Akara Partners and Deven Group close financing for 305-bed SDSU housing project

Akara Partners and Deven Group have closed construction financing and equity for 5077 College Avenue, a 305-bed student housing development next to San Diego State University. The project is set to break ground immediately and is targeted for delivery in the 2028–29 academic year, adding a new near-campus option in a supply-constrained market.

Why it matters: - 5077 College Avenue adds new purpose-built housing near San Diego State University, where on-campus supply has stayed effectively flat for a decade even as enrollment and out-of-state demand have grown. - The project is designed to help ease a student housing shortage in one of the closest-in, hardest-to-replicate locations near campus. - The development is positioned as a transit-oriented option near the SDSU trolley station and campus core.

What happened: - Akara Partners and Development Ventures Group, known as Deven Group, closed construction financing and equity for 5077 College Avenue. - The two firms are co-general partners and co-developers on the project. - Construction begins immediately. - Delivery is targeted for the 2028–29 academic year. - The project is a 305-bed, Class A purpose-built student housing development adjacent to SDSU in San Diego.

The details: - 5077 College Avenue will rise at the corner of College Avenue and Montezuma Road. - The site is roughly 100 feet from the SDSU campus core. - The project will be an eight-story, 110-unit development spanning about 98,500 square feet. - The site is described as closer to campus than any competing purpose-built property. - The location is within a short walk of the Aztec Student Union, the SDSU trolley station, Trader Joe’s and the university’s fraternity and sorority row. - The project will include a fully amenitized, predominantly private-bedroom product. - Planned amenities include a pool deck, rooftop lounge and fitness area overlooking campus, study and coworking space, and ground-floor conveniences. - JLL Capital Markets facilitated the partnership. - Akara Partners is headquartered in Miami and also has an office in Chicago. - Deven Group is based in Orlando, Florida, and is a subsidiary of Kajima USA and Tokyo-based Kajima Corporation. - Akara Partners was founded in 2013.

Between the lines: - Akara Partners framed SDSU as a high-growth market with strong barriers to entry, pointing to the university’s R1 research status, Pac-12 membership and growth toward 50,000 students. - Deven Group said the market is supply-constrained and high-growth, and expects demand for a hospitality-driven product. - The partners are betting that a near-campus location and amenity set will capture demand that has not been met by new supply in years. - The project also reflects a broader strategy from Akara Partners, which develops, owns and operates housing across student, multifamily and senior living sectors.

What's next: - The development team will move into construction right away. - The project is expected to open for the 2028–29 academic year. - The partners are expanding their student housing pipelines as they move forward on the SDSU project.

The bottom line: - Akara Partners and Deven Group are moving ahead with one of the closest-in student housing projects near SDSU, aiming to capture unmet demand with a new Class A development near campus.