A new chapter for student living is beginning at the University of Virginia as Development Ventures Group (Deven Group) has officially broken ground on a new student housing development. Conveniently situated next to Scott Stadium, this highly anticipated project is set to bring a significant number of new, purpose-built homes to the campus. The seven-story building will ultimately provide 386 beds across 119 modern units. Also, it will provide a much-needed increase in supply for a market with historically limited new construction. This development, a collaboration with key financial partners, represents a strategic move to address the steady growth of UVA’s enrollment while offering students a premium living experience right on campus.
Amenities Designed for Modern Living
This 240,000-square-foot facility is thoughtfully designed with the student experience in mind, offering an impressive array of amenities. Residents can look forward to a breathtaking elevated amenity deck that provides sweeping mountain views. These are perfect for unwinding after a long day of classes. In addition to this stunning outdoor space, the building will feature a heated plunge pool, cozy firepits, and grilling stations. Inside, students will find a club room, a fully-equipped event kitchen, and a coffee bar for their social needs. Furthermore, for academic pursuits, the building will provide dedicated group and private study rooms. What’s more, a state-of-the-art fitness center, and a yoga/spin studio, ensuring a well-rounded lifestyle.
Meeting High Demand in Charlottesville
The significance of this $63 million project is underscored by its prime location and the current market dynamics. According to Deven Group’s CEO, Thom Cunningham, this development is a critical addition, as only a few hundred purpose-built student housing beds have been added to the market since 2017. Consequently, the demand for high-quality housing in this unique corridor remains exceptionally high. The company has partnered with industry leaders like Marble Capital and Clairmont Capital Group to make this vision a reality. As BOK Financial’s Erin Mullen noted, this is a very successful student housing market. Additionally, comparable properties seeing occupancy rates around 97 percent. This further highlights the project’s potential for success and high demand among students.
Building for the Future
Breeden Construction, a trusted partner with a longstanding relationship with UVA, will be in charge of the build. They are committed to delivering a project that reflects the high quality and style that Charlottesville is known for. With construction starting in July, the project is on track for a scheduled completion in the summer of 2027. Looking ahead, Deven Group, backed by the powerful Kajima Corporation, a 180-year-old Japanese construction company, is aiming to significantly expand its student housing portfolio in the coming years. Ultimately, this development not only provides a fantastic living option for UVA students but also serves as a testament to the Deven Group’s successful strategy of collaborating with high-quality partners to build in prime locations.
The Deven Group, University of Virginia Accomodation Project Factsheet
Developer: The project is being developed by Development Ventures Group (Deven Group).
Capacity: It will be a 7-story facility with 119 units, providing a total of 386 beds for students.
Location: The development is located at 2005 Jefferson Park Avenue, directly adjacent to Scott Stadium at the University of Virginia.
Cost: The total project cost is $63 million.
Timeline: Construction began in July and is scheduled for completion in the summer of 2027.
Project Team: Financial partners include Marble Capital, BOK Financial, and Clairmont Capital Group. Breeden Construction is the builder.
Amenities: It will feature an elevated amenity deck with mountain views, a heated plunge pool, study rooms, a fitness center, and a yoga studio.
Unit Features: The units will come in 1, 2, 3, and 4-bedroom layouts and will include smart TVs and keyless entry.
Market Context: The project aims to address high demand in a market where few new student housing beds have been added since 2017.
Developer’s Backing: Deven Group is the U.S. development arm of the 180-year-old Japanese construction company, Kajima Corporation.
