ECI Group, ApexOne Launch $500M Multifamily JV Backed by Almanac
ECI and ApexOne will act as co-general partners and have committed to co-invest more than $100 million alongside investor capital. ECI’s commitment is being made in partnership with Almanac Realty Investors, a business unit of Neuberger Berman, which has committed up to $350 million to support ECI’s broader platform expansion, including its investment in the fund.
“Partnering with ECI brings together a fully integrated operating platform with a proven ability to drive performance at the property level, alongside a shared strength in identifying and executing on investment opportunities,” said Ernest Johnson, Partner and Executive Managing Director of ApexOne.
The fund will target both newer-vintage and more traditional multifamily communities, including workforce housing, where asset repositioning, capital improvements and operational enhancements can unlock additional value.
“Forming this strategic partnership with ApexOne, an established multifamily fund manager, provides ECI with an opportunity to flex its operational excellence and efficiencies in multifamily investments in targeted high-growth markets while strengthening our institutional investor access and platform,” said Seth Greenberg, CEO and COO of ECI.
Collectively, ECI and ApexOne have acquired or developed approximately 50,000 units and invested more than $7 billion across over 160 multifamily communities nationwide.
Pictured: Inscription West Palm Beach, owned by ECI Group.