HH Group Acquires DC Student Housing Community

Private equity investor HH Group has acquired Varsity on K, a 197-unit, 212-bed student housing community located in Washington, D.C., adjacent to George Washington University, for an unspecified price. The community will be rebranded as Haven on K.

The last time the asset changed hands, in 2017, the Los Angeles County Employees Retirement Association bought it for about $119.5 million, according to Yardi Matrix data. The property had been completed the year before.

The acquisition was transacted through HH Fund, the firm’s investment arm that specializes in student housing. The deal brings HH Group’s total number of student housing assets in metro Washington to three. The other two are the Lanes at Union Market, close to Gallaudet and Howard universities, and The Ledger on 29th Street, located near both Georgetown University and GWU.

Varsity on K offers a variety of floor plans, from studios to three-bedroom units. The fully furnished residences feature kitchens with quartz and granite countertops and stainless steel appliances; in-unit washers and dryers; and 43-inch HDTVs.

Common-area amenities include a 1,800-square-foot fitness center, a resident lounge with a demonstration kitchen, and private study and meeting rooms. There is also a business center, a game lounge, package lockers and bicycle storage. An outdoor courtyard features dining areas, lounge seating, a fire pit and grilling stations.

Located at 950 24th St., N.W., the property is within walking distance of George Washington University’s main campus. Total student enrollment at the university is about 24,500. Varsity on K is also near George Washington University Hospital, the Kennedy Center and the Foggy Bottom-GWU Metro station.

Heading Into the New Season

Fundamentals in the student housing sector were mixed as the industry prepares for the 2026-27 academic year. Preleasing at the 200 universities that Yardi Matrix tracks reached 78 percent in May, 140 basis points ahead of last year’s figure. Even so, that represents a slowdown compared with the months of May in 2022, 2023 and 2024. Student housing rents were up 0.2 percent from April and 1.7 percent year-over-year.

Investors are still interested in the sector, both for portfolio and one-off deals. In June, the Scion Group acquired the operating business of Student Quarters, a student housing owner with interests in about $1.5 billion of U.S. student housing assets. 

The deal was Scion’s second major student housing transaction within weeks, following the acquisition of a 12-property, 7,578-bed portfolio from Harrison Street Asset Management for $910 million.

In August, Article Student Living acquired Signature Apartments, a 150-unit, 280-bed community serving students attending the University of Kentucky in Lexington. The property came online in 2024 and includes one-, two- and four-bedroom floorplans.