Akara Partners and DEVEN Close Financing for 305-Bed Student Housing Project at San Diego State University
Akara Partners and Development Ventures Group (DEVEN) announced the closing of construction financing and equity for 5077 College Avenue, a 305-bed student housing development adjacent to San Diego State University (SDSU). The project is a joint venture between the two firms as co-general partners and co-developers.
According to the announcement, construction begins immediately, with delivery targeted for the 2028-29 academic year.
The development is located on the corner of College Avenue and Montezuma Road, approximately 100 feet from the SDSU campus core. The eight-story, 110-unit building will deliver 305 beds across approximately 98,500 square feet on a transit-oriented infill site. The company stated the development sits closer to campus than any competing purpose-built property and is within walking distance of the Aztec Student Union, the SDSU trolley station, Trader Joe’s, and the university’s fraternity and sorority row.
“Across our housing platform, we seek the best locations in markets that pair strong long-term growth with high barriers to entry, and SDSU is a perfect example of both,” said Rajen Shastri, Founder and CEO of Akara Partners. “SDSU has earned R1 research status, joined the Pac-12, and is growing toward 50,000 students, while virtually no new purpose-built housing has delivered near campus in years. We sourced and entitled this site over two years, and we’re proud to be developing it alongside our partner Deven Group.”
The partnership was facilitated by JLL Capital Markets. It pairs Akara’s local expertise and national student housing development platform with Deven Group’s institutional development and investment capabilities, backed by its parent, Kajima USA.
“San Diego State is exactly the kind of supply-constrained, high-growth market where our platform adds value, and we expect this discerning market to embrace our hospitality-driven product,” said Thom Cunningham, President and CEO of Deven Group. “We’re pleased to find alignment with a partner like Akara as we expand our U.S. student housing pipeline.”
The development will offer predominantly private-bedroom units, including amenities such as a pool deck, rooftop lounge and fitness area overlooking campus, study and coworking space, and ground-floor conveniences.