Chapel Oaks is situated on over 25 acres just east of Lafayette Street, a mere mile southeast from downtown Fort Wayne. This garden style community was built in 1965 and consists of 41 individual buildings, including a clubhouse and leasing office. Ownership has recently conducted a capital improvement program with a majority of the sidewalks being replaced, a new playground in the central courtyard and new gazebo. In addition to the current improvements underway, the units themselves, along with the HVAC systems servicing them, are being upgraded as necessary during unit turnovers.
The property offers a diversified and extremely competitive unit mix comprised of 34 one-bedroom units with approximately 592 ft2 of living space, 126 two-bedroom units with between 721 ft2 and 828 ft2 of living space 129 three-bedroom units with approximately 1,035 ft2 of living space, and 31 four-bedroom units with approximately 1,182 ft2 of living space. The units themselves are in excellent condition and offer individual HVAC as well as direct access entry.
Chapel Oaks is a stabilized asset with physical occupancy at 86.3% and economic occupancy at 92.2%. The economic occupancy is above the physical occupancy because IPO has accounted for pre-leased units. Currently management is leasing units at Chapel Oaks at a torrid pace and it is their expectation that occupancy will reach the mid-nineties by early summer. More impressive than this lease-up, is the fact that units are leasing at full market rates with a water surcharge.