ECI Group Acquires 396-Unit Ardmore at Flowers Apartments in Raleigh (Clayton), NC

Initial Acquisition through Almanac Capital Equity Infusion Returns ECI to North Carolina

ATLANTA, April 14, 2025 /PRNewswire/ -- ECI Group (ECI) announces the acquisition of Ardmore at Flowers Apartments, an 11-building, 396-unit apartment development at 380 Topwater Drive in Raleigh (Clayton), NC, 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 supply of newly constructed apartments. This has historically been a recipe for success. We expect this to be the first of many acquisitions over the next few years in the Southeast and Texas with our new Almanac partnership."

The re-branded The Averly at Flowers apartments offer all the modern features of new development alongside a highly desirable location within the award-winning Flowers Plantation in Clayton. Residents enjoy easy access to community anchors Publix, Harris Teeter, and the Triangle YMCA, along with an additional 50,000 square feet of commercial space expected by 2026. Walking trails, top-rated schools, shopping, and dining add to the appeal of the community, which has convenient access to I-40 and I-42.

The Averly at Flowers features upscale one-, two- and three-bedroom apartments in open-concept layouts featuring:

• Modern kitchens with farmhouse sinks, gray Shaker-style designer cabinetry, and granite countertops
• Built-in microwave
• Large walk-in closets
• In-unit washers and dryers
• Wood-style vinyl flooring
• 9-foot ceilings
• Private patio or balcony
• Rainfall shower heads
• Smart home locks and thermostats
• Pendant lighting
• Undermount kitchen lighting

The community features:

• On-site clubhouse with resident lounge
• Business center with meeting space and complimentary coffee bar
• Resident lounge with billiard table, foosball, and mini-kitchen
• Two 24-hour Access Elite fitness centers with Echelon stationary bikes, rower, and smart fitness mirror
• Freedom Climber rotating indoor rock wall
• Two resort-style swimming pools with sun shelves and fountains
• Rooftop sundeck
• Outdoor poolside ping pong table
• Outdoor grilling areas with dining tables
• Pet spa
• Golf simulator lounge
• Car care center

ECI extends its thanks to Alex McDermott, Hunter Bowling, Paul Marley, Charlie Gravina & Rhodes Marley of Cushman & Wakefield (sale broker), Robert LaChapelle and Matt Forgione at CBRE (mortgage broker), and Mike Myers and Jacob Kimmell at Nationwide (lender) for their involvement in the transaction. ECI will manage the property and complete the initial lease-up, as the property was 75% occupied as of closing.

About ECI Group
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,000 units located throughout the Southeast and Texas, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.

About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $8.3 billion in capital to 56 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.

Media Contact:
Karen Widmayer
KW Communications, LLC
[email protected]

SOURCE ECI Group