Sometimes rooftops follow retail.
Fidelis Residential Partners has teamed up with Chicago-based investment advisory firm Cresset Real Estate Partners to add multifamily to an H-E-B-anchored development in Montgomery County.
The venture is spearheading development of Fidelis Willis, a 252-unit apartment complex within the Moran Ranch community in Willis, the Houston Business Journal reported. Construction is expected to start this month, with delivery due in 2026. Austin-based OHT Partners is the project’s general contractor.
The development will include nine three-story buildings, with 120 one-bedroom, 114 two-bedroom and 18 three-bedroom apartments. The complex will offer a 24-hour fitness center and a pool, clubhouse, dog park and game room.
H-E-B has site selection down to a science, and its store openings are often bellwethers for population growth.
The Houston metro offers investment opportunities as the shift toward remote and hybrid work allows renters to prioritize the cost of living and quality of life in the suburbs, said Jason Ross, managing director at Cresset Real Estate Partners.
The project is being funded through Cresset’s third Qualified Opportunity Zone fund, which has invested over $1.2 billion of equity across multiple projects. The fund previously invested in the 46-story Brava apartment tower in downtown Houston, developed by Hines.
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The larger Moran Ranch in Willis was developed through a collaboration between Houston-based Satya, Fidelis Realty Partners and the California State Teachers’ Retirement System.
Willis’ population is about 9,000. Developments in the pipeline are expected to quickly increase that number to 10,000, and the population is expected to reach 30,000 in the next decade, the Houston Chronicle reported.
— Andrew Terrell