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Chapel Ridge of Stillwater I & II152 Units | 1807 North Hartford Street | Stillwater, OK 74075
CHAPEL RIDGE OF STILLWATER | 152 UNITS
6225 North Meeker PlaceSuite 210Boise, ID 83713
John Nicolas800.840.3021 (phone)208.891.8901 (direct)888.506.2771 (fax)[email protected]
Brandon Grisham800.840.3021 (phone)253.653.3313 (direct)888.506.2771 (fax)[email protected]
Jordan Skyles800.840.3021 (phone)208.631.4981 (direct)888.506.2771 (fax)[email protected]
Jeff Irish800.840.3021 (phone)208.286.5013 (direct)888.506.2771 (fax)[email protected]
ww.lihtcadvisors.com
IN COOPERATION WITH
Tom BradleyEnergy Real Estate Solutions 303.625.2972 (phone)303.880.0108 (direct)[email protected]
CHAPEL RIDGE OF STILLWATER | 152 UNITS
Property Overview
HIGHLIGHTS
• LIHTC Property with Excellent Connectivity toShopping, Dining, Entertainment, and Just 1.5Miles from Oklahoma State University
• Unique Mix of LIHTC and Market Rate ApartmentUnits and Single Family Homes
• Stillwater has Economic Clusters in Aerospace,Agribusiness, Biotechnology, Printing andPublishing, Software, and Standard Manufacturing
• Very Attractive Assumable Debt with a 3.17%Interest Rate and 35 Year Amortization Schedule
CHAPEL RIDGE OF STILLWATER | 152 UNITS
Property Description
Chapel Ridge of Stillwater I & II is a 152-unit apartment community located in Stillwater, OK. Phase I was completed in 2002 and is comprised of 96 apartments and 24 single family homes. Phase II was completed in 2005 and is comprised of 32 market rate apartment units.
The income restricted units of Phase I were built and placed in service in 2001 & 2002 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 88 units to be rented to income qualifying residents earning no more than 50% & 60% of Area Medium Income (AMI) limits, which are provided by the Oklahoma Housing Finance Agency. The remaining units are unrestricted. The property is beyond its initial tax credit compliance period, and has Extended Use Restrictions in place until 2056. Please see the Property Summary page or Unit Mix page for further details.
Every apartment features spacious living areas, fully-equipped kitchens, generous storage space, private patios/balconies, ceiling fans, walk-in closets, and washer/dryer connections, creating the ideal space for both relaxing and entertaining. Select units also feature beautiful faux-wood plank flooring. The community offers a refreshing swimming pool, playground for kids, inviting clubhouse, laundry facilities, fitness center, and 24-hour emergency maintenance.
COMMUNITY AMENITIES
• Playground• Fitness Center• Swimming Pool• On-Site Laundry Facility• On-site Maintenance & Leasing Office
UNIT AMENITIES
• Full Appliance Package• Washer & Dryer Connections• Extra Storage• Patio/Balcony• Walk-in Closets
CHAPEL RIDGE OF STILLWATER | 152 UNITS
# OF UNITS
RENTABLESF
PLACED IN SERVICE
LOT SIZE
152 149,259 2002 10.92 acres
NAME & LOCATIONProperty Name Chapel Ridge of Stillwater I & IIProperty Address 1807 North Hartford Street
Stillwater, OK 74075
SECTION 42 LIHTC RESTRICTIONSPlaced in Service Phase I: 2001 & 2002End of Initial Compliance Period Phase I: 12/31/2016End of Extended Use Period Phase I: 12/31/2056
SITE INFORMATIONNumber of Units 152Number of Buildings 38 (Including Office & Clubhouse)Number of Stories 2Rentable Square Feet 149,259Year Built 2001 & 2005Lot Size 10.92 AcresDensity 14.00 Units/AcresType of Ownership Fee SimpleLandscaping Mature Trees, Shrubs, & GrassTopography Relatively Flat
UTILITIESWater City of Stillwater Electric Stillwater Electric Utility Gas Oklahoma Natural Gas
CONSTRUCTIONExterior Brick & SidingRoof Composite Shingles
Property Summary
CHAPEL RIDGE OF STILLWATER | 152 UNITS
Aerial Map
CHAPEL RIDGE OF STILLWATER | 152 UNITS
Local Map
CHAPEL RIDGE OF STILLWATER
Stillwater Junior High School
Oklahoma State University
Stillwater High School
CHAPEL RIDGE OF STILLWATER | 152 UNITS
Stillwater is a city in northeast Oklahoma at the intersection of US-177 and State Highway 51. It is the county seat of Payne County with a population of 49,796.
Stillwater is home to a diverse mix of business and industry, from manufacturing to advanced technology. Among its export industries are printing and publishing, floor covering, wire products, software, food and kindred products, and research. Stillwater has the following economic clusters: aerospace, agribusiness, biotechnology, optoelectronics, printing and publishing, software and standard manufacturing.
Oklahoma State University plays a significant part of Stillwater’s overall economy with more than 20,000 students, 5,500 personnel and a focus on research and technology. Oklahoma State University - Stillwater is listed by the Princeton Review as one of 120 “Best Western Colleges” for 2014, and as one of 75 “Best Value Colleges – Public” for 2013. The university has one of the highestrated veterinarian programs in the United States. It isranked by U.S. News & World Report No. 73 among “TopPublic Schools: National Universities” and No. 142 amongall National Universities for 2014.
Stillwater is home to a number of annual festivals and community events held throughout the year. Residents also benefit from the many events and activities hosted by Oklahoma State University. Since 1920, Oklahoma State University has welcomed alumni to “America’s Greatest Homecoming Celebration.” Each year, more than 70,000 alumni and friends return to campus for “Walkaround” and the Homecoming Parade.
In 2013, Oklahoma State University opened the OSU Museum of Art in the renovated Postal Plaza, and also is home to the Botanic Garden which covers more than 100 acres with thousands of species of flowers, shrubs, grasses and trees. It features specialized gardens like butterfly and organic gardens, turf and nursery research centers, and a Centennial Grove.
The City of Stillwater Parks and Recreation Department manages more than 5,000 acres of parkland, including five ball complexes, ten tennis courts, two disc golf courses, four lakes, one swimming pool, 14 playgrounds, one skate and bmx bike ramp. Special services centers include the Multi Arts Center, Senior Activity Center, Community Center, Armory Gymnasium and Lakeside Golf Course.
NEIGHBORHOOD AMENITIES
• AMC Theatre (0.2 miles)• Lowe’s, Best Buy, Belk (0.4 miles)• ALDI (0.5 miles)• Stillwater Junior High School
(1.1 miles)• Walmart, Stillwater High School
(1.5 miles)• Oklahoma State University (2.0 miles)
LOCATION HIGHLIGHTS
• Population: 49,796• Home to Oklahoma State
Univeristy• The City of Stillwater is home
to 5,000 Acres of publicparkland and recreationfacilities
TOP EMPLOYERS (NO. EMPLOYEES)
• Oklahoma State University (6,069)• Stillwater Medical Center (1,200)• OnCue Express (903)• Stillwater Public Schools (822)• City of Stillwater (520)• Walmart (402)
Area Highlights
www.lihtcadvisors.com
