Cresset Real Estate Partners and Fidelis Residential Partners have partnered to develop a new multifamily community in Willis, located near Houston. The project, called Fidelis Willis, will consist of nine buildings and 252 units. It is being funded by Cresset’s third Qualified Opportunity Zone (QOZ) fund, Cresset Diversified QOZ Fund III.
This development is part of the larger Moran Ranch community along the I-45 corridor. The nine three-story apartment buildings will offer a variety of unit sizes including 120 one-bedroom units, 114 two-bedroom units and 18 three-bedroom units totaling almost 250,000 square feet of rentable space. Construction on this shovel-ready project is expected to begin in late 2024 with completion scheduled for Q3 of 2026.
Fidelis Willis will feature top-notch amenities such as a fitness center open around-the-clock, clubhouse for gatherings or events,pool area for relaxation,a dog park,and game room among others.The previous successful venture,Cresset Diversified Qualified Opportunity Zone Fund II,closed with over $650 million raised from investors.
