSINESS INQUIRIES
Investment: [email protected] | Property Management: [email protected]
Media Contact:
Janine Rodrigues
KeyCrew Media
[email protected]
Photos accompanying this announcement are available at:
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Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.
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