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A Chattanooga apartment complex which was sold last week fetched a $15 million sale price, according to the Hamilton County Register of Deeds office.

The Midtown Ridge Apartments at 312 McBrien Road were formerly known as the Royal Arms Apartments. It was sold to 312 McBrien Road LLC from Momi LLC.

The 193 apartment units, situated between Interstate-24 and Brainerd Road, is the second complex sold this month in the Chattanooga area. 

Earlier, James "Win" Pratt, president of Pratt and Associates, said the company acquired the 48-unit Magnolia Apartments in Hixson for nearly $3.7 million.

Despite an influx of more than $1.2 billion of new rental properties in Chattanooga in the past three years, rental rates for apartments in the city continue to rise, according to a recent study by the online apartment rental service Zumper.com.

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