Elmington Capital Group has sold the Mountain Brook apartment complex in Chattanooga, Tn., to Waypoint Homes for $18.5 million.
Elmington purchased the apartments from Freeman Webb for $15.5 million in 2014. Mountain Brook has 280 units and is located at 1185 Mountain Creek Road in Chattanooga.
Elmington bought the property along with Ridgemont Apartments two years ago from Freeman Webb. Elmington plans to keep the 226-unit Ridgemont Apartments long term.
“We are pleased to finalize the sale of Mountain Brook to Waypoint Homes,” said Cary Rosenblum, CEO. “The quick rise in value of this asset is an indication of the growth in Chattanooga, and we’re happy to be a part of it with the rest of our holdings in the Chattanooga area.”