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ATLANTA—A 1.5-acre site that currently houses a former Ramada hotel, rental car facility and garage here will house a new student housing complex by next summer, if all goes as planned. An Ambling University Development Group affiliate bought the parcel from Legacy Palms LLC in a $7.9-million deal brokered by Bull Realty’s John DeYonker.

The allure of the student housing market, as well as the site’s location—within walking distance of Georgia State University’s new business and law schools—helped draw multiple offers. “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, vice president of land and developer services at Bull Realty. Ambling’s project, he added, “will be a good fit with the planned GSU projects in the immediate area.”

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