#United States #Raleigh #ECI Group #Ardmore Apartments #Flowers Plantation

ECI Group's Expansion in North Carolina

In a bid to strengthen its foothold in the Southeastern market, ECI Group has successfully acquired the Ardmore at Flowers Apartments located in Raleigh, North Carolina. This strategic move not only marks their return to the North Carolina real estate scene but also aligns with their ambitious growth plans made possible by a recent capital infusion from Almanac Realty Investors.

Set within the sprawling 3,000-acre Flowers Plantation master-planned community, the 11-building apartment development houses 396 units. Following the acquisition, the property will be rebranded as The Averly at Flowers. While the financial specifics of the transaction remain confidential, the deal is noteworthy as it exemplifies ECI's focus on acquiring properties that provide strong investment potential at competitive prices.

Scott Levitt, Chief Acquisitions Officer for ECI Group, expressed excitement about the new acquisition, stating, "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."

Features and Amenities

The renovated apartments will offer an array of state-of-the-art features tailored to meet modern housing needs. Each unit will showcase open-concept layouts, including various configurations of one-, two-, and three-bedroom options. Notable amenities will include:

• - Modern kitchens equipped with farmhouse sinks, gray Shaker-style cabinetry, and granite countertops.
• - State-of-the-art appliances, built-in microwaves, large walk-in closets, and in-unit washers and dryers.
• - Elegant wood-style vinyl flooring, 9-foot ceilings, and private patios or balconies.
• - Luxurious bathroom features such as rainfall shower heads, along with smart home locks and thermostats.

In addition to the individual apartment benefits, The Averly at Flowers promises a community-centric lifestyle with high-end amenities, including:

• - An on-site clubhouse designed for resident engagement and relaxation.
• - A comprehensive business center featuring meeting spaces, alongside a complimentary coffee bar.
• - Recreational facilities like a resident lounge with billiard tables and foosball, alongside two well-equipped 24-hour fitness centers.
• - Outdoor features such as resort-style swimming pools with sun shelves, rooftop sundecks, and gathering areas with grills and dining tables.
• - A pet spa, which reflects the growing trend of pet-friendly communities, along with a golf simulator lounge and a car care center to enhance resident convenience.

A Promising Future

The acquisition of The Averly at Flowers is just the beginning of ECI Group's strategic expansion in the Southeastern region, as they aim for more acquisitions in the coming years, particularly in the Southeast and Texas. Thanks to their partnership with Almanac Realty Investors, who recently provided a significant capital infusion of $350 million, ECI Group is on a mission to redefine multifamily living across their developments.

As ECI moves forward, the firm is well-poised to leverage its half-century of experience in real estate, coupled with its comprehensive services spanning development, construction, investment, and property management. With a portfolio already exceeding 7,000 units, ECI Group stands as a resilient and innovative leader in the multifamily housing market.

With the demand for quality housing on the rise, particularly in fast-developing areas like Raleigh's Flowers Plantation, ECI Group's strategic planning and timely acquisitions underscore their commitment to creating excellent living environments and enhancing community living standards across new markets.