Akara Partners and DEVEN Break Ground on 305-Bed Student Housing Project at San Diego State University
SAN DIEGO, CALIFORNIA, OCTOBER 22, 2026 — Akara Partners and Development Ventures Group (DEVEN) have closed 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 with both firms serving as co-general partners and co-developers.
Construction has started on the development, with completion targeted for the 2028-29 academic year. The 8-story building will contain 110 units totaling approximately 98,500 square feet.
The site sits on the corner of College Avenue and Montezuma Road, roughly 100 feet from the SDSU campus core. According to the announcement, the development is positioned closer to campus than any competing purpose-built property and is within walking distance of the Aztec Student Union, the SDSU trolley station, Trader Joe's, and the university's fraternity and sorority row.
"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. Deven Group is 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 the development addresses a housing shortage at SDSU, where on-campus supply has remained flat for a decade while enrollment and out-of-state demand have increased. The project 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.