Almanac-backed ECI completed the acquisition of Ardmore at Flowers Apartments.

Almanac-backed ECI, a private real estate company, completed the acquisition of Ardmore at Flowers Apartments, an 11-building, 396-unit apartment development located in Clayton. Financial terms were not disclosed. “ECI is excited to return to North Carolina and expand our presence in the Southeast with the acquisition of Ardmore at Flowers. 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,” Scott Levitt, ECI Group Chief Acquisitions Officer.