ECI Group Receives $350M Injection from Almanac Realty Investors
ECI Group announced that Almanac Realty Investors has committed up to $350 million for further company expansion. The announcement follows the launch of a $250 million debt platform for multifamily owners through Smith Hill Capital and InterVest last week.
The funds will be used for acquisitions, developments, and credit investments in the multifamily sector. Atlanta-based ECI plans to acquire existing 1990s vintage or newer multifamily complexes, as well as create new multifamily communities across the Southeast and Texas. ECI’s investments will be made both directly, on the balance sheet, and through new project-specific joint venture agreements.
With a portfolio of 7,600 units in 28 properties throughout the Sunbelt, ECI CEO, Seth Greenberg, said, “We see the opportunity for a fully integrated, experienced company like ours to invest in markets with substantial shortages of market-rate apartments of all types.”
Almanac Realty Investors, a business unit of Neuberger Berman, partners with owner-operators in all sectors of the real estate market. The company has committed over $8.6 billion in capital to 57 real estate companies, both private and public, throughout North America.
Pictured: The Cliftwood Sandy Springs in Georgia.
