ECI Group announced the acquisition of Ardmore at Flowers Apartments, an 11-building, 396-unit apartment development at 380 Topwater Drive in Raleigh (Clayton), N.C., in the 3,000-acre Flowers Plantation master-planned community. The community will be rebranded as The Averly at Flowers. The price was not disclosed in the off-market transaction. The investment marks ECI’s first acquisition with Almanac Realty Investors, a division of Neuberger-Berman, since the announcement in October 2024 of Almanac’s $350 million infusion of capital to fuel ECI’s expansion.
“ECI is excited to return to North Carolina and expand our presence in the Southeast with the acquisition of Ardmore at Flowers," said Scott Levitt, chief acquisitions officer at ECI Group. “We believe this investment represents an excellent opportunity to acquire a new property at well below today’s replacement cost in one of the fastest-growing submarkets in North Carolina with a very limited near-term s
