Turnbridge Acquires Raleigh Apartments, Upgrades on Way

Turnbridge Equities acquired the 320-unit Skyhouse Raleigh, a multifamily community in downtown Raleigh. ACORE CAPITAL provided a $62 million first mortgage on the property. Equity for the transaction was provided by Turnbridge. Northmarq brokered the sale and arranged the debt financing. World Wide Group was the seller.

In a Turnbridge release, the company asserts that while recent years brought record-setting new supply to the market, that inventory is being absorbed quickly, and now only about 300 units are currently under construction in Downtown Raleigh, with delivery of those units not expected until late 2027.

Turnbridge is planning a comprehensive value-add renovation program to update the 2015 building. The renovation will commence in the fall and include upgrades to the building’s common spaces, amenities, and units. The building has balconies in every unit, a 23rd-floor rooftop saltwater pool, a sky terrace, a fitness center, and a tenant lounge.