The firm intends to launch a comprehensive renovation program this fall, targeting both common areas and individual units within the 2015-built property. Managing Director Jason Davis noted that the building’s existing layout—featuring floor-to-ceiling windows and a 23rd-floor amenity deck—provides a strong foundation for the planned value-add strategy. The investment comes as downtown Raleigh records over 1,600 units of positive net absorption annually, a trend Turnbridge believes will sustain rent growth.
Turnbridge Equities Acquires Downtown Raleigh’s Skyhouse
With fewer than 300 new residential units currently under construction in downtown Raleigh, Turnbridge Equities has moved to secure a prime high-rise asset. The firm closed its acquisition of Skyhouse Raleigh on August 6, banking on a tightening supply pipeline and high demand within the North Carolina capital.
ACORE CAPITAL facilitated the acquisition with a $62 million first mortgage, marking the sixth collaboration between the two firms. Northmarq managed both the sale and debt financing for the transaction. For Turnbridge, the move deepens its footprint in a city where it has maintained a local office and investment presence for years, citing the region's high-wage job creation as a primary driver for long-term value.
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