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, swimming pool, on-site management, off-street parking, playground, and free Wi-Fi in the clubhouse building.

The property is located in the City of Wolfforth, a suburb of the City of Lubbock in Lubbock County, Texas. It is located just seven miles from the Texas Tech campus and the heart of the City of Lubbock. The location near Alcove Ave and Donald Preston Drive is ideal for a multi-family development; it is surrounded by single family residential homes and is within a short distance of many amenities including a multitude of shopping, dining and entertainment options in both the City of Wolfforth as well as the high-growth area of southwest Lubbock. The site is also situated in the Friendship school district and is accessible via the west side of Alcove Avenue, a lightly traveled two-lane roadway traversing north/south. Alcove Avenue provides access to the Brownfield Highway (Highway 82), approximately half a mile south of the site.

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