Cresset Real Estate Partners announced a joint venture with Fidelis Residential Partners to develop a nine-building, 252-unit multifamily community in Willis, Texas, in the greater Houston area.
The project, named Fidelis Willis, is the latest development funded by Cresset’s third Qualified Opportunity Zone (QOZ) fund, Cresset Diversified QOZ Fund III. The fund provides private investment capital in some of the fastest-growing economies across the country with the goal of maximizing long-term capital gains for investors. Its predecessor, Cresset Diversified Qualified Opportunity Zone Fund II closed with more than $650 million in equity commitments.
The Fidelis Willis development is part of a larger community known as Moran Ranch, located along the I-45 corridor and within driving distance of major employment centers in north Houston such as The Woodlands. It is also within a recently completed HEB-anchored power center, developed in partnership between Fidelis and CALSTRS.
The 252 units will be situated within nine, three-story apartment buildings, featuring 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 construction to be completed by Q3 of 2026.
In addition to state-of-the-art apartment design, Fidelis Willis’ amenities will include a 24-hour fitness center, clubhouse, pool, dog park, game room and more.
