SAN DIEGO, CA – Akara Partners, a vertically integrated real estate investment, development and operating firm, and Development Ventures Group (DEVEN), a national investor and developer of alternative asset classes, announced the closing of construction financing and equity for 5077 College Avenue, a 305-bed, Class A purpose-built student housing development adjacent to San Diego State University (SDSU). The project is a joint venture between Akara Partners and Deven Group as co-general partners and co-developers. Construction starts immediately, with delivery targeted for the 2028–29 academic year.
Located on the corner of College Avenue and Montezuma Road — roughly 100 feet from the SDSU campus core — the eight-tale, 110-unit development will deliver 305 beds across approximately 98,500 square feet on a transit-oriented infill site. The development sits closer to campus than any competing purpose-built property and is within a small walk of the Aztec Student Union, the SDSU trolley station, Trader Joe’s, and the university’s fraternity and sorority row.
“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,” said Rajen Shastri, Founder and CEO of Akara Partners. “SDSU 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. We sourced and entitled this site over two years, and we’re proud to be developing it alongside our partner Deven Group.”
The partnership, which was facilitated by JLL Capital Markets, pairs Akara’s local expertise and national student housing development platform with Deven Group’s institutional development & investment capabilities, backed by its parent, Kajima USA.
“San Diego State is exactly the kind of supply-constrained, high-growth market where our platform adds value, and we expect this discerning market to embrace our hospitality-driven product,” said Thom Cunningham, President and CEO of Deven Group. “We’re pleased to find alignment with a partner like Akara as we expand our U.S. student housing pipeline.”
The development responds to a persistent housing shortage at SDSU, where on-campus supply has remained effectively flat for a decade even as enrollment and out-of-state demand have grown. Upon completion, 5077 College Avenue will offer a fully amenitized, predominantly private-bedroom product, including a pool deck, rooftop lounge and fitness overlooking campus, study and coworking space, and ground-floor conveniences.

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NAPLES, FL – Greenfield Partners, a private real estate investment and development firm, celebrated the launch of its essential employee housing platform, Domica. This bespoke housing solution is designed to serve employers – including those in the private club, hospitality, healthcare and other sectors – who are experiencing the dual impact of the shortage of safe, affordable and proximate employee housing combined with difficulty attracting and retaining the high-quality employees who are central to their missions to serve members, guests, and patients.
In conjunction with the launch, the firm also announced that it has begun site work on its first development at Livingston and Radio Roads in Naples, Florida. Domica at Radio Road is a 70-unit, intelligently conceived community designed with employee needs in mind. Half of the project s 70 units are pre-leased to an affluent members-only beach club in Naples that partnered with Domica to ensure team members have simple, affordable access to suitable housing, which supports their mission of delivering the highest level of member service while supporting efforts to retain top talent.
Jennifer Faron, Principal at Greenfield Partners, said, The markets we are targeting represent some of the most affluent regions in the country, supported by strong tourism and large healthcare systems. While luxury housing is consistently in development in these regions, the U.S. is currently facing an estimated shortage of approximately 7.2 million attainably priced apartments, according to The National Association of Realtors/Realtor.com, and this demand is even starker among employees within the hospitality and healthcare industries, who face increasingly hard commutes, making it tough for employers in these sectors to attract and retain talent. We designed the Domica platform to address this specialized demand, making a network of proximate, professionally managed, well-priced housing. Though employers have recognized the problem – and many have attempted to solve it themselves – most are finding that without specialized expertise in real estate investment, development and management they are at a disadvantage to implement long-term solutions that can be executed efficiently and effectively. Domica s unique housing solution and operating platform was designed to bridge this gap seamlessly.
The Domica platform is structured to support hospitality employers including private clubs and resorts, as well as the healthcare sector, by sourcing and acquiring development sites and existing assets and developing or repositioning them to suit the needs of employees. This bespoke model is purpose-built to make stability and predictability in the cost and supply of housing for these critically underserved audiences, which is often hard for employers – who do not have real estate expertise – to do. In particular, the Domica team brings decades of experience navigating highly complex local entitlement and zoning processes that typically ensnare these projects and drive significant delays for employers. The result is high-quality rental housing with predictable timelines and cost structures utilizing block leases of various terms with individual employers.
Moreover, Domica is equipped to provide full occupancy plotting, moving management and other related services tailored to the employers specific housing needs for each property. Employee transportation to and from work sites is also offered in some markets and integrated into the service model as an additional benefit. Domica s various unit types and occupancy flexibility offer employees affordable options without having to navigate the rental market themselves. Employers choose how to share the cost of rent with their employees and are increasingly doing so as a competitive means to attract and more effectively retain high-quality talent.
Faron added, Turnover rates have become a pervasive and expensive problem for employers as their team members struggle to find housing that is safe, well located, and meets their needs. Entrusting these efforts to a specialized platform ensures greater levels of predictability in the process and associated costs, while providing bespoke solutions that will meaningfully impact recruitment and retention efforts in the long run. We also have the flexibility to tailor lease agreements to suit each employer s needs, from a block of units to an entire building. To place it plainly, the variety of high-quality, customizable employee living options and lease-term structures that Domica provides to meet employers persistent workforce housing needs is not available at scale anywhere else in the marketplace today.
Expected to open in Q3 2027, the Radio Road location will feature 70 fully furnished units across four tales, with flexible layouts that can be dynamically reconfigured into one-, two-, three-, and four-bedrooms depending on employer needs. Each unit features a full kitchen, a generous living area, shared laundry facilities, and a private bathroom for each bedroom. A swimming pool, fitness center and community room offer employees spaces for relaxation and self-care. Upon completion, the property will continue to be professionally managed under the Domica brand.

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SAN JOSE, CA – Kennedy Wilson, a global real estate investment company, has closed on a three-party joint venture with Hulic Co., Ltd. and Fuyo General Lease (USA) Inc. to buy One South Market, a 312-unit multifamily community in downtown San Jose, California for $176 million. The transaction marks Kennedy Wilson s fifth joint venture with Hulic and its first partnership with Fuyo General Lease (USA) Inc.
Built in 2015, One South Market is located adjacent to San Pedro Square in the heart of downtown San Jose. The high-rise community features 312 residential units averaging approximately 907 square feet, as well as 6,534 square feet of fully leased ground-floor retail. The property provides residents with walkable access to downtown San Jose s dining, entertainment and employment centers, including Adobe, Zoom and the Huge Four accounting firms, as well as convenient access to Diridon Station, regional freeways and San Jose Mineta International Airport.
Our acquisition of One South Market is an exciting milestone for Kennedy Wilson as we build on our longstanding partnership with Hulic and establish our first partnership with Fuyo General Lease, said Kurt Zech, President of Kennedy Wilson s Multifamily division. One South Market offers exceptional long-term fundamentals, driven by its prime downtown location, strong employment base and limited new multifamily supply. With its proximity to major employers, transit and the broader Silicon Valley technology ecosystem, the property provides a unique opportunity to invest in a high-quality asset in one of the country s most dynamic markets.
The investment exemplifies Kennedy Wilson s continued focus on high-quality multifamily assets in markets with major employment hubs and limited new housing supply. Downtown San Jose is positioned within Silicon Valley s broader technology ecosystem, with employers including Adobe, Zoom, Nvidia, Broadcom, Cisco and Samsung.
‘‘We are delighted to make this investment alongside Kennedy Wilson and Hulic, marking our first joint venture collaboration with both companies in North America. By enhancing the quality of life and convenience for local communities, this investment is expected to contribute to a sustainable society. With this partnership as a foundation, we look forward to making further opportunities together in the future, said Hiroyuki Motoshita, Managing Executive Officer, Real Estate Department at Fuyo General Lease Co., Ltd.
We are pleased to have our fifth joint venture investment with Kennedy Wilson and to partner with Fuyo General Lease for the first time. We are currently increasing international investment with trusted partners in areas where continued population and economic growth are expected. We believe this investment in One South Market, a high-quality multifamily community in the heart of downtown San Jose, satisfies our criteria, said Sohei Okuno, Managing Officer, General Manager of Global Investment Department at Hulic Co., Ltd.

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