Atlas RE Partners' New OZ Fund Has 10-Year Hold with Focus on Multifamily

Firm will target multifamily housing in the Southeast and Texas.

Atlas Real Estate Partners is taking a unique, long-term view as it launches its fourth Opportunity Zone Fund, using a 10-year minimum hold period and targeting multifamily housing in the Southeast and Texas.

It seeks to raise $100 million in equity from accredited investors and will allow direct investment with an experienced sponsor developing multifamily in high-growth markets.

Arvind Chary, co-founder of Atlas Real Estate Partners, said the core southeast multifamily continues to perform well despite the current market volatility.

“By taking a patient, long-term investment approach to development in high growth geographies we are able to continue executing throughout market cycles,” Chary said in prepared remarks.

Opportunity Zone funds are designed to encourage economic growth in under-invested communities by providing material tax benefits to individuals and entities investing qualified capital gains into these dedicated areas, according to a company release.

Atlas’ three previous single-asset opportunity zone funds with total combined capitalization of over $235 million were successful, the company said.

The first project, a 310-unit multifamily development in Nashville’s Wedgewood-Houston neighborhood, is in its final stages of construction and is set to be completed in October 2022.