RALEIGH, NC - ECI Group announced 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.
Source: ECI Group