Turnbridge Equities has acquired Skyhouse Raleigh, a multifamily community in downtown Raleigh, North Carolina, and plans a comprehensive renovation of the property.
Turnbridge plans to begin a value-add renovation program this fall covering the building’s common spaces, amenities, and residential units. Skyhouse Raleigh was built in 2015 and is located across from Moore Square and the historic City Market, near the North Carolina State Capitol and Fayetteville Street.
The property includes floor-to-ceiling windows, balconies in every unit, and a 23rd-floor rooftop with a saltwater pool, sky terrace, fitness center, and tenant lounge.
Turnbridge highlighted Raleigh’s population growth, high-wage job creation, and expanding employer base as factors supporting rental demand. The firm noted that only about 300 units are currently under construction in downtown Raleigh, with those units not expected to be delivered until late 2027. Downtown Raleigh also recorded more than 1,600 units of positive net absorption over the past year.
ACORE Capital provided a $62 million first mortgage for the acquisition, marking the sixth transaction between ACORE and Turnbridge. Turnbridge supplied the equity, while Northmarq brokered the sale and arranged the debt financing.
Turnbridge has invested or managed more than $5.2 billion of capital since its founding in 2015.
KEY QUOTES:
“Skyhouse Raleigh checks every box we look for: a well-located, differentiated asset in a market we know well, backed by demographics that continue to trend in our favor, and a supply pipeline that is effectively zero. The acquisition represents very compelling basis for recent high-rise construction, even after completion of our planned renovation. The building has great bones, including floor to ceiling windows, balconies in every unit, and a 23rd floor rooftop saltwater pool, sky terrace, fitness center, and tenant lounge.”
Jason Davis, Managing Director at Turnbridge Equities
