The Riverset Apartments downtown have been sold by the River City Company to an out-of-state firm.
Greystone Servicing Company of Georgia handled a $4 million loan on the sale.
The Chattanooga Housing Authority has long held the ground lease, but the apartments were owned by Riverset.
They were constructed in 1994 and were the first new downtown housing in several decades.
A resident of the apartments said the new owners may convert the complex to condominiums.
The apartments are just east of the Market Street Bridge.