By SDCN Staff
San Diego, CA–Construction is set to begin on an eight-story student housing development near San Diego State University after real estate firms Akara Partners and Development Ventures Group announced they have secured construction financing and equity for the project.
The development, located at 5077 College Avenue at the corner of College Avenue and Montezuma Road, is expected to open for the 2028-29 academic year.
The $305-bed project will include 110 units spanning approximately 98,500 square feet, about 100 feet from the core of the SDSU campus. The location is within walking distance of the Aztec Student Union, the trolley station, Trader Joe’s and the university’s fraternity and sorority row.
The project is a joint venture between Akara Partners and Deven Group, also known as Development Ventures Group, which are serving as co-general partners and co-developers. JLL Capital Markets facilitated the partnership.
Akara Partners CEO and founder Rajen Shastri said SDSU’s growing enrollment, research designation and recent move to the Pac-12 Conference make the area attractive for student housing investment.
“The university is growing toward an enrollment of 50,000 students, while new purpose-built student housing near campus has been limited in recent years,” Shastri said.
Deven Group President and CEO Thom Cunningham said the development will address demand in a market where housing supply has struggled to keep pace with growth.
The project is backed by Kajima USA, the parent company of Deven Group. The partnership combines Akara’s student housing development experience with Deven Group’s institutional investment and development capabilities.
The development is intended to help address a persistent housing shortage at SDSU. On-campus housing supply has remained largely unchanged for about a decade, while enrollment and demand from out-of-state students have increased, according to the developers.
Planned amenities include a swimming pool deck, a rooftop lounge and fitness facilities overlooking campus, study and coworking spaces, and ground-floor conveniences. Most bedrooms will be private, according to the development team.
The firms said the project will provide additional housing options for students near campus as construction begins.
