Akara Partners and Deven Group Close Financing for 305-Bed Student Housing at San Diego State

Akara Partners and Deven Group closed construction financing and equity for 5077 College Avenue, a 305-bed, Class A student housing development at San Diego State University, the companies said in a PR Newswire announcement on October 16, 2026. The eight-story, 110-unit project will deliver 305 beds across approximately 98,500 square feet, with construction beginning immediately and delivery targeted for the 2028-29 academic year.

Akara and Deven's 5077 College Avenue Project

The development is a joint venture between Akara Partners and Deven Group as co-general partners and co-developers. The site sits on the corner of College Avenue and Montezuma Road, roughly 100 feet from the SDSU campus core, and 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. JLL Capital Markets facilitated the partnership.

"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."

Thom Cunningham, President and CEO of Deven Group, said the partnership aligns with the firm's expansion of its U.S. Student housing pipeline. "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. Deven Group is a subsidiary of Kajima USA and Tokyo-based Kajima Corporation, which the announcement said has annual revenues exceeding $25 billion.

Upon completion, 5077 College Avenue will offer a predominantly private-bedroom product with a pool deck, rooftop lounge and fitness overlooking campus, study and coworking space, and ground-floor conveniences. The development responds to a housing shortage at SDSU, where on-campus supply has remained effectively flat for a decade even as enrollment and out-of-state demand have grown, according to the announcement. Akara Partners, founded in 2013 and headquartered in Miami with an office in Chicago, develops, owns and operates student housing, multifamily and senior living properties, and also acquires distressed real estate and notes. More information is available on Akara Partners' website.

Delivery Timeline for the SDSU Development

Construction on the project begins immediately, and delivery is targeted for the 2028-29 academic year, according to the announcement.