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Chapel Ridge of Stillwater 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 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 32 units in Phase I are unrestricted. Phase II was built in 2005 and all 32 units are unrestricted. The property is beyond its initial tax credit compliance period, and has Extended Use Restrictions in place until 2056.
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.