C
resset Real Estate Partners has announced a joint venture with Fidelis Residential Partners to develop a nine-building, 252-unit multifamily community in Willis, Texas. The project, named Fidelis Willis, is the latest development funded by Cresset's third Qualified Opportunity Zone (QOZ) fund, which aims to maximize long-term capital gains for investors.

    Located within the Moran Ranch community along the I-45 corridor, Fidelis Willis will offer 120 one-bedroom units, 114 two-bedroom units, and 18 three-bedroom units, with nearly 250,000 square feet of rentable space. The project is shovel-ready and expected to break ground in late 2024, with completion by Q3 2026.

    Amenities at Fidelis Willis will include a 24-hour fitness center, clubhouse, pool, dog park, game room, and more. "The Houston market continues to experience strong population growth," said Jason Ross, Managing Director at Cresset Real Estate Partners. "We're excited to partner with Fidelis on this project, which offers a compelling investment opportunity in the greater Houston MSA."

    Fidelis Residential Partners has developed four communities and sold two in the Houston area, totaling 604 units. The company is expanding its footprint in the region with the Fidelis Willis project. "The growth on the north side of Houston is happening faster than we anticipated," said Ford Allen, Vice President at Fidelis Residential. "This project will provide a much-needed housing component for that growth and is a great addition to our HEB-anchored retail development."

    OHT Partners has been engaged as the general contractor for the development of Fidelis Willis. Cresset's QOZ program has invested over $1.2 billion in projects totaling more than 5.2 million square feet and $3 billion of total gross market value since its launch in March 2018.