Bull Realty Brokers $7.9 Million Sale of Downtown Atlanta Infill Site

John DeYonker

ATLANTA (Nov. 28, 2012) – Bull Realty has brokered the $7.9 million sale of a 1.46-acre redevelopment site, located at 70 John Wesley Dobbs Avenue in downtown Atlanta.

The hotel, rental-car facility and parking garage on the property will be transformed into a student-housing complex just 100 yards from the future location of Georgia State University’s new business and law schools.

John DeYonker,vice president of Land & Developer Services at Bull Realty, represented the seller, Legacy Palms LLC, in the disposition.

Michael Bull

"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."

Michael Bull, president of Bull Realty, added, “The student housing market has been a stable sector through the economic downturn and is a popular investment choice in the U.S. today.” 

The buyer, anaffiliate of Valdosta, Ga.-based Ambling University Development Group, will redevelop the site in two phases, the first opening in summer 2013 after a renovation of the old 200-room Ramada Hotel into approximately 138 units and 291 beds. A new tower featuring approximately 108 student-housing units and 424 beds will open in summer 2014, along with a new parking garage.

Besides the close proximity to GSU and its 32,000-student population, the property offers easy access to interstates 75 and 85, Atlanta’s commuter rail and the city’s streetcar line, which will begin operating in 2013. 

 For More Information, Contact

Stephen Ursery

The Wilbert Group

404-965-5026

sursery@wnspr.com