The 360-Unit Averly at Flowers Sells for $92 Million in an Off-Market Transaction

The 360-Unit Averly at Flowers Sells for $92 Million in an Off-Market Transaction
Features May 2, 2025| | Amy Wolff Sorter
Atlanta & Southeast + Apartment Buildings
Alex McDermott

Developer Ardmore Residential Inc. sold The Averly at Flowers, a multifamily property in Clayton, NC, to partners ECI Group and Almanac Realty Investors. Cushman & Wakefield’s Alex McDermott, Hunter Bowling, Charlie Gravina, Rhodes Marley and Paul Marley represented the seller in the $92 million off-market transaction.

“ECI was a qualified group that offered the best certainty of execution for this opportunity,” McDermott told ApartmentBuildings.com. He added that ECI Group, headquartered in Atlanta, GA, is on the hunt to expand its multifamily portfolio in the Carolinas. “This property is a strategic addition to ECI’s portfolio,” McDermott commented.

The 360-unit, 75%-leased property at 380 Topwater Dr. is ECI’s first buy with Almanac Realty Investors since the latter announced, in October 2024, a $350 million capital infusion to support ECI’s expansion efforts.

A write-up on the buyer’s website said that the deal also represents a return to the Carolinas. “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,” said CEI Chief Acquisitions Officer Scott Levitt in the website statement.

Seller Ardmore Residential of Greensboro, NC, broke ground on The Averly at Flowers (formerly the Ardmore at Flowers) in 2021 and completed the project in 2023. Situated on 20 acres, the 11-building complex is part of the mixed-use 3,000-acre Flowers Plantation.

The property’s amenities include resort-style swimming pools, grilling pavilions, high-tech business centers and elite fitness centers. Residents also have access to a clubhouse, pet spa, play area and hike-and-bike trails. The complex offers a mix of one-, two-, and three-bedroom units, all with washers and dryers, air conditioning, granite countertops and walk-in closets.

“The Averly at Flowers is well-positioned, between NC-42 and Interstate 85,” McDermott said. “It’s 30 minutes from downtown Raleigh, with access to outstanding employment centers and educational and entertainment destinations.”

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