US: Development Ventures Group (Deven Group) has broken ground on a 631-bed, 177-unit purpose-built student accommodation (PBSA) project near the University of Central Florida (UCF).
The $94.9 million (£74 million), five-storey project is located half a mile from UCF’s campus in Orlando, which, with nearly 70,000 students, is the largest university in Florida and one of the largest in the United States.
Rooms range from one to six beds and the development will include a sky lounge with lake views, a rock climbing wall, a golf simulator, resort-style pool with jumbotron, sauna, cold plunge, outdoor fitness lawn and study areas on each floor.
Students will also have access to game rooms, lounge spaces, bicycle storage, parcel lockers, and a UCF shuttle stop to reach campus.
The development is designed to serve the expanding student population while addressing a market with limited supply of PBSA. Only 20 per cent of UCF students currently living in purpose-built accommodation.
Thomas Cunningham, CEO of Deven Group said: “This project reflects our conviction in highly resilient, high-growth student housing markets – and UCF is a textbook example of that.”
The project is being delivered in partnership with Castle Lanterra (land contribution), PLT America (a Prime Life Technologies subsidiary), and Sumitomo Mitsui Trust Bank.
It marks the first student housing investment for both PLT America and Sumitomo Mitsui Trust Bank, reflecting growing institutional interest in the sector.
Hiroyuki Ishimura, president of PLT America said: “We are excited to launch a new partnership with Deven Group in such a promising market.”
Construction commenced in July, with completion targeted for summer 2027.
Highlights:
– Deven Group broke ground on a 631-bed PBSA project near UCF
– The $94.9 million (£74 million) development, will be completed in 2027
– The project is developed in partnership with Castle Lanterra, PLT America, Sumitomo Mitsui Trust Bank