Cresset Real Estate Partners and Fidelis Residential Partners Launch Joint Venture for 252-Unit Multifamily Development in Willis, Texas

After reviewing the provided search results, it appears that there are two distinct entities named Fidelis Capital, each with different focuses and operations. The first, Fidelis Capital, is an advisor-owned wealth management firm dedicated to providing high-net-worth individuals with comprehensive financial services[1][4]. The second, Fidelis Residential Partners, is involved in real estate development, particularly in multifamily projects in the Houston area[2].

Given the context of the query, which mentions funding types and specific news articles, it seems that the relevant news article is related to Fidelis Residential Partners and their joint venture with Cresset Real Estate Partners for a multifamily development project in Willis, Texas.

Here is a rewritten version of the news article to ensure all facts are intact and to avoid plagiarism:

Cresset Real Estate Partners and Fidelis Residential Partners have announced a joint venture to develop a nine-building, 252-unit multifamily community in Willis, Texas, a suburb in the greater Houston area. This project, named Fidelis Willis, is funded by Cresset’s third Qualified Opportunity Zone (QOZ) fund, Cresset Diversified QOZ Fund III.

The development is part of Cresset’s ongoing efforts to invest in high-growth markets across the country. The Houston area continues to experience strong population growth and attracts a diverse set of top-tier employers, making it an attractive location for investment. The post-pandemic shift towards remote and hybrid work has further highlighted the appeal of suburban areas like Willis, where residents can prioritize cost of living and quality of life.

Fidelis Residential Partners, based in Houston, has developed four communities and sold two, totaling 604 units in the Houston area. The Fidelis Willis project expands the firm’s footprint in the region and complements an HEB-anchored retail development that Fidelis is currently constructing.

Ford Allen, Vice President at Fidelis Residential, noted that the growth on the north side of Houston is happening even faster than anticipated. This project will provide much-needed housing to support that growth and aligns with Fidelis’s long-term hold strategy.

Cresset Real Estate Partners’ QOZ program has invested over $1.2 billion in equity in projects totaling more than 5.2 million square feet and $3 billion in total gross market value since its launch in March 2018. The program is designed to provide access to institutional, urban core real estate opportunities in high-growth markets.

OHT Partners, a general contractor from Austin, Texas, has been engaged for the development of Fidelis Willis. With significant ties to the Houston region, OHT Partners has been contracted by Fidelis for two of their most recent multifamily developments in Houston.

This joint venture underscores the strategic partnership between Cresset Real Estate Partners and Fidelis Residential Partners, leveraging their combined expertise to capitalize on the growing demand for multifamily housing in the Houston area. The project is expected to be completed in 2026.