Chapel Ridge Of Springdale

5325 North Oak Street, Springdale, AR 72764
Status: Closed
Year Built: 2014
Price: $13,400,000
Price Per Unit: $72,826
Price Per SF: $74.52
# of Units: 184
# of Buildings: 17
# of Stories: 3
Rentable SF: 179,808
Lot Size: 10.03 Acres
Density: 18.34 Units/Acre

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Quick Stats:

  • 17 Buildings (including office/clubhouse)
  • Excellent 4-Person AMI Growth in Benton County with a Jump from $58,700 in 2015 to $65,400 in 2018
  • Springdale has Experienced Population Growth of 11% Between 2010 & 2016
  • Qualified Contract Eligible
  • Springdale is the 4th Largest City in Arkansas and Home to the World Headquarters of Tyson Foods
  • Located 15 Miles From the University of Arkansas in Fayetteville and the Home Offices of Walmart in Bentonville

Description:

Chapel Ridge of Springdale Apartments is a 184-unit mixed income housing community located in Springdale, AR. The property’s convenient location is within close proximity to grocery stores, restaurants, schools, and entertainment.

Chapel Ridge was built and placed in service in 2003 & 2004 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires at least 140 units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by Arkansas Development Finance Authority (ADFA). The remaining units are unrestricted. The property is still withing the initial tax credit compliance period.

Residents benefit from amenities such as spacious one, two, three, and four bedroom apartment homes featuring a full appliance package, washer & dryer connections in each unit, extra storage, patio/balcony, and open floor plans. Residents enjoy a comfortable life at Chapel Ridge with full access to a community club house, fitness center, business center, on-site laundry facilities, playground, and swimming pool.

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