Capstone Development Partners, a national student housing real estate developer specializing in on-campus public-private partnerships, is pleased to announce it has closed on a traditional debt and equity financing for a new on-campus student housing community at San Diego State University.
Planning for the development began in 2018. Despite the COVID-19 pandemic that impacted many municipalities, businesses and financial institutions, the development team is proud to have achieved this milestone in light of the many hurdles it overcame.
Bruce McKee, Principal at Capstone, stated, “I want to thank all of our teammates for their hard work and steadfast dedication to get this project closed and under construction despite all of the challenges we have faced over the past several months. I’m excited to see the Project address the ongoing need for more cost effective housing options for students at SDSU.”
Capstone, along with its architect JWDA Architects and builder Cannon Constructors, Inc, collaborated with the San Diego State University Research Foundation’s (“Foundation”) project stakeholders on the planning, programming and design of the new apartment community to ensure the Project’s program meets the University’s goals and objectives relative to upper-division and graduate student housing options at and around San Diego State University.
The Project, named VIVA 5750, will be located on land ground leased to Capstone by the Foundation and will serve as a cornerstone to the University’s southern gateway entrance at Montezuma Road and Campanile Drive. The 4-story, 80,000 SF community will house approximately 182 students in a mixture of apartment-style units and will include a mix of indoor and outdoor amenities.
This is Capstone’s second P3 partnership with the Foundation, having developed the M @ College student housing facility in 2018. While the ‘M’ primarily serves as housing for sophomore students, this project will provide a muchneeded new housing option for upper-division and graduate students as they matriculate through their studies at SDSU.
The Project will have a total development cost of approximately $23.5 Million.
Construction of the Project commenced in May 2020 and is scheduled to open for the Fall 2021 semester.