Transaction comes after Nashville-based company acquired property for $15.5M in 2014

Nashville-based Elmington Capital Group announced Monday it has sold the Mountain Brook apartment complex in Chattanooga for $18.5 million.

The buyer was Atlanta-based Waypoint Homes, according to a release.

Elmington purchased the apartments from Nashville-based Freeman Webb Co. for $15.5 million in 2014. At the time, Elmington also bought Ridgemont Apartments in Chattanooga from Freeman Webb. It plans to keep the 226-unit Ridgemont for the long term, the release notes.

“We are pleased to finalize the sale of Mountain Brook to Waypoint Homes,” said Cary Rosenblum, Elmington 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.”

Mountain Brook features 280 units and is located at 1185 Mountain Creek Road.

The sale is the latest in a recent string of transactions by Elmington. Last week, the Nashville-based real estate investment and development company announced the purchase of five office buildings along Music Row and 21st Avenue for a collective $21.95 million (read more here) and the purchase of affordable housing in the Edgehill area (read more here).