Akara Partners and DEVEN Secure Financing for 305-Bed Student Housing Development at San Diego State University

Akara Partners and Development Ventures Group (DEVEN) announced the closing of construction financing and equity for a 305-bed student housing development adjacent to San Diego State University. The project, named 5077 College Avenue, is a joint venture between the two firms serving as co-general partners and co-developers.

Construction begins immediately, with delivery targeted for the 2028-29 academic year, according to the announcement.

The 8-story development will include 110 units delivering 305 beds across approximately 98,500 square feet. The property is located on the corner of College Avenue and Montezuma Road, roughly 100 feet from the SDSU campus core on a transit-oriented infill site.

The location positions the development within walking distance of the Aztec Student Union, the SDSU trolley station, Trader Joe's, and the university's fraternity and sorority row. According to the companies, the site is closer to campus than any competing purpose-built property.

"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 2 years, and we're proud to be developing it alongside our partner Deven Group."

JLL Capital Markets facilitated the partnership, which combines Akara's local expertise and national student housing development platform with Deven Group's institutional development and investment capabilities, backed by its parent company, 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 companies stated that on-campus housing supply at SDSU has remained effectively flat for a decade while enrollment and out-of-state demand have grown. The development will offer predominantly private-bedroom units with amenities including a pool deck, rooftop lounge and fitness area overlooking campus, study and coworking space, and ground-floor conveniences.