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Deven Group Targets $1B Student Housing Development Portfolio
Orlando-based Development Ventures Group, also known as known as the Deven Group, plans to grow its student housing development portfolio to more than $1 billion worth of assets in the next three years. The company will focus on developing new projects at Tier I institutions, universities known for research that have high levels of funding and infrastructure.
“We see great opportunity for student housing development close to larger universities,” said Thom Cunningham, the Deven Group’s president and CEO. “Tier 1 institutions continue to see enrollment demand, and we take pride in delivering high-quality housing with the campus proximity and amenities students are looking for.”
Student housing has up to a 20% per-square-foot rent premium vs. traditional multifamily, which makes the niche attractive for the Deven Group, a subsidiary of Kajima USA and the Kajima Corporation, a 180-year-old publicly traded Tokyo-based construction and real estate company. By leveraging the Kajima Corporation’s resources, the Deven Group believes it has all the tools to deliver projects on time for fall occupancy.
Pictured: The Henry, a student housing property near the University of Tampa, which Deven Group developed and later sold for $128 million.
- ◦Development
