THE RESERVES AT SOUTH PLAINS
The Reserves at South Plains, developed by Overland Property Group, is a 108-home multifamily garden-style development located at 2011 98th Street, on the south side of Lubbock, Lubbock County, Texas. The property includes a mix of two- and three-bedroom affordable rental homes contained within a total of five residential and one non-residential buildings. The non-residential building contains a clubhouse, maintenance facilities and office space for management and leasing. There is also space available for on-site social services.
The apartments include 54 two-bedroom/two-bath homes and 54 three-bedroom/two-bathroom homes. Of the 108 apartments, 83 are reserved for those households at 30%, 50% and 60% AMI. There are also 25 market rate apartments with no income limitations. In addition, there are 6 homes set-aside for tenants with special needs, with these units 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.
The property is located at the southeast corner of Avenue U and 98th Street in the southern portion of Lubbock. It is accessed from two points along Avenue U and one point along 98th Street. The site is adjacent to existing high-quality single-family housing to the east and south. Parking spaces are distributed throughout the site surrounding the residential buildings and in front of the clubhouse. The outdoor amenities, including the playground, half-basketball court and picnic area with gazebo are located to the south and east of the clubhouse. The property is landscaped with trees and shrubs. Resident amenities include weekly exercise classes, weekly home chore services, twice monthly arts and craft classes, an annual health fair and notary service.
The Reserves at South Plains is within a reasonable distance to shopping, dining, employment, recreation and education opportunities. The site is well-positioned in an area of rapid commercial and residential development. Social services, public transportation and public safety services are all within 6 miles of the site. The site has convenient access to major highways, which provide access to downtown Lubbock and the Lubbock Preston Smith International Airport, and the Greater Lubbock area, 2.5 miles north of the site.
The 9 percent Low-Income Housing Tax Credit was used to finance the property, with financing facilitated by Red Stone Equity Partners.