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Big deals: A snapshot of recent commercial real estate sales in Chattanooga area

Staff photo by Troy Stolt / The Signal Mill building at 205 Manufacturers Road. The 44,764-square-foot Signal Mill dates back to 1916 and is on the National Register of Historic Places. The two-story brick building was originally used for making clothing for more than seven decades before closing in 1986.
Staff photo by Troy Stolt / The Signal Mill building at 205 Manufacturers Road. The 44,764-square-foot Signal Mill dates back to 1916 and is on the National Register of Historic Places. The two-story brick building was originally used for making clothing for more than seven decades before closing in 1986.

By Mike Pare, Dave Flessner 2 min read

The Rise at Signal Mountain at 1185 Mountain Creek Road

* Purchase price: $30 million

* When: Jan. 17, 2020

A Birmingham, Alabama-based real estate investment firm bought the Rise at Signal Mountain apartment complex on Mountain Creek Road with plans to upgrade the 34-year-old complex. StoneRiver Co. acquired the 280-unit complex in January for $30 million and has turned over management of the facility to its property management affiliate, StoneRiver Properties.

The new owners will upgrade the interior of the one- and two-bedroom apartments, which are grouped in 19 buildings across the 43-acre site on the side of Signal Mountain, and will improve both the clubhouse and the landscaping at Rise at Signal Mountain. The company developed and built the 248-unit Village at Apison in Collegedale, which it sold in 2017 for $31.9 million.