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Student Housing Daily - December 18 - Stonepeak acquires ASU student housing for $125M

Student Housing Daily - December 18 - Stonepeak acquires ASU student housing for $125M

SJSU acquires complex for $165M. Deven Group and Parallel form strategic partnership. McNair Collegiate supports land acquisition. Student housing hits two-year occupancy high as rent gains stall. Four new student housing deals.

Aid Sopjani & Matt H
December 18, 2025

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NEWS ROUNDUP

ACQUISIITON: Stonepeak acquires ASU student housing for $125 million. Stonepeak has acquired Park Place Tempe, a 285-unit student housing community near Arizona State University, for $125 million. The seller was Park7 Group, which also owns a student housing property in Flagstaff.

ACQUISITION: San Jose State University acquires complex for $165 million. San José State University (SJSU) has acquired Spartan Village on the Paseo in downtown San Jose from Throckmorton Partners for $165 million. The 14-story property was formerly the Signia by Hilton Hotel south tower, which Throckmorton Partners purchased in November 2023 and converted over nine months into a 264-room student housing community accommodating approximately 700 undergraduate students.

PARTNERSHIP: Deven Group and Parallel form strategic partnership. Development Ventures Group (Deven Group) and Parallel have formed a strategic partnership to jointly develop high-quality student housing projects nationwide. The alliance positions the two firms among the most active student housing developers in the U.S., after collectively capitalizing nearly 3,000 beds this year, according to David Pierce, principal and co-founder at Parallel. The partnership’s first project is a 265-unit, 631-bed student housing development near Baylor University in Waco, Texas, scheduled to break ground in April 2026 and deliver in summer 2028. Thomas Cunningham, CEO of Deven Group, said the partnership will execute a predictive-analytics-driven pipeline strategy, with Brad Caldwell leading Deven’s efforts. Teddy Leatherman, Managing Director of Capital Markets at JLL, facilitated the introduction to Deven Group, while Ryan Lang, head of student housing at Newmark, led Parallel’s general partner search.

DEVELOPMENT: McNair Collegiate Partners supports Eugene land acquisition. McNair Collegiate Partners provided consulting services to CRG on the assemblage and acquisition of land for Chapter Alder Eugene, a 15-story student housing development adjacent to the University of Oregon. The project is scheduled for delivery in summer 2027.

READ: Student housing hits two-year occupancy high as rent gains stall.