Capstone Development Closes on Financing for $23.5M Student Housing Project at San Diego State University
SAN DIEGO — Capstone Development Partners has closed on traditional debt and equity financing for the development of VIVA 5750, a new on-campus student housing community at San Diego State University in San Diego.
Situated on ground leased by Capstone, the four-story, 80,000-square-foot community will house approximately 182 students in a mix of apartment-style units. Additionally, the project will feature indoor and outdoor amenities.
Construction of the $23.5 million project commenced in May, with completion slated for the fall 2021 semester.
Capstone, JWDA Architects and Cannon Constructors collaborated with the San Diego State University Research Foundation’s project stakeholders to design the new apartment property to meet the university’s goals and objectives relative to upper-division and graduate student housing options. VIVA 5750 is Capstone’s second P3 partnership with the San Diego States University Research Foundation.