Ground-Up Multifamily Development · Pacific Northwest
A pre-entitled 20-unit townhouse-style multifamily development in the Pacific Northwest — one of the current projects within the Fidelis First fund. Most entitlement work is complete; construction drawings are still in progress.
Creekside Village is a pre-entitled 20-unit townhouse-style multifamily development in the Pacific Northwest. It is one of the current projects funded by the Fidelis First investment fund, designed to create value through disciplined ground-up execution, conservative underwriting, and a primary sale strategy in a supply-constrained suburban market.
Investors subscribe to the fund. The fund then allocates capital across selected projects, including Creekside Village. The figures shown on this page reflect fund-level economics applied to this project.
Ground-Up Multifamily · Pacific Northwest
This material is provided for informational purposes only and is intended solely for prospective investors reviewing this opportunity. It does not constitute an offer to sell or a solicitation of an offer to buy securities except through the applicable Private Placement Memorandum, subscription documents, and governing legal agreements.
Any investment decision should be made only after careful review of the offering documents in their entirety. If any statement on this page differs from the Private Placement Memorandum or other governing documents, the offering documents control.
Prospective investors should consult their own legal, tax, and financial advisors before making any investment decision.
Real Product, Real Market, Real Readiness
Creekside Village delivers a townhouse-style product that lives like a single-family home — spacious up-and-down units with private entries — at a price point materially below new SFR construction in the same Pacific Northwest submarket. That gap is the product-market fit: households who want home-style living but are priced out of new SFR have a direct, attainable alternative.
The fund's basis was secured ahead of the most recent regional price expansion, and the site sits in a supply-constrained suburban pocket near schools, parks, retail, and a major regional employment corridor. Low entry basis plus durable end-user demand is the foundation of the deal.
Most importantly, the project is pre-entitled. The bulk of the land-use risk has already been worked through, so fund capital is funding execution — not an early-stage concept.
Core Fund Philosophy
High upside, controlled downside. Creekside Village reflects how the Fidelis First fund underwrites every project it allocates to.
Pre-entitlement value capture combined with a constrained Pacific Northwest housing supply.
A low land basis secured before recent regional price expansion limits entry-side risk.
Townhouse-style product priced below new SFR while still living like a home.
Enter early, secure basis, de-risk through pre-entitlement, deliver into proven demand. That sequence is how the fund targets asymmetric outcomes across every project it underwrites.
A Supply-Constrained Northwest Market with Strong Regional Demand
This submarket offers a rare combination of small-town livability and practical connection to a larger regional metro economy. Positioned within commuting distance of a major regional tech corridor and a diverse regional employment base, the market benefits from commuter accessibility while maintaining a lower-density residential character that continues to attract demand.
The broader regional area provides a lifestyle profile that is increasingly attractive to households seeking affordability, access to outdoor recreation, and a more community-oriented living environment without giving up access to major employment centers. River access, open space, local parks, and neighborhood-serving retail strengthen the residential appeal of the area.
Housing supply constraints across the Pacific Northwest, combined with steady regional job growth and limited new inventory in nearby suburban pockets, have created a favorable backdrop for projects that can deliver well-located residential product into the market. Creekside Village is positioned to meet that demand with a townhouse-style configuration that aligns with local household preferences and suburban living patterns.
Walkable Infill Positioning with Strong Residential Appeal
The site for Creekside Village benefits from a location that is immediately understandable to investors and future residents. It is adjacent to a park with direct access to a scenic creek-side walking path and within a short walk of three schools, local retail, and additional parks with ball fields. This combination of neighborhood amenities creates a setting that supports both livability and long-term demand.
The project's site plan is well matched to the surrounding context. Rather than forcing an overly dense or disconnected product type into the area, the development is designed as five 4-plex townhouse-style buildings with spacious up-and-down units. This creates a residential form that fits the market while still taking advantage of the entitlement and density profile already established for the property.
The result is a site that is not just buildable, but strategically positioned. It offers practical neighborhood convenience, suburban character, and a development plan that supports a clear execution path from current entitlement status to completed residential product.
Disciplined Underwriting, Structured Execution, Investor-Focused Communication
Fidelis First approaches development through disciplined underwriting, hands-on execution, and a risk-aware process designed to create value through planning, structure, and operational follow-through. For Creekside Village, that means advancing a pre-entitled project — aligned with local market demand and positioned to move into construction with a defined business plan and conservative assumptions.
This opportunity reflects a development approach built around controllable variables. Rather than relying on aggressive forecasting or speculative positioning, the project is framed around site readiness, housing demand, clear product design, construction execution, and a primary sale strategy supported by current underwriting assumptions.
Investors reviewing this opportunity are evaluating a fund-backed project with an advanced pre-entitlement profile, a specific unit plan, a defined fund allocation, a known target hold period, disclosed fee structure, and a sponsor approach centered on transparency, discipline, and execution.
Four Stages — From Land Basis to Market Delivery
Value at Creekside Village is built in a deliberate sequence. Pre-entitlement is the major inflection point — it converts raw land into a buildable, de-risked asset before construction capital is at work.
Site secured ahead of recent regional price expansion. Low entry basis sets the foundation for every downstream return.
The major value inflection. Most land-use, planning, and approvals risk is already worked through — converting raw land into a buildable, de-risked asset before vertical capital is deployed.
Construction drawings finalized and a disciplined build-out of five 4-plex townhouse-style buildings — 20 units delivered into a supply-constrained submarket.
Completed townhouse-style product brought to market via a primary sale strategy — realizing value through execution, timing, and finished-product positioning.
This four-stage sequence is how the Fidelis First fund creates value across every project it allocates capital to: enter at low basis, de-risk through entitlement, execute construction with discipline, and deliver into proven demand.
A Defined Plan from Pre-Entitled Site to Completed Residential Product
The business plan for Creekside Village is direct and execution-focused.
The project begins from a pre-entitled position, with most entitlement work complete and construction drawings still in progress. From there, fund capital is deployed into construction of five 4-plex townhouse-style buildings, bringing the site from advanced planning status to completed product.
The design is intended to deliver spacious up-and-down units in a format that fits the surrounding market and supports local demand. Throughout construction, the project is underwritten conservatively using current rental rates, construction costs, and exit pricing assumptions. The primary exit strategy is sale, and the product type and location profile reinforce the strength of that approach within broader residential demand fundamentals.
The business plan is straightforward: take a pre-entitled, well-located site, complete the remaining entitlement and CD work, execute construction with discipline, and deliver completed residential product for sale into a supply-constrained market.
Fund Structure and Investor Participation
Investors subscribe to the Fidelis First fund. The fund then allocates capital across selected projects, including Creekside Village. The figures below reflect fund-level economics applied to this project.
The investment is an equity interest in the fund — not a direct investment into Creekside Village. Investors hold an LP interest in the fund and share in the economics of the projects the fund undertakes, in accordance with the governing offering documents.
The minimum fund investment is $100,000. The fund's capital allocation to this project is $600,000 (this is not a standalone project raise). The projected hold period for Creekside Village is approximately 22 to 28 months, which is expected to cover the construction period, completion, and primary sale execution timeline.
The fund offers a preferred return of 2.5% quarterly, equivalent to 10% annually, subject to the final governing documents and offering terms.
The disclosed fee structure includes a 2% acquisition fee, a 2% disposition fee, and a development fee. These fees should be reviewed together with the Private Placement Memorandum, operating agreement, and subscription documents for full details and definitions.
This investment is intended for investors reviewing the full offering materials and evaluating a development opportunity with a defined structure, disclosed economics, and a primary sale strategy.
Investor Economics
Headline figures based on a $100,000 fund investment and the current primary underwriting case. Detailed line-item underwriting is shared with qualified fund investors.
2.48x
Projected Equity Multiple
148.70%
Projected ROI
24 Months
Projected Hold
Full underwriting — including line-item distributions, profit-split mechanics, and sensitivity analysis — is available to fund investors upon request.
Projected returns are based on current underwriting assumptions and are subject to change. All return structures, fees, distributions, and investor economics are governed by the Private Placement Memorandum and related offering documents. Past performance is not indicative of future results. Investors should review the complete offering package before making any investment decision.
Primary Strategy: Sale
The primary exit strategy for Creekside Village is sale. The project is structured to move from a pre-entitled, advanced pre-development position through construction and finished product delivery, with monetization expected through a sale at the conclusion of the projected hold period.
This strategy is aligned with the project's location, townhouse-style configuration, and the continued housing shortage across the region. By delivering completed residential units into a market supported by practical demand drivers, the development seeks to capitalize on a defined execution cycle rather than relying on a long-dated hold to generate returns.
The sale strategy is the primary path being presented to investors on this page.
How Fidelis First Evaluates the Opportunity Across Phases, Timelines, and Exit Paths
Creekside Village is presented to investors based on a primary underwriting case. In addition to that primary case, Fidelis First has evaluated the opportunity across multiple execution phases, timeline assumptions, and exit structures as part of its underwriting process. This work is intended to support disciplined decision-making, stress-test outcomes, and identify the highest and best use of the site under different market conditions.
| Scenario | Use Case | Equity Raise | Est. Hold Period | Projected ROI | Status |
|---|---|---|---|---|---|
| Sale-Oriented Townhome Execution | Current investor-facing business plan | $600,000 | 24 Months | 148.70% | Primary |
| 4 Plex Townhouse Case | Internal underwriting comparison | $800,000 | 24 Months | 58.79% | Reviewed |
| Townhouse Village Case | Internal underwriting comparison | $800,000 | 20 Months | 92.20% | Reviewed |
| Townhouse Sale Case | Internal underwriting comparison | $800,000 | 22 Months | 141.02% | Reviewed |
Key Risks and How the Project Is Being Framed
All development projects carry real risk, and prospective investors should review the full offering materials carefully before making any investment decision.
A meaningful portion of early-stage development risk has already been reduced by the project's pre-entitled status and significant pre-development progress. This does not eliminate risk — construction drawings and remaining approvals are still in progress — but it does place the project further along than an initial concept-stage opportunity.
Ground-up development is exposed to cost pressures, contractor performance, and delivery discipline. The project is being underwritten using current construction assumptions and is presented as a conservatively structured execution plan rather than a speculative build.
Construction schedules can shift due to permitting, contractor coordination, inspections, weather, material lead times, and other execution variables. The stated hold period reflects an expected execution window of approximately 22 to 28 months, but actual timing may vary.
The primary exit strategy is sale, which means final project outcomes are influenced by market conditions, buyer demand, pricing levels, and broader housing market sentiment at the time of monetization.
As with any development project, financing terms, capital availability, and execution discipline can affect outcomes. Investors should review the full capital structure and fund terms in the offering materials.
This is not a guaranteed investment. All investments involve risk, including the possible loss of capital. Prospective investors should rely on the full legal and offering materials when evaluating the opportunity.
Offering Materials and Project Diligence
Investors reviewing Creekside Village should evaluate the opportunity through the full set of offering materials, project diligence, and legal documents.
Executive Summary
Investment Deck
Financial Summary
Site Plan
Project Rendering
Aerial Maps
Entitlement Summary
Market Overview
Construction Timeline Summary
Private Placement Memorandum
Operating Agreement
Subscription Documents
Public reference materials. Not legal proof or final diligence approval.
A-1 High Density Residential Zoning Code
Reference
FEMA NFHL Viewer
Reference
FEMA Flood Map Service Center
Reference
County Assessor & GIS Portal
Reference
The following materials provide a visual overview of the development plan, site layout, market positioning, and surrounding neighborhood context. These materials are intended to help investors understand the project's physical plan, location advantages, and intended finished product.
Review the Offering Materials
This opportunity is being shared with investors reviewing the current offering materials. If Creekside Village aligns with your investment criteria, the next step is to review the PPM, subscription documents, and supporting project materials before making any final decision.
Offering materials are shared with investors reviewing the current opportunity.