Houston-based Fidelis Residential Partners is teaming up with Chicago-based Cresset Real Estate Partners to develop a nine-building apartment complex in Montgomery County.
The two companies have formed a joint venture to build the garden-style community in Willis, which will have a total of 252 units when it is completed in 2026.
The community, which has been dubbed Fidelis Willis, will be part of an HEB-anchored power center, which Fidelis Realty Partners developed (The Market at Willis Shopping Center) in partnership with the California State Teachers' Retirement System (CalSTRS) within Houston-based Satya’s Moran Ranch mixed-use development along Interstate 45.
"The Houston market continues to experience strong population growth as well as attract a diverse set of top-tier employers," Jason Ross, managing director at Cresset Real Estate Partners, said in a statement. "In the post-pandemic world that we live in, where remote and hybrid work is more common, we have seen compelling investment opportunities within the greater Houston (metropolitan area), such as Fidelis Willis, as more and more people look towards the suburbs and prioritize cost of living and quality of life. We are excited to partner with Fidelis and include the Willis project as a strong portfolio investment in a viable and high-growth community."
Fidelis Willis will include nine three-story buildings, with a total of 250,000 square feet of rentable space. The complex will have 120 one-bedroom units, 114 two-bedroom units and 18 three-bedroom units.
The complex’s amenities will include a 24-hour fitness center, clubhouse, pool, dog park, game room and more.
Austin-based OHT Partners has been tapped to serve as general contractor.
Cresset and Fidelis expect to break ground later this year.
The project is the latest development funded by Cresset's third qualified opportunity zone fund.
Since its launch in March 2018, the Cresset Real Estate Partners' QOZ program has invested over $1.2 billion of equity in projects totaling more than 5.2 million square feet and $3 billion of total gross market value.
The company’s QOZ program was involved in the development of Houston-based Hines’ 46-story Brava apartment tower in downtown, which received the Houston Business Journal’s Landmark Award in the multifamily development category in 2023.
Fidelis Residential Partners, meanwhile, already has developed four communities in the Houston area and has sold two, totaling 604 units, since Fidelis Realty Partners launched it in 2019.
Fidelis’ first apartment development, Fidelis Cypresswood, opened for leasing in 2022.
"The growth the north side of Houston is experiencing is happening even faster than we anticipated,” Ford Allen, a vice president at Fidelis Residential, said in a statement about Fidelis Willis. “This project will provide a much-needed housing component for that growth and is a great addition to the HEB-anchored retail development Fidelis is currently constructing. We are excited to partner with Cresset on this project and believe this location is perfect for our long-term hold strategy.”
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