JV Plans Project in Houston
Cresset Real Estate Partners and Fidelis Residential Partners will develop more than 200 units.
Cresset Real Estate Partners and Fidelis Residential Partners have formed a joint partnership to develop a community in the Houston-area. To be called Fidelis Willis, the nine-building, 252-unit development will be part of the larger Moran Ranch, located in Willis, Texas.
“Houston has continued to grow outward from the CBD, particularly north along the Interstate 45 corridor,” Jason Ross, managing director at Cresset Real Estate Partners, told Multi-housing News. “The city of Willis, Texas, has been a beneficiary of Houston’s growth, as more people prioritize a quieter location with affordable cost of living.”
Fidelis Willis will feature 120 one-bedroom units, 114 two-bedroom units and 18 three-bedroom units, with nearly 250,000 square feet of rentable space. Common-area amenities will include a 24-hour fitness center, pool, clubhouse, dog park and game room, among others.
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Residents will be within walking distance of dining and retail opportunities. The Houston Intercontinental Airport, Lake Conroe, WG Jones State Forest and Sam Houston National Forest are all nearby via I-45.
“The location was compelling for a multitude of reasons, including being located closely to our partner’s H-E-B-anchored retail center, and proximate to employment nodes such as The Woodlands.”
Anticipated to break ground in late 2024, the project is “shovel ready.” Completion is slated the third quarter of 2026.
The project will be the latest development funded by Cresset’s third Qualified Opportunity Zone fund, Cresset Diversified QOZ Fund III. The financing provides private investment capital in some of the nation’s fastest-growing economies, with the goal of maximizing investors’ long-term capital gains. Its predecessor fund, Cresset Diversified Opportunity Zone Fund II, closed with more than $650 million in equity commitments.
To date, Fidelis Residential Partners has developed four communities and sold half of them. Fidelis Willis intends to expand the company’s footprint across metropolitan Houston.
Last month, Knightvest acquired a 362-unit Houston property, San Cierra Apartments, with a $52 million loan. The townhome-style community encompasses 49 two-story buildings with a unit mix of one- to three-bedroom homes.
