SAN DIEGO, CA— Real estate investment and development firms Akara Partners and Development Ventures Group (Deven Group) have closed construction financing and equity for a 305-bed, Class A student housing development adjacent to San Diego State University (SDSU), with construction set to begin immediately.
The eight-story project, located at 5077 College Avenue at the corner of College Avenue and Montezuma Road, will comprise 110 units across approximately 98,500 square feet. The development is scheduled for delivery in time for the 2028–29 academic year.
The project is a joint venture between Akara Partners and Deven Group, which are serving as co-general partners and co-developers. JLL Capital Markets facilitated the partnership.
Located approximately 100 feet from the SDSU campus core, the development is designed to provide students with housing close to academic facilities, public transportation and neighborhood amenities. Nearby destinations include the Aztec Student Union, the SDSU trolley station, Trader Joe’s and the university’s fraternity and sorority row.
Rajen Shastri, founder and chief executive officer of Akara Partners, said the university’s growth and limited availability of new purpose-built housing made the location attractive for investment.
“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,” Shastri said.
He noted that SDSU had earned R1 research university status, joined the Pac-12 Conference and was growing toward an enrollment of 50,000 students.
Shastri added that virtually no new purpose-built student housing had been delivered near campus in recent years. Akara spent more than two years sourcing and securing entitlements for the site before moving forward with the development.
Addressing a Persistent Student Housing Shortage
The project aims to address a housing shortage at SDSU, where on-campus housing supply has remained effectively flat for a decade despite enrollment growth and increasing demand from out-of-state students, according to the developers.
The new development will offer predominantly private-bedroom accommodations and a range of amenities intended to combine residential convenience with a hospitality-oriented living experience.
Planned features include a swimming pool deck, a rooftop lounge and fitness facilities overlooking the campus, dedicated study and coworking spaces, and ground-floor conveniences.
The transit-oriented location is another key component of the development strategy, offering students access to the university and surrounding destinations without relying exclusively on private vehicles.
Partnership Combines Local Expertise and Institutional Investment
The joint venture brings together Akara Partners’ local market expertise and national student housing development platform with Deven Group’s institutional investment and development capabilities. Deven Group is backed by its parent company, Kajima USA.
Thom Cunningham, president and CEO of Deven Group, said San Diego State represented the type of supply-constrained, high-growth market in which the company’s development platform could add value.
“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,” Cunningham said.
He added that the company welcomed its partnership with Akara as it expands its student housing development pipeline in the United States.
The financing closure and start of construction mark a new phase for the College Avenue project, which is positioned to add privately developed housing near one of San Diego’s major universities.
With delivery targeted for the 2028–29 academic year, the development will seek to capitalize on sustained student housing demand while offering a predominantly private-bedroom format and amenities designed around students’ academic and residential needs.
