Florida Construction News staff writer
Construction has reached a major milestone at a new University of Central Florida student housing development after project teams celebrated the topping out of the five-story building in Orlando’s Quadrangle office park.
“A spirit of celebration was truly in the air in Florida as our team and project partners gathered to mark the topping out of this exciting Deven Quadrangle student housing development serving UCF students,” the company said in a social media post. “This milestone is a testament to the dedication and collaboration of the entire project team bringing this student housing community to life.”
The $94.9 million project is being developed by Deven Group in partnership with Castle Lanterra, which contributed the site. The development also includes PLT America as a limited partner and Sumitomo Mitsui Trust Bank as lender, marking the firms’ entry into the U.S. student housing market.
Located at 3501 Quadrangle Blvd., adjacent to the University of Central Florida campus, the project is expected to open in summer 2027. Construction began in July.
The building will include a mix of one- to six-bedroom units, a resort-style pool, sky lounge with lake views, study areas on every floor, a fitness lawn, rock climbing wall, golf and multi-sport simulator, outdoor sauna and cold plunge, and a jumbotron. The property will also include bicycle storage, parcel services and a university shuttle stop.
Developers said the project is intended to expand purpose-built student housing near UCF, where enrollment is nearly 70,000 students and only about 20% of students currently live in dedicated student housing.
“UCF’s student population continues to grow,” said Brad Caldwell, director of student housing for Deven Group. “Only about 20 percent of UCF’s students live in purpose-built student housing, so our project will help fill that gap while delivering long-term value for our investors.”
Deven Group said it expects to expand its student housing portfolio to more than $1 billion in assets in the coming years, citing strong demand and institutional partnerships.
The project is located in the Quadrangle office park next to University Corporate Center I and a private nature preserve, with several units designed to overlook nearby lake views.
