Akara and Deven Group close construction financing for 305-bed SDSU housing

Akara Partners and Development Ventures Group have closed construction financing and equity for 5077 College Ave., a 305-bed student housing development next to San Diego State University. The firms said in an announcement dated Oct. 19 that construction begins immediately. The announcement did not disclose the lender, loan amount, loan-to-cost, interest rate, term or debt-equity split.

Delivery is targeted for the 2028–29 academic year; the eight-story building will hold 110 units and 305 beds across roughly 98,500 square feet. That is about 323 square feet of building area per bed. The firms put the site at College Avenue and Montezuma Road, about 100 feet from the SDSU campus core, within walking distance of the Aztec Student Union, the SDSU trolley station, Trader Joe's and fraternity and sorority row. Akara and Development Ventures Group describe the property as closer to campus than any competing purpose-built project.

Rajen Shastri, Akara's founder and chief executive, said the firms 'sourced and entitled this site over two years.' He added that the university 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. '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,' he said.