Florida Construction News staff writer
Development Ventures Group has broken ground on a 631-bed student housing development just a half-mile from the University of Central Florida campus, the company announced Tuesday.
The five-story, 304,969-sq. ft. project will feature 177 units and include high-end amenities such as a resort-style pool, golf simulator, rock-climbing wall, sky lounge with lake views, and study areas on every floor. The development, located at 3501 Quadrangle Blvd., is scheduled for completion in summer 2027.
With a projected cost of $94.9 million, the project is being co-developed with Castle Lanterra and financed by Sumitomo Mitsui Trust Bank. PLT America, a subsidiary of Prime Life Technologies — a joint venture of Panasonic Holdings, Toyota Motor, and Mitsui & Co. — is a limited partner in the development.
“This project reflects our conviction in highly resilient, high-growth student housing markets — and UCF is a textbook example of that,” said Thomas Cunningham, CEO of Deven Group. “UCF is not only one of the largest universities in the country, it’s one of the fastest growing in terms of out-of-state applications and national brand reach.”
The development marks the first student housing investment in the U.S. for both PLT America and Sumitomo Mitsui Trust Bank.
“We are very pleased to enter the U.S. student housing market in partnership with Deven Group,” said Hiroyuki Ishimura, president of PLT America. “We are excited to launch this new best-in-class development in such a promising market.”
Units will range from one to six bedrooms and will include walk-in closets, balconies, tiled showers, and 65-inch smart TVs. Other features include an outdoor sauna and cold plunge, fitness lawn, jumbotron, game rooms, and a university shuttle stop.
The property borders a private nature reserve, offering lake views — a rarity in the area’s student housing market, which is often dominated by highway-adjacent sites.
Brad Caldwell, Deven Group’s director of student housing, said the location and market demand make the project a smart investment.
“UCF’s student population continues to grow, and the university’s entry into the Power Four athletics conference elevates its profile nationally,” Caldwell said. “Only about 20 percent of UCF students currently live in purpose-built housing. This project will help fill that gap while delivering long-term value for our investors.”
UCF is the largest university by enrollment in Florida, with nearly 70,000 students.
