Heitman Sells 197-Unit GWU Student Housing Asset to HH Fund for $77.6 Million; Institutional Property Advisors Brokers Deal

WASHINGTON, D.C. — HH Fund has acquired Varsity on K, a 197-unit, 212-bed Class A student housing community in the West End neighborhood of Downtown Washington, D.C., from Heitman for $77.6 million. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction, which closed Aug. 27, 2026.

The property, located at 950 24th Street NW, sits adjacent to The George Washington University campus and one block from the Foggy Bottom–GWU Metro Station. GWU enrolls more than 19,300 students. At $77.6 million across 197 units, the deal implies a price of approximately $393,000 per unit, or roughly $366,000 per bed across the property's 212 beds.

Transaction Details and Brokerage Team

Peter Katz, IPA executive managing director of investments, along with IPA senior managing directors of investments Robert Dean and Jonathan Greenberg, represented the seller, Heitman, and procured the buyer, HH Fund. Heitman managed the asset on behalf of the Los Angeles County Employees Retirement Association.

"Varsity on K offered investors a rare opportunity to acquire a core-located, Class A student housing asset adjacent to George Washington University, benefiting from consistent demand in one of the nation's most desirable and well-connected urban markets," Katz said. "We appreciate both parties working collaboratively to bring this transaction to a successful close."

Katz added that the property's "irreplaceable location, renovated interiors and stable occupancy provide the buyer with a durable, well-positioned asset and meaningful opportunity to drive long-term value in one of the country's most desirable, historic neighborhoods."

The sale price represents a significant shift from the asset's prior trade. The property previously traded in 2017 at roughly $119.5 million when LACERA acquired it, a figure consistent with the broader repricing of core urban assets in the post-pandemic interest rate environment.

Asset Profile: Location, History, and Amenities

Originally constructed in 1983 as an extended-stay hotel, the building was converted to housing in the early 2000s and comprehensively renovated in 2017. The mid-rise structure rises 12 stories and offers 197 units across 21 floor plans ranging from studios to three-bedrooms.

The West End location places residents within walking distance of GWU's academic buildings, Medical Center, and Hospital, as well as the border with Georgetown, providing proximity to Georgetown University. The surrounding neighborhood includes the Kennedy Center, Trader Joe's, and Whole Foods, along with access to the National Mall and federal offices via the adjacent Metro station.

Units are fully furnished and include 43-inch HDTVs, high-speed Wi-Fi, quartz or granite countertops, stainless-steel appliances, and full-size in-unit washers and dryers. Many units feature plank flooring and large city-view windows. Community amenities include a fitness center, study rooms, business center, entertainment lounge, indoor garage parking, secure electronic access, and an outdoor courtyard with dining areas, lounge seating, a fire pit, and grilling stations.

HH Fund's Plans for the Property

HH Fund is the student-housing-focused investment and co-development division of HH Group. Following the acquisition, HH Group plans to rebrand the property as Haven on K and transfer management to HH Red Stone as capital improvements are implemented.

Market Context

The transaction reflects continued institutional interest in pedestrian-proximate, urban student housing assets tied to large, enrollment-stable universities. GWU's student population of more than 19,300 underpins demand at Varsity on K, which IPA characterized as carrying stable occupancy at the time of sale. The Foggy Bottom–West End submarket, anchored by GWU and a dense mix of federal and private employers, has drawn consistent interest from both student and young professional renters.

Institutional Property Advisors operates as a division of Marcus & Millichap and focuses on the acquisition, disposition, and financing of institutional properties and portfolios.

Sources

Institutional Property Advisors — Official Announcement