The Deven Group, a subsidiary of Kajima USA and the Kajima Corporation, is an Orlando-based development company that plans to expand its student housing portfolio to over $1 billion in assets within the next three years. The company will focus on developing new projects at Tier I institutions – top research universities with significant funding and infrastructure.
According to Thom Cunningham, president and CEO of the Deven Group, there is a great opportunity for student housing near larger universities. These Tier 1 institutions are experiencing high demand for enrollment, making them ideal locations for quality housing with convenient campus proximity and desirable amenities.
Compared to traditional multifamily properties, student housing can command up to a 20% premium per square foot in rent. This makes it an attractive niche market for the Deven Group. As part of the publicly traded Tokyo-based construction and real estate company Kajima Corporation (which has been in business for 180 years), they have access to valuable resources that allow them deliver projects on schedule – just in time for fall occupancy.
One example of their successful developments is The Henry – a student housing property near University of Tampa which was later sold by Deven Group at $128 million.
