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CHATTANOOGA, TENN. — Birmingham, Ala.-based Red Mountain Development Co. has purchased a 26-acre tract of land from DPTI in order to build a 282-unit luxury apartment complex. The property is located on Dayton Boulevard in Chattanooga and will be complete next spring. Planned amenities include a pool, a fitness center, a business center and a Wii room. Grandbrige Capital financed the purchase with a $22 million loan. Herman Walldorf & Co.'s Rudy Walldorf brokered the transaction.