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Investor: Spring River apartment project begins efforts to expand

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Construction on phase two of Spring River Luxury Apartments is expected to begin in early 2020, says Chad Lydick. (Lisa Dunlap Photo)

An investor in one of Roswell’s newest large-scale apartment complexes said he and his partners have submitted a funding application for phase two, with construction expected to begin in early 2020.

“We’re at 100% occupancy” of the existing 144 units at Spring River Luxury Apartments, said Chad Lydick of Lydick Engineers and Surveyors of Clovis.

He attributed part of that to the fact that the apartment complex is one of the newest in the area.

Lydick is one of the project’s partners, along with Emery Chukly of Tucson, Arizona, a real estate developer involved in several different real estate and construction businesses. 

Lydick said that he and Chukly submitted a financing application to the U.S. Department of Housing and Urban Development in August and that they expect a decision in about 60 days.

He said phase two is estimated to cost $16 million, and that a decision has not yet been made about the general contractor for phase two, to be constructed on about 5 acres of land.

The first phase of the development, which included a pool, spa and community building, opened in August 2017. It is a higher-end development, described as “resort” style and offering garages for some renters. One-bedroom rents start above $950 a month.

Chaves County has 15 apartment properties with 902 apartments as of April 2018, according to a report by the University of New Mexico Bureau of Business & Economic Research. Average monthly rent in the county for one-bedroom units is $535. The vacancy rate in April 2018 was 4.3%, the 12th lowest rate in New Mexico, compared to a 4.4% average statewide vacancy rate.

Senior Writer Lisa Dunlap can be reached at 575-622-7710, ext. 311, or at reporter02@rdrnews.com.