Atlanta — The Georgia State University-area project will open in two phases.
Atlanta — An affiliate of Ambling University Development Group has purchased a former Ramada Hotel, a rental car facility and a parking garage in downtown Atlanta near Georgia State University for $7.9 million.
AUDG will redevelop the hotel and deliver a 138-unit, 291-bed student housing facility in the first phase that will open in summer 2013. A new tower featuring approximately 108 student-housing units and 424 beds will open in summer 2014, along with a new parking garage. John DeYonker, vice president of Land & Developer Services at Bull Realty, represented the seller, Legacy Palms LLC, in the disposition.
"For this unique assignment, we had interest from developers all around the country, but the seller chose to work with a Georgia group that had experience in the GSU market," said DeYonker, the only broker involved in the transaction. "This quality student-housing project will be a good fit with the planned GSU projects in the immediate area."