Old Ramada Hotel Downtown is Converting to Student Housing
December 7, 2012
The old Ramada hotel at 70 John Wesley Dobbs Ave. in Downtown is getting a makeover.
The property was recently purchased by an arm of Valdosta-based RISE Real Estate, which focuses on student housing.
The deal for the 1.5-acre site, which Databank Atlanta reported is valued at $7.9 million, comes as Georgia State University continues its footprint expansion for classrooms. That, in turn, is creating a demand for more student housing.
It explains why developers looking at projects downtown, have done so with GSU in mind, said Michael Bull, president and founder of Atlanta-based Bull Realty, which brokered the sale.
Bull and John DeYonker, the firm’s vice president of land and development, spoke to East Atlanta Patch Tuesday to discuss the project and the real estate market downtown.
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