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HH Fund buys Varsity on K student housing near GWU

The private investor closed the deal midweek and plans to boost occupancy and fund system upgrades in the seven-figure range.

Reported · Written up by our desk · Residential

HH Fund, a student housing-focused investor and operator based in Silver Spring, bought Varsity on K at 950 24th St. NW in Washington, D.C., acquiring a 197-unit residential building near George Washington University, according to Bisnow.

The 1980s-era property has been used as housing since the early 2000s after being converted from an extended-stay hotel. HH Fund managing director of acquisitions Lee Chen said the sale closed midweek, though he declined to disclose the purchase price, and as of Friday afternoon it had not yet been posted in D.C. deed records.

Heitman, the Chicago-based firm, managed the asset for the prior owner and seller, the Los Angeles County Employees Retirement Association (LACERA). LACERA bought the property in 2017 for $112M, Bisnow reported.

Chen said HH Fund aims to increase occupancy and complete system enhancements costing in the seven-figure range, noting the property still has vacancy. The company added that the acquisition brings its portfolio to more than 10,000 beds across 28 properties nationwide, valued at $1B, according to Bisnow.

Latest closeSilver $64.83 ▼0.1%

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