WASHINGTON – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced construction is underway at Modera Lady Bird, a contemporary mixed-use community bordering the premier Spring Valley and American University Park neighborhoods of the nation’s capital.
Modera Lady Bird, which broke ground in December, will feature 234 homes, an 18,000-square-foot organic grocery store and boasts an unparalleled location in Washington, D.C.’s Northwest quadrant. The midrise community is positioned along Massachusetts Avenue, a key artery connecting downtown D.C. to the Upper NW and Maryland suburbs. First move-ins are anticipated for summer 2027.
“Modera Lady Bird represents the first Class A community along the Northwest portion of Massachusetts Avenue in more than four decades, and the first sizeable residential development ever delivered in the immediate Spring Valley neighborhood,” said Peter Braunohler, managing director of development in the Mid-Atlantic for Mill Creek. “This will be a unique offering for the area, which mostly consists of single-family homes and where land suitable for such a community is extremely scarce. We look forward to joining the neighborhood and offering a best-in-class living experience.”
Located at 4330 48th Street NW, Modera Lady Bird is surrounded by an array of upscale retail amenities that include Crate & Barrel, Wagshal’s Market, Millie’s, Starbucks, Pizza Paradiso and Compass Coffee. The community’s ground-floor organic grocer will provide the neighborhood with a walkable grocery option, which does not currently exist for residents in the immediate vicinity. The area also features key employers and demand drivers, including D.C.’s top-ranked hospital, Sibley Memorial, which sits within a mile of Modera Lady Bird. Additionally, American University, a private federally chartered research university, is within a half mile of the community.
Modera Lady Bird, which will be built to, and is pursuing, a LEED Gold certification, will offer studio, one-, two- and three-bedroom homes with select den layouts and penthouses. Community amenities will consist of a rooftop lounge and deck, a ground-level courtyard with fire pit and outdoor dining, resort-style outdoor swimming pool, resident clubhouse, demonstration kitchen, coffee bar, additional landscaped courtyards, pet spa and a club-quality fitness center with cardio equipment, individual TVs, steam rooms and a yoga/Pilates studio. The community will also include coworking spaces, controlled-access garage parking, EV-charging stations, dedicated bike storage and additional storage space.
Home interiors will feature nine- and 10-foot ceilings, wood-style plank flooring, stainless steel appliances, quartz countertops, pull-down faucets, tile backsplashes, pendant lighting, moveable and fixed kitchen islands, custom soft-close cabinetry with under-cabinet lighting, oversized bedrooms with spacious closets, built-in storage, in-home washers and dryers and private patios/balconies. Smart features will include programmable thermostats, key fob access, keyless guest entry, bulk WiFi and smart leak detection. Bathrooms will feature backlit mirrors, double vanities, linen closets, soaking tubs and tile shower surrounds.

CHANDLER, AZ – TGM announced the acquisition of TGM Ocotillo Bay, a lakefront community in the Ocotillo Master Plan, an upscale residential enclave with outstanding recreational amenities. The 296-unit garden style community with resort-inspired Spanish architecture and unique lakefront setting has a low-density site plan over 19 acres.
This acquisition marks TGM’s reentry into Phoenix, a market in which TGM has invested in the past, acquiring and disposing of approximately 2,300 units. TGM Ocotillo Bay is managed by TGMs’ property management company, TGM Communities LLC.
TGM Ocotillo Bay is within a mile of the Price Road Corridor, largest high-tech employment hub in Arizona, including Intel’s largest manufacturing facility in the world. TGM believes Chandler has some of the strongest fundamentals of the Phoenix submarkets because of its convenient access to desirable live/work/play opportunities. In addition to having the number 1 school district in the state of Arizona, Chandler ranked at number 37 in Fortune’s 2024 “50 Best Places to Live for Families” list, the sole Arizona city to make the cut. The City of Chandler is one of the most financially stable cities in the United States, which is reflected in the city receiving AAA ratings from each of the major bond rating agencies (Moody’s, S&P Global, Fitch from 2023 through June 2024).
Completed in 1997 and partially renovated in 2015, we believe the design, layout and construction of the apartments are excellent with one- two- and three-bedroom apartments. TGM will be undertaking renovations of apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting, and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. Community amenities include two swimming pools with sundecks and grills, a landscaped entertainment courtyard with bocce ball, an outdoor fireplace, lounge, and grill area, a contemporary fitness center with yoga/spinning room, and lake views from many buildings and amenity areas. TGM plans to transform the current clubhouse with modern, state-of-the-art amenities.
“We believe TGM Ocotillo Bay is an excellent community with exceptional bones and an irreplaceable lakefront location. The community presented the ideal opportunity to re-enter the Phoenix market,” said TGM’s Managing Principals Zach Goldman and John Gochberg. “We look forward to implementing our signature renovation strategy to add value for our residents and investors alike.”

AUSTIN, TX – Hunt Capital Partners (HCP), in collaboration with developers SGI Ventures, Inc., and Austin Affordable Housing Corporation (AAHC), a nonprofit subsidiary of the Housing Authority of the City of Austin, celebrated the grand opening of Cady Lofts, a 100% Permanent Supportive Housing (PSH) community that offers housing stability to individuals who are experiencing chronic homelessness or have a disability that makes finding stable, affordable housing difficult to find. Cady Lofts adds 100 studio homes, supported by project-based vouchers, which will assist in covering residents rents and utilities, helping to alleviate financial burdens and promote long-term stability for residents. Residents will also benefit from free onsite support services and case managers.
To mark the special occasion, speeches were provided by key partners, city officials, and a resident including SGI Ventures, Inc. President Sally Gaskin, Austin City Mayor Kirk Watson, Housing Authority of the City of Austin President and CEO Mike Gerber, City of Austin District 9 Councilmember Zo Qadri, City of Austin Housing Interim Director Mandy de Mayo, and City of Austin Homeless Strategy Officer David Gray. The grand opening was followed by presentations and light refreshments.
HACA, and its subsidiary AAHC, are fully committed to efforts to end homelessness in Austin, said HACA President and CEO Michael Gerber. Collaborative projects like Cady Lofts, coupled with our commitments of housing vouchers and our partnerships with city leaders, and services agencies and philanthropic partners, are essential to securing stable housing and offering social and medical services to our most vulnerable populations.
In 2023, Austin Point-in-Time Count, an annual federally mandated count that captures the number of individuals experiencing homelessness, revealed a total of 2,374 individuals—of which 41.8% were facing homelessness for the first time. Cady Lofts is a part of a citywide initiative to tackle the urgent housing needs of chronically homeless individuals, serving as one of nine PSH projects launched in the past year to provide effective housing solutions for Austin s most vulnerable residents.
Each studio home is fully furnished, featuring resilient flooring, solid surface kitchen countertops and bathroom vanities, air conditioning units, low-flow plumbing fixtures, along with Energy Star-rated appliances such as a stovetop, refrigerator, and microwave. The property includes central laundry, a computer lab, an outdoor courtyard, free wireless internet, elevators, a community warming kitchen, on-site recycling, and on-site offices with meeting/training rooms that can accommodate up to eight case management workers for service coordination. The property has 24/7 controlled access and full-time onsite staff.
Cady Lofts offers a range of wraparound services guided by Housing First best practices, which promote self-sufficiency and overall independence. Provided free-of-charge to residents by Endeavors, these services include access to benefits assistance, health screenings, job training, and a variety of classes ranging from fitness and nutrition classes to personal finance and tax preparation.
As a longtime affordable housing developer, I recognized the critical need for Cady Lofts to be permanent supportive housing—addressing not just affordability but specifically serving our chronically homeless neighbors, said SGI Ventures, Inc. President Sally Gaskin. Cady Lofts will advance our citywide PSH goals while offering residents stable housing in a walkable, transit-rich location where they can fully participate in central Austin s resources and amenities.
The development is strategically located in an opportunity-rich area near essential amenities and public transportation, offering residents easy access to jobs, healthcare, and educational resources without needing to drive. Cady Lofts is proximate to over 30,000 jobs within a one-mile radius and is within walking distance to high-frequency bus stops, St. Davids Medical Center, and the Hancock Shopping Center which includes an HEB and a CommUnityCare Walk-In Clinic.
Cady Lofts provides a much-needed lifeline for Austin s unhoused community, offering crucial support through its PSH model, said HCP Chief Operating Officer Amy Dickerson. By providing not only stable, affordable housing but also comprehensive support services, Cady Lofts addresses the multifaceted challenges of its residents, which include mental health issues and unemployment. This holistic approach fosters a sense of belonging and stability, which are essential to re-establish roots with the community.
Cady Lofts was financed, in part, with $16.5 million in federal Low-Income Housing Tax Credits (LIHTCs) and $2 million in state LIHTCs syndicated by HCP. Lenders included Cadence Bank, the City of Austin, Central Texas Housing Accelerator Fund, Texas Department of Housing and Community Affairs, Austin Affordable Housing Corporation, and Texas State Affordable Housing Corporation.

WINTER GARDEN, FL – Ashcroft Capital, a fully integrated multifamily investment firm, announced its acquisition of Birchstone Waterleigh, a luxury garden-style community in Winter Garden, Fla. Birchstone Residential, Ashcroft Capital’s in-house property management and construction management company, is now providing services for the residents of the community, which was built in 2023.
The Class-A Birchstone Waterleigh (formerly Ascend Waterleigh Club) features 300 apartment homes and is located in the 22,000-acre Horizon West, one of the fastest-growing master-planned communities in the country. The community becomes Ashcroft’s second multifamily property in Winter Garden (the company acquired the adjacent Halston Waterleigh in late summer 2024) and its seventh in metro Orlando. The acquisition was completed through a joint venture that includes Temerity Strategic Partners and Pearlmark.
“Birchstone Waterleigh is a Class-A luxury community with high-end interior design and resort-like amenities,” said Frank Roessler, founder and CEO of Ashcroft. “This acquisition is another step in our ongoing pursuit of high-quality assets, and we could not be more excited to add this property to our portfolio. We continue to remain bullish on Orlando in general and Winter Garden in particular. When you combine the strong renter demand in this market with limited future apartment deliveries, it creates the exact opportunity we are seeking. Properties like this allow us to lean into our focus on excellent customer service with an emphasis on resident satisfaction and retention.”
Located at 9405 Ascend Falls Drive, Birchstone Waterleigh features one-, two- and three-bedroom homes ranging from 782 to 1,563 square feet. Community amenities include a resort-style saltwater pool, coworking lounge, 24-hour fitness center, enclosed dog park, 24-hour emergency maintenance service, game lounge, outdoor barbecue grills and dining areas, parcel lockers with 24-hour access, EV charging station and housekeeping services. Homes feature stainless steel appliances, built-in microwaves, hardwood-style flooring, full-size washers and dryers, modern lighting, ceiling fans, gray quartz counters and walk-in closets.
“Ultimately, we were attracted to Birchstone Waterleigh for multiple reasons,” said Scott Lebenhart, chief investment officer of Ashcroft Capital. “In addition to its obvious caliber, the community sits in a submarket that will see limited competitive new multifamily supply in the future because of its location in Horizon West and the restrictions of the master-planned community. Also, given its proximity to Halston Waterleigh and our other communities in the Orlando area, Birchstone Waterleigh should further enable us to create economies of scale and operational efficiencies in central Florida. Finally, the community is located in a top-rated school district that serves as a powerful draw for renters.”
“Birchstone Waterleigh represents a great opportunity to acquire a high-quality, stabilized asset directly from the developer within the in-demand Horizon West master plan,” said Stephen Quazzo, CEO and co-founder of Pearlmark. “The property also benefits from its proximity to Walt Disney World, top-rated schools, and will benefit from Birchstone Residential’s experience in the market. Pearlmark is proud to acquire this best-in-class investment with our like-minded joint venture partners.”

RALEIGH, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, has officially opened Maeve, a 20-story, luxury mixed-use high-rise located in Raleigh’s Warehouse District. The milestone marks the successful completion of a major opportunity zone development that now stands as one of the most significant additions to downtown Raleigh’s urban landscape.
The grand opening event, held earlier today, featured a host of local dignitaries, including Raleigh Mayor Janet Cowell, Bill King of Downtown Raleigh Alliance, Kerry Painter of Raleigh Convention Center, as well as Capital Square Co-CEO Whitson Huffman, and other key partners and development team leaders. After the reception and speeches, attendees toured the building’s residences and amenity spaces.
“What was once a shuttered building and a surface parking lot has become a magnificent 20-story landmark apartment tower with ground-floor retail, extending the downtown core south,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “By investing in Maeve, investors from North Carolina and beyond are able to participate in Raleigh’s growth engine. And the icing on the cake for investors – taxes on the sale of Maeve will be forgiven after a ten-year holding period under the opportunity zone legislation.”
Located at 319 West Lenoir St., Maeve includes 297 apartment homes and more than 10,000 square feet of street-level retail, available for leasing. The community offers studios and one- to three-bedroom units, with upscale features such as exposed concrete ceilings, stainless steel appliances, luxury vinyl and tile flooring, and modern cabinetry. A dramatic, double-height lobby connects to 30,000 square feet of amenities, including a resort-style pool, rooftop lounge, coworking spaces, and fitness center. A multilevel parking garage is also available for residents and guests.
Positioned at the nexus of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, Maeve is one of the few luxury apartment communities in the downtown submarket and is within walking distance of entertainment venues, restaurants, cultural landmarks, and major employers. Proximity to U.S. Route 70 allows for convenient travel to the Research Triangle and nationally renowned educational institutions, including Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University.
“Capital Square is proud to celebrate the grand opening of Maeve, where residents are now enjoying a refined living experience complete with premier amenities and sweeping views of downtown Raleigh and the Red Hat Amphitheater,” said Whit Huffman, co-chief executive officer of Capital Square. “More importantly, this marks a significant step in the ongoing transformation of the Raleigh Warehouse District into a thriving, 24-hour neighborhood. That momentum will continue to build as hundreds of new residents make Maeve and this vibrant community their home.”
Constructed from fall 2022 through spring 2025, Maeve supported an estimated annual average of 750 jobs across the Raleigh-Carymetropolitan statistical area, according to FTI Consulting.1 The project also generated an estimated $108.5 million in annual output, $76.3 million in gross domestic product and $52.6 million in labor income during its construction phase. In addition, $3.8 million in state and local tax revenues and $11.1 million in federal taxes were generated.2
Now fully operational, Maeve supports 78 permanent jobs, including leasing and maintenance personnel and anticipated commercial tenants. The building is expected to generate an annual economic impact of $23.4 million to GDP, $4 million in labor income, $600,000 in federal tax revenues and approximately $1.5 million in state and local tax revenues.
Capital Square partnered with JDAVIS Architects as building architect and W.M. Jordan Company as general contractor. The design team also included Architecture Firm as interior designer and EDSA as landscape designer. Greystar is the property manager and York Properties is serving as the leasing agent for the retail spaces.
Maeve was funded with a construction loan from First National Bank of Pennsylvania, equity from FrontRange Capital Partners, and proceeds from Capital Square’s sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones. More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of a luxury multifamily development in the Scott’s Addition neighborhood of Richmond, Virginia.
Overall, Capital Square’s nine opportunity zone funds have initiated in excess of $870 million in gross asset value to date and have generated $197 million in annual gross domestic product during construction. The nine projects are expected to contribute an additional $81 million in annual GDP from ongoing operations.
According to economic impact studies completed by FTI Consulting, Capital Square’s opportunity zone developments have generated significant economic and fiscal impacts, including the creation of approximately 2,000 construction jobs during development, as well as 345 permanent full-time jobs projected to be supported annually from ongoing operations. In turn, the developments have generated $41 million in annual total tax revenue during their construction phases and are projected to deliver $17 million in annual state and local tax revenues during their operational phases.

AUSTIN, TX – National multifamily developer Wood Partners and its partner ParkProperty Capital (PPC) announced the start of construction on a 336-unit multifamily development in Hutto, Texas, a suburb outside of Austin. The project broke ground this week and is slated to deliver to the community in the third quarter of 2026.
Located off of Ed Schmidt Boulevard, the new community offers residents suburban living with access to urban conveniences, including the Co-Op District, Bushy Creek Amphitheater, a curated selection of retail and restaurants and more. Additionally, with access to Austin’s major highways, the development is in the center of some of the city’s top employers, including many high-tech, manufacturing and service companies. A recent report by The Williamson County Economic Development Partnership forecasts significant growth for the city of Hutto, which is projected to gain 32,800 new residents, requiring an additional 11,700 housing units to be delivered in the area.
“At Wood Partners, we’re committed to delivering high-quality multifamily developments that support the growth and success of cities like Hutto,” said Bart Barrett, Managing Director at Wood Partners. “Hutto offers a unique balance of a suburban lifestyle with accessible urban amenities and proximity to Downtown Austin, one of the nation’s fastest-growing cities. We’re proud to contribute to the region’s evolution by providing housing options that meet the needs of this thriving community.”
The multifamily community comprises 10 three-story buildings and offers a variety of amenities including a state-of-the-art fitness center, a business lounge, private offices, a club room with a coffee station, a resort-style pool and a fenced dog park. In collaboration with city officials, the development will also feature two pickleball courts, parkland with a walking trail and an 18-hole disc golf course that will also be available for public use. Residents can expect granite countertops, 42-inch shaker-style cabinets, wood-like flooring, stainless steel appliances, full-size washer and dryer and ground-floor units with private fenced yards.

CHICAGO, IL – Oxford Capital Group announced its acquisition of the Carefree Portfolio, eleven seniors housing properties totaling 489 units in the Minneapolis area and northern Minnesota. An affiliate of Oxford acquired the properties from an independent operator. Oxford’s senior housing management affiliate, Oxford Living US, LLC, will manage the properties. Terms of the transaction were not disclosed.
“We are excited to continue to expand our senior housing silo as we strategically assemble a portfolio of properties throughout the United States and Canada,” said John W. Rutledge, Founder, Chairman & CEO of Oxford Capital Group, the Chicago based investor, manager, and developer, as well as Chairman of Oxford Living. “Oxford Living has made targeted senior housing acquisitions and investments in a number of growing markets throughout the southeastern United States, the Pacific northwest and Canada, including Florida and Ontario. Our Minnesota acquisition fits well into our acquisition strategy. We plan further portfolio acquisitions in these and other markets.”
“While most institutional investors focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are dependable, comfortable and affordable,” said Oxford Living President Lawrence Cummings, who has over thirty years of experience in seniors housing management, operations and development. “We have been warmly received by the resident community in the properties we are acquiring, as well as by the civic leadership in the Minnesota markets in which we are investing. We look forward to continuing to fulfill the properties’ mission to serve their residents and surrounding communities.”
Oxford Living focuses on high private pay senior housing properties in both primary and important secondary markets throughout the United States and Canada. Acquisitions focus on markets with compelling demographics and properties with significant value-add potential.
The eleven property Carefree Portfolio totals 489 units located in the greater Minneapolis area, Duluth and other markets in northern Minnesota. Oxford will invest several million dollars in the coming years enhancing the properties and will add services in several of the properties as needed.

ATLANTA, GA – National multifamily developer Wood Partners expands its presence across the Southeast with the start of construction on projects in Palmetto, Florida, Nashville and Atlanta. The multifamily communities are part of the Wood Partners’ new attainable housing initiative offering upscale living at cost-effective rates.
“Wood Partners’ recent expansion in the Southeast creates valuable living opportunities in the region’s fastest-growing markets as we continue to deliver upscale yet attainable housing,” said Joe Keough, CEO at Wood Partners. “The growth of our attainable housing strategy has allowed us to provide high-quality, cost-effective apartments where they are most needed. We are meeting this unmet attainable housing demand across our entire national footprint.”
Palmetto is a 246-unit, four-story attainable development in Palmetto, Florida, featuring a mix of one-, two- and three-bedroom apartment layouts. Centrally located between St. Petersburg, Tampa, Sarasota and Lakewood Ranch, Palmetto offers proximity to award-winning beaches, top-tier medical facilities and premier shopping and dining destinations. In addition to neighborhood offerings, the multifamily community features a resort-style pool, a sundeck with shade sail, grill areas, a package room, fitness center, resident clubhouse with pool table and shuffleboards, coworking space, day office, hospitality kitchen, a dog park and an outdoor pet wash.
Gallatin, located at 1330 Nashville Pike, spans 35 acres and features 372 multifamily apartments for rent, including one- and two-bedroom units. The development will include 5,000 square feet of commercial space at the front of the property. Residents can enjoy a range of amenities, including a clubhouse, fitness center, business hub, pool, dog park, amenity lawn and for-rent detached garages. Gallatin broke ground in February, with the first units expected to be delivered by Spring 2026.
Ben Hill is a 236-unit community in southwest Atlanta, featuring a mix of one-, two- and three-bedroom layouts. The multifamily community is ideally located near Hartsfield-Jackson Atlanta International Airport, Georgia’s largest employer, as well as major industrial corridors, including the Fulton Industrial Corridor and the I-85 South industrial corridor. Amenities will include a clubroom, coworking space, day offices, a fitness center, a pool and a dog park, enhancing the living experience. The development broke ground in January and is slated for completion in August 2026.
Wood Partners’ attainable communities are built with upscale finishes such as granite countertops and stainless steel appliances and top-of-the-line amenities. The developer saves on costs by selecting well-located suburban sites rather than more expensive urban locations, executing an efficient and consistent design and embracing minimal, yet well-done, landscaping. These savings allow for a lower price point for the renter. Last year, Wood Partners introduced multiple attainable housing communities, including Union City in Atlanta, Conner Park in Tampa, Mint Hill in Charlotte, North Carolina and Rayzor Ranch in Dallas.

SEATTLE, WA – Security Properties in partnership with RGA ReCap Real Estate Investments on behalf of Reinsurance Group of America (RGA) purchased Henry Apartments, a 100-unit multifamily property built in 2017 located in Seattle, Washington, for $34,750,000. This strategic move aligns with the city’s evolving work landscape, as remote work declines and demand for conveniently located housing rises.
Amazon’s recent policy requiring employees to work from the office five days a week has significantly impacted downtown Seattle. In January 2025, the city recorded the second-highest weekday worker foot traffic since March 2020, with 2 million unique visitors downtown. This shift underscores the growing need for residential options close to employment hubs.
Henry is in Seattle’s desirable Queen Anne neighborhood, a premier residential area renowned for its historic architecture, tree-lined streets, and breathtaking views. Residents of Queen Anne not only benefit from the neighborhood’s proximity to major employers, but they also enjoy easy access to everyday conveniences, shopping, dining, cultural attractions, and outdoor opportunities.
New multifamily residential construction in the area is expected to decline by nearly 70% over the next two years, as development barriers remain high. Coupled with the surge in return-to-office mandates, Henry is uniquely positioned to benefit from limited future competition and sustained demand for rentals. With this acquisition, Security Properties reinforces its leadership in Seattle’s multifamily residential market, meeting the moment as urban living near major employers becomes more essential than ever.
“Henry exemplifies our strategy of investing in high-quality assets located in premier, supply-constrained neighborhoods with exceptional connectivity to employment and lifestyle amenities,” said Daniel Diaz, Director at Security Properties. “The Queen Anne neighborhood continues to benefit from renewed return-to-office momentum, particularly with major employers drawing talent back to the urban core. This shift is already translating into stronger leasing activity across our urban portfolio, and Henry is well-positioned to capture that demand given its proximity to South Lake Union and Downtown Seattle.”
Security Properties intends to implement a targeted renovation program building upon the property’s existing high-end finishes while enhancing the amenity offerings to further elevate the resident experience. With the addition of Henry, Security Properties now owns 29 assets totaling more than 6,500 units in the Greater Seattle area and approximately 25,000 units nationwide. The property will be managed by Security Properties-affiliate Security Properties Residential.

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.