Dual Strategy of Equity Infusion from Almanac Realty Investors and Recently Announced Debt Platform Alongside Smith Hill Capital and InterVest Expected to Accommodate $3+B in Value*
ATLANTA, Oct. 21, 2024 - ECI Group ("ECI") announces that Almanac Realty Investors ("Almanac") has committed up to $350 million of capital to further ECI's expansion. With the recent announcement of a new debt platform through Smith Hill Capital and InterVest, the closing of two major capital events is expected to generate more than $3 billion* in investment and financing growth over the next three to five years.
This new round of equity capital from Almanac will be utilized to fund acquisitions, developments, and credit investments within the multifamily sector. ECI will target the acquisition of existing 1990s vintage or newer multifamily communities, as well as the development of new multifamily communities in the Southeast and Texas. ECI's investments will be both direct, on balance sheet, and through new, project-level joint venture partnerships.
ECI CEO, Seth Greenberg, said, "ECI is excited to take our long relationship with the team at Almanac to a new level, investing alongside them as we take our existing portfolio of 7,600 units in 28 properties throughout the Sunbelt and refine and grow that portfolio through both acquisitions and our in-house development team. 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."
"ECI is a deep and sophisticated platform with significant operating and investment capabilities. Under the leadership of Seth Greenberg and team, the company has positioned itself to execute on a broad opportunity set within the multifamily space," said David Haltiner, Managing Director at Almanac. "We look forward to establishing this long-term partnership and supporting ECI's growth initiatives."
"Timing is everything," said Ted Flagg Senior Managing Director, Jones Lang LaSalle Securities, LLC ("JLL Securities"), an affiliate of Jones Lang LaSalle Americas, Inc., "ECI, a 50-year Southeast vertically-integrated operator and developer, now has substantial capital to play offense in a market real-time pivoting to moderated cost of debt while multifamily fundamentals hold firm." The equity transaction was managed by Ted Flagg, JLL Securities in collaboration with Roberto Casas, Co-Head of JLL Capital Markets' Living Sector in the U.S.
About ECI Group
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,500 units located throughout the Southeast and Texas, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.
About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $8.6 billion in capital to 57 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $509 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by
Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of September 30, 2024.
*Estimate based on investment power and stabilized value of acquisitions and development with future JV partners and leverage.
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Karen Widmayer
KW Communications, LLC
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301.661.1448
SOURCE ECI Group
