Development Ventures Group, known as Deven Group, is bullish on the U.S. student housing market, announcing three groundbreakings over the summer in high-growth markets. The firm is a U.S. development arm of Kajima Corp., the 180-year-old Japanese construction company.
With the backing of Kajima Corp. as well as its relationships with high-quality financial and development partners, Deven Group expects to grow its student housing development portfolio to over $1 billion worth of assets in the next several years.
“Student housing continues to be a focus for us, as properties stabilize much faster than multifamily and hospitality, allowing us to quickly cycle capital in this vertical,” says director of development Brad Caldwell. “So we are allocating significant capital space.”
The other key for Deven Group is finding favorable opportunities for new student housing developments, focusing its market analysis on locations near major universities with healthy enrollment trends. Its goal is to build student housing developments ranging between 500 to 700 beds near Power Four universities. It has approximately $300 million of developments planned to start construction this year.
“We are extremely bullish about the outlook for student housing in the coming years, knowing that these facilities have consistent, unique demand when they are in the right locations at the right schools,” adds CEO Thom Cunningham. “We analyze a lot of factors, micro and macro, to find the right opportunities for us and our partners.”
Its partnerships and market analysis are evident in the recent developments underway.
Deven Group broke ground on a 177-unit, 631-bed development half of a mile from the fast-growing University of Central Florida (UCF), with a student population close to 70,000 students, in Orlando in July, with completion slated for summer 2027. It is co-developing the nearly $95 million community with Castle Lanterra, which contributed the land for the project. Partners include PLT America as limited partner and Sumitomo Mitsui Trust Bank as lender. This deal marks the first student housing developments for Sumitomo Mitsui Trust Bank and PLT America, a subsidiary of Prime Life Technologies, a joint venture between Panasonic Holdings, Toyota Motor, and Mitsui & Co.
“Doing a student housing project next to UCF’s campus makes sense for a host of reasons,” notes Caldwell. “UCF’s student population continues to grow, and the university’s entry into the Power Four athletics conference elevates its national profile and appeal to a broader student base. Also, only about 20% of UCF’s students live in purpose-built student housing, so our project will help fill that gap while delivering long-term value for our investors.”
Units will range between one and six bedrooms with walk-in closets, tiled showers, and 65-inch smart TVs. Students also will have access to a sky lounge with lake views, a golf and multi-sport simulator, a rock-climbing wall, a resort-style pool, a jumbotron, an outdoor fitness lawn, an outdoor sauna and cold plunge, study areas on every floor, game rooms, bicycle storage, and a university shuttle stop.
Its second major groundbreaking announcement of the summer is touted as the first large-scale student housing project built within a mile of the University of Mississippi campus since 2018.
Deven Group is partnering with Kayne Anderson Real Estate, BirdDog/Christa Development, and construction lender BMO Bank on the 243-unit, 755-bed purpose-built student housing community in Oxford. Additional partners include Baker Barrios Architects and Montgomery Martin Contractors.
The development, which is slated for completion in summer 2027, will feature fully furnished one-, two-, three-, and four-bedroom units in cottages, townhomes, and flats. It also will include best-in-class amenities such as a resort-style pool with cabanas, a pickleball court, beach volleyball, a jumbotron, curated lounges and study areas, an indoor and outdoor fitness center, a sauna and cold plunge, a golf and multi-sport simulator, and a yoga and spin studio.
In addition, the development will be anchored by a food truck court and a 3,000-square-foot indoor event venue offering residents the opportunity to host special events.
“Oxford is a tremendous market for this type of project,” says Cunningham. “The market is 99% occupied, and it’s one of the highest pre-leased Power Four markets in the U.S. We expect this project to be very attractive for students—it’s close to campus and retail, while offering an active lifestyle within a safe, social community. In addition to investing in such a strong market, we are thrilled to start a promising new partnership with Kayne Anderson, which has brought invaluable resources to this team.”
Construction started in July on a third development with 119 units and 386 beds adjacent to Scott Stadium on the University of Virginia (UVA) campus in Charlottesville. Deven Group’s partners include Marble Capital, Clairmont Capital Group, and BOK Financial as the construction lender. The development is being built by Breeden Construction.
Scheduled for a summer 2027 completion, the development will have a mix of one-, two-, three-, and four-bedroom units with views of the stadium, campus, and surrounding mountains. Units will include walk-in closets, keyless entry, and smart TVs. Students also will have access to a heated plunge pool, hammock and game lawns, group and private study rooms, a fitness center with a yoga and spin studio, and electric vehicle chargers.
“This development will be very appealing to UVA students, and we are pleased to secure a project in a market with such high barriers to entry,” notes Cunningham. “Only a few hundred purpose-built student housing beds have been added in this market since 2017. UVA’s enrollment continues to experience steady growth, and this location is in a unique corridor with limited future development potential.”