LUBBOCK, Texas — Cypress Grove is a new and affordable housing development under construction that developers said will bring $60 million in residential real estate to the Lubbock market.
Preston Despenas has been researching the Lubbock area for a while, and realized that North Lubbock was behind the rest in new developments.
“There’s not a lot of available rental property and not a lot of new construction going on in North Lubbock right now,” said Despensas. “Which is why he started working on ways to “develop land in an affordable way where you can still offer rental housing at an affordable price.”
Despensas is working with Betenbough Homes in order to build properties that are cheaper than other locations in town.
“We are trying to stay at or below about a dollar a square foot on market rents” said Despensas, “and you see around other areas of Lubbock is $1.10 or $1.20 a foot.”
Working to stay under that margin, the team also prided themselves on developing a community in a safe and nice area. Cypress Grove is less than two miles from a new, $25 million elementary school and is also in close proximity to a newly announced Amazon facility.
This development is split in two phases, one of which will be completed this year. Director of Citywide Property Management, Kyndall Lemaire, said they are already accepting applications.
“They can start putting in applications now and we don’t charge for applications,” said Lemaire. “We already have people putting down deposits, so the sooner the better.”
Cypress Grove will offer 86 duplexes and 211 single family homes. All units will be 3 bed, 2 bath and will include a spacious kitchen and living space and a single car garage.
They are looking to host a leasing event sometime in May and we will have more information as that date gets closer. To fill out an inquiry and contact Citywide, you can go to their website.