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Sign in Sign up for a FREE subscriptionECI Group receives $350m equity infusion from Almanac Realty Investors
ECI Group announced Almanac Realty Investors has committed up to $350 million of capital to further ECI’s expansion. With the recent announcement of a new debt platform through Smith Hill Capital and InterVest, the closing of two major capital events is expected to generate more than $3 billion in investment and financing growth over the next three to five years.
This new round of equity capital from Almanac will be utilized to fund acquisitions, developments and credit investments within the multifamily sector. ECI will target the acquisition of existing 1990s vintage or newer multifamily communities, as well as the development of new multifamily communities in the Southeast and Texas. ECI’s investments will be both direct, on balance sheet, and through new, project-level joint venture partnerships.
“ECI is excited to take our long relationship with the team at Almanac to a new level, investing alongside them as we take our existing portfolio of 7,600 units in 2