Rise at Signal apartments sell for $47.4 million, buyers pay 58% more than what former owners paid two years ago

A Mountain Creek Road apartment complex sold this week for 58% more than what the property sold for just two years ago.

The Rise at Signal Mountain, a 280-unit apartment complex that sold for $30 million in December 2019 and has since been upgraded by a Birmingham, Alabama-based real estate investment firm, was purchased this week for $47.4 million, according to property records filed with the Hamilton County Register of Deeds.

The investment company known as SG Rise LLC organized by the Shoptaw Group in Atlanta bought the Rise at Signal Mountain for the equivalent of $169,286 per unit, reflecting the rise in multi-family prices in the Chattanooga market. The 36-year-old complex includes 19 buildings on 43 acres.

The Shoptaw Group previously bought The Shallowford in East Brainerd with 252 units for $32 million in 2019 and acquired the 316-unit Parc 1346 apartment complex on Gunbarrel Road for $46.8