THE RESERVES AT PRESTON TRAILS
The Reserves at Preston Trails, developed by Overland Property Group, is a 112-home affordable housing community located in Wolfforth, Lubbock County, Texas. The property includes eight residential garden style buildings and one community building, consisting of 12 one-bedroom apartments, 56 two-bedroom apartments and 44 three-bedroom apartments. 96 of the homes are set aside for low-income families and the remaining 16 homes are market rate apartments. 6 homes are set-aside for tenants with special needs, with these serving persons with alcohol and/or drug addictions, persons with disabilities, victims of domestic violence, persons with HIV/AIDS, homeless populations, veterans, wounded warriors, and migrant farm workers.
Of the 96 income- and rent-restricted apartments, 10 of them are set aside for households with incomes of families earning 30% or less of the area median income (AMI), 20 are set aside for households with incomes of 50% or less of AMI, and 66 are set aside for households with incomes of 60% or less of the AMI. The 9 percent Low-Income Housing Tax Credit (Housing Credit) was used to finance the property, with financing facilitated by Red Stone Equity Partners.
Each apartment includes 9’ ceilings, a covered patio/balcony, blinds, carpeting and laminate vinyl plank flooring, 14 SEER central heating and air conditioning, exterior storage, coat closets, ceiling fans, and walk-in closets. Appliances include a range, refrigerator, dishwasher, microwave, garbage disposal, and full-size washer/dryer. The property offers a basketball court, luxury clubhouse with community room, business center, exercise facility, picnic area, resort style swimming pool, on-site management, off-street parking, playground, and free Wi-Fi in the clubhouse building.