Cresset Real Estate Partners and Fidelis Launch New Multifamily Development in Houston Area
Cresset Real Estate Partners has announced an exciting new joint venture with Fidelis Residential Partners aimed at the development of a multifamily community in the growing Houston suburb of Willis, Texas. This project, known as Fidelis Willis, will comprise nine buildings housing a total of 252 residential units. Constructed through Cresset's Qualified Opportunity Zone Fund III, the Fidelis Willis development is set to offer a harmonious blend of modern living and community-oriented design, central to one of the most dynamic regions in Texas.
The ambitious Fidelis Willis project will feature a diverse mix of unit types, including 120 one-bedroom apartments, 114 two-bedroom apartments, and 18 three-bedroom apartments, totaling nearly 250,000 square feet of rentable living space. This strategic design caters to various family sizes and living arrangements, thus meeting the growing demand for quality housing in the area. The development is positioned in a larger community called Moran Ranch, conveniently located along the I-45 corridor, which facilitates ease of access to major employment centers including The Woodlands.
Expected to break ground in late 2024, the construction of Fidelis Willis is projected to be completed by the third quarter of 2026. The amenities envisioned for this development are impressive; residents will have access to a state-of-the-art fitness center that operates 24 hours a day, a clubhouse, an inviting outdoor pool, a spacious dog park, a fun game room, and additional community spaces designed to enhance the residents' living experience.
Jason Ross, Managing Director at Cresset Real Estate Partners, expressed excitement about the project, stating that the Houston market is witnessing substantial population growth, drawing in a variety of reputable employers. In the current trend of increased acceptance of remote and hybrid work models, Cresset sees notable investment opportunities in the suburban regions like Willis, where quality of life and affordable living costs become attractive to the workforce. This collaboration with Fidelis is seen as a key component of a strong portfolio enhancement within a rapidly growing community.
Fidelis Residential, based in Houston and operational since 2003, has established itself as one of Texas' leading commercial real estate firms with a focus on retail, multifamily, and healthcare sectors. The firm has previously developed four communities and sold two, with a combined total of 604 units in the Houston area. The Fidelis Willis development represents a significant expansion for the company, paving the way for further growth to meet the housing demands of the north Houston area.
Ford Allen, Vice President at Fidelis Residential, commented on the swift growth of the north side of Houston, emphasizing the pressing need for additional housing options that the Fidelis Willis project aims to provide. This partnership with Cresset is seen as an essential step in creating sustainable living solutions within a robust commercial landscape, making the most of the ongoing development of an HEB-anchored retail space nearby.
Cresset's Qualified Opportunity Zone (QOZ) program, which was initiated in March 2018, has successfully invested over $1.2 billion in equity across projects totaling more than 5.2 million square feet and a gross market value of $3 billion. This program is crafted to facilitate access to investment opportunities in urban core real estate markets benefiting from accelerated growth trends.
To emphasize their commitment to excellence in development, Cresset has partnered with OHT Partners, a reputable general contractor from Austin, Texas. With strong local ties, OHT Partners has been engaged in multiple recent multifamily projects throughout Houston, illustrating their capability and aspiration to deliver quality developments in alignment with community needs.
Expectations are high for the Fidelis Willis project, and it appears poised to not only meet the housing demands of a burgeoning community but also to enhance the local area’s living standards with its thoughtfully designed facilities, community focus, and excellent location. As this venture unfolds, it will surely be a project to watch for those interested in the real estate landscape in Houston and beyond.
The ambitious Fidelis Willis project will feature a diverse mix of unit types, including 120 one-bedroom apartments, 114 two-bedroom apartments, and 18 three-bedroom apartments, totaling nearly 250,000 square feet of rentable living space. This strategic design caters to various family sizes and living arrangements, thus meeting the growing demand for quality housing in the area. The development is positioned in a larger community called Moran Ranch, conveniently located along the I-45 corridor, which facilitates ease of access to major employment centers including The Woodlands.
Expected to break ground in late 2024, the construction of Fidelis Willis is projected to be completed by the third quarter of 2026. The amenities envisioned for this development are impressive; residents will have access to a state-of-the-art fitness center that operates 24 hours a day, a clubhouse, an inviting outdoor pool, a spacious dog park, a fun game room, and additional community spaces designed to enhance the residents' living experience.
Jason Ross, Managing Director at Cresset Real Estate Partners, expressed excitement about the project, stating that the Houston market is witnessing substantial population growth, drawing in a variety of reputable employers. In the current trend of increased acceptance of remote and hybrid work models, Cresset sees notable investment opportunities in the suburban regions like Willis, where quality of life and affordable living costs become attractive to the workforce. This collaboration with Fidelis is seen as a key component of a strong portfolio enhancement within a rapidly growing community.
Fidelis Residential, based in Houston and operational since 2003, has established itself as one of Texas' leading commercial real estate firms with a focus on retail, multifamily, and healthcare sectors. The firm has previously developed four communities and sold two, with a combined total of 604 units in the Houston area. The Fidelis Willis development represents a significant expansion for the company, paving the way for further growth to meet the housing demands of the north Houston area.
Ford Allen, Vice President at Fidelis Residential, commented on the swift growth of the north side of Houston, emphasizing the pressing need for additional housing options that the Fidelis Willis project aims to provide. This partnership with Cresset is seen as an essential step in creating sustainable living solutions within a robust commercial landscape, making the most of the ongoing development of an HEB-anchored retail space nearby.
Cresset's Qualified Opportunity Zone (QOZ) program, which was initiated in March 2018, has successfully invested over $1.2 billion in equity across projects totaling more than 5.2 million square feet and a gross market value of $3 billion. This program is crafted to facilitate access to investment opportunities in urban core real estate markets benefiting from accelerated growth trends.
To emphasize their commitment to excellence in development, Cresset has partnered with OHT Partners, a reputable general contractor from Austin, Texas. With strong local ties, OHT Partners has been engaged in multiple recent multifamily projects throughout Houston, illustrating their capability and aspiration to deliver quality developments in alignment with community needs.
Expectations are high for the Fidelis Willis project, and it appears poised to not only meet the housing demands of a burgeoning community but also to enhance the local area’s living standards with its thoughtfully designed facilities, community focus, and excellent location. As this venture unfolds, it will surely be a project to watch for those interested in the real estate landscape in Houston and beyond.
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