Atlanta's Chartwell Real Estate Partners has sold the 72-unit Rolling Mill Hill project for $11.4 million to Des Moines, Iowa-based Principal Real Estate Partners.

Rolling Mill Hill began as a condo project, but sat vacant after RMH Development, MDHA's partner in the project, defaulted on more than $21 million in construction loans in 2009.

After sitting vacant for 18 months, Chartwell paid $7 million for the buildings in December 2010 and then converted the condos to apartments, a move that proved prescient, as Rolling Mill Hill is now 100 percent occupied.

Chartwell, which recently merged with SWH Residential, turned over management of Rolling Mill Hill to Ram Partners in November.