Akara Partners and Deven Group Announce Financing for Student Housing Development at SDSU
Akara Partners and Deven Group have secured financing for the development of 5077 College Avenue, a Class A student housing project near San Diego State University (SDSU). The eight-story complex will offer 305 beds across 110 units on an infill site just steps from campus. Construction is set to begin immediately with completion expected by the 2028–29 academic year. The development aims to address a long-standing housing shortage at SDSU, where enrollment has grown significantly but new student housing supply near campus remains limited. The project will feature modern amenities such as a pool deck, rooftop lounge, fitness center overlooking campus, and ground-floor conveniences like study spaces and coworking areas. It is positioned closer to the university than any competing property. The joint venture combines Akara’s local development expertise with Deven Group's institutional capabilities through its parent company Kajima USA. The project was facilitated by JLL Capital Markets and reflects a strategic move into supply-constrained, high-growth markets.