Houston-based Fidelis Realty Partners, which is primarily focused on retail real estate, is moving into the residential world with the launch of a new multifamily division.
The new division will focus on multifamily development and acquisition in Houston and other major Texas markets, the company said in a news release.
Fidelis Residential, as the new division is called, will apply an "acquire and hold" income strategy in keeping with Fidelis’ overall strategy and mission, the company said.
"Our markets and projects are large enough to have a dedicated Fidelis Residential Division with local leadership to add to (the company's) core competency of maximizing the value of its retail real estate," Alan Hassenflu, president and CEO of Fidelis, said in the release.
Fidelis formed the new division following the June hire of Kenady Davis and Ford Allen from Bellaire-based BHW Capital, a boutique development and consulting firm that specialized in multifamily development, according to the two men’s LinkedIn profiles.
Davis will serve as vice president of acquisitions, dispositions and predevelopment. Fidelis said Davis will lead all of the division’s site selections, property acquisitions and property dispositions.
Allen has been tapped to serve as vice president of analysis, finance and predevelopment. The company said he will be responsible for analyzing and qualifying potential investment opportunities related to new multifamily developments and acquisitions for the division.
The new division will be overseen by Trey Waggener, who has been employed at Fidelis for just over a year. Waggener’s prior position was focused on retail development. But in his new role, he will serve as division manager as well as vice president of design, development and construction.
“People want to live near shopping and restaurants,” Davis said in the release. “The new Residential Division will look for opportunities to develop apartments within Fidelis’ retail projects, which will allow us to capitalize on the value and foot traffic that the retail has created. I think it makes sense to develop both asset types within the same office.”
Fidelis was formed in 2003 to own, develop and manage Class A shopping centers, typically anchored by leading grocers and national retailers, according to the company's website.
In June, Fidelis announced it was demolishing the main San Jacinto Mall structure in Baytown to move forward with the property's larger transformation into San Jacinto Marketplace, an outdoor retail and lifestyle. The developer bought the mall in July 2015 from California-based investment firm Triyar.
The company also maintains a health care division, Fidelis Healthcare Partners, which aims to operate at the intersection of health care and retail, the company’s website says. That division, which is based in Dallas, was formed last year by Kevin O’Neil and Mark Allyn, who joined the firm after years of overseeing health care projects at CBRE and Trammell Crow Co.