Standard Assembly in city’s emerging Wedgewood-Houston (WeHo) Neighborhood is firm’s first Opportunity Zone project and the first Mixed-Use Multifamily Development in WeHo
NASHVILLE, TN - Atlas Real Estate Partners, a multifamily-focused private investment and development firm with offices in New York and Miami, is excited to announce that it recently welcomed the first move-ins to its latest project, Standard Assembly, on January 4th. Standard Assembly is the first of Atlas’ Opportunity Zone developments to reach completion and the first large-scale apartment project to deliver in the up-and-coming Wedgewood-Houston (WeHo) neighborhood.
Standard Assembly offers a mix of studio, 1- and 2-bedroom apartments. The 310-unit mixed-used use project includes 13,000 SF of retail, a two-story clubhouse, unique gathering spaces, and onsite coworking and ground-floor live-work spaces. The project is being delivered in two phases, with the north building set to open in spring 2023.
Atlas Real Estate Partners along with Nashville-based Wedgewood Avenue and HY Ventures acquired the ~3.3-acre site in July 2019.
“Standard Assembly is the first Class A multifamily community in this already vibrant and creative community that has long been an artisan/maker-centric neighborhood in Nashville,” said Alex Foster, co-founder of Atlas Real Estate Partners. “By thoughtfully and responsibly maintaining this spirit through partnering with groups such as Moto Moda, this walkable neighborhood will further cultivate into the artisan/maker center of the Southeast fostering additional growth of the creative community.”
The property is infused with elements that highlight the unique character of the neighborhood, including partnering with local artists to create one-of-a-kind art pieces and designing 11 live-work spaces that are licensed for business and can function as commercial and residential spaces. Standard Assembly is uniquely designed to meet the needs of today’s entrepreneurs who want to run a business from their homes.
“Standard Assembly is more than just another apartment complex, it truly embraces the modern lifestyle while honoring the unique and vibrant WeHo community,” added Nathan Hysmith, Principal with HY Ventures. “We are thrilled to be able to partner with Atlas and Wedgewood Avenue on a project that will be unique to Nashville.”
To embrace the character of the neighborhood, the Standard Assembly team is working to curate retail experiences aimed at enhancing the resident experience. The project currently has an executed lease with Mota Moda, a family-friendly retail concept combining food and drink with a motorcycle-centric theme.
The development team included: Nashville-based EOA Architects and Hardaway Construction and WeHo-based Manuel Zeitlin Architects and Peck Design Associates .
After seeing the potential of the WeHo neighborhood, the ownership team recently broke ground on Westerly House, a 246-unit multifamily project located adjacent to Standard Assembly. The project is slated to be completed in late 2024.
Atlas was founded in 2009 by managing principals Arvind Chary and Alex Foster, with a presence in Nashville since 2016. Atlas has closed more than 50 acquisitions and development projects with a total capitalization of ~$1.5B spread over 10,000 residential units and ~1.5M commercial square footage.
In addition to its extensive real estate investment and development portfolio, Atlas recently announced the launch of its fourth Opportunity Zone fund, a diversified multi-asset vehicle targeting four-to-six multifamily sites in the Southeast. The fund will capitalize an active pipeline of multifamily development projects located in high growth cities throughout the Southeast and other select markets.