At a glance
- Connect CRE first reported the capital raise on Oct.
- The eight-story building at 5077 College Ave. will hold 110 units and about 98,500 square feet on the corner of College Avenue and Montezuma Road, roughly 100 feet from the SDSU campus core.
- Akara founder and CEO Rajen Shastri said the firms "sourced and entitled this site over two years."
Akara Partners and Deven Group have assembled construction financing and equity for a 305-bed student housing project beside San Diego State University, with construction starting immediately. Connect CRE first reported the capital raise on Oct. 19. The report named no lender, loan amount or debt-equity split.
The eight-story building at 5077 College Ave. will hold 110 units and about 98,500 square feet on the corner of College Avenue and Montezuma Road, roughly 100 feet from the SDSU campus core. That works out to about 2.8 beds per unit. Delivery is targeted for the 2028–29 academic year.
Akara founder and CEO Rajen Shastri said the firms "sourced and entitled this site over two years." He said the housing platform targets markets pairing "strong long-term growth with high barriers to entry," calling SDSU "a perfect example of both." Akara and Deven are co-general partners and co-developers on the project.
Reported by the Deals desk from Connect CRE. Published . Corrections