Arden Group has announced its latest investment, a project with a current budget of $38 million. In partnership with Ridgehouse Capital, Arden will construct a new multifamily property in Nashville.

Situated in Nashville’s emerging WeHo neighborhood, the joint venture intends to build a five-story, 150-unit multifamily property at the location. The development will be mixed studio, one, and two-bedroom apartments, and will include amenities such as a pool deck and outdoor lounge.

The location benefits from the the continued growth of the WeHo neighborhood, home to major companies like Amazon and Apple Music. The site also sits near the previous Nashville fairgrounds, which is being converted into a concert-ready soccer stadium.

Arden’s current Opportunity Zone projects include various investments in other major developing cities such as Las Vegas, New York City, Jersey City, and Philadelphia.