Turnbridge Equities Acquires Skyhouse Raleigh and Plans Comprehensive Renovation

RALEIGH, N.C., Aug. 12, 2026 /PRNewswire/ -- Turnbridge Equities today announced the acquisition of Skyhouse Raleigh, a multifamily community in downtown Raleigh. The transaction closed Thursday August 6, 2026.

The acquisition reflects Turnbridge's long-standing conviction in the Raleigh market, where the firm has built deep experience investing across cycles. Raleigh's population growth, strong high-wage job creation, and expanding base of employers continue to support robust rental demand. While recent years brought record-setting new supply to the market, that inventory is being absorbed quickly, a sign of the underlying strength of local fundamentals. Moreover, since 2023, new construction starts have dropped dramatically, and now only about 300 units are currently under construction in Downtown Raleigh, with delivery of those units not expected until late-2027. Against that limited construction pipeline, the Downtown Raleigh market experienced over 1,600 units of positive net absorption over the past year, creating an environment for occupancy gains and market rent growth.

"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," said Turnbridge Managing Director, Jason Davis. "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 23^rd floor rooftop saltwater pool, sky terrace, fitness center, and tenant lounge."

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. Nestled in one of the Southeast's most dynamic urban markets, residents benefit from nearby access to shopping, dining, entertainment districts and prominent local employers. SkyHouse Raleigh sits across from Moore Square and the historic City Market and just blocks from the North Carolina State Capitol and Fayetteville Street.

ACORE CAPITAL, one of the leading U.S. commercial real estate debt managers, provided a $62 million first mortgage on the property. This deal marks the sixth transaction between ACORE and Turnbridge, cementing a long-standing relationship. Equity for the transaction was provided by Turnbridge. Northmarq brokered the sale and arranged the debt financing.

About Turnbridge Equities

Founded in 2015 by Andrew Joblon, Turnbridge Equities is a vertically integrated SEC-registered real estate investment and development firm with a demonstrated track record of success across a wide range of asset classes and markets. Since inception, Turnbridge has invested or managed over $5.2 billion of capital across two managed funds and multiple co-investment vehicles. The firm pursues uniquely diversified investment strategies and a highly selective market entry process that creates long-term value for investors, occupants, and end users. Turnbridge is headquartered in New York City with additional offices in Washington D.C., Los Angeles, Austin, Raleigh, and Miami. To learn more, please visit www.turnbridgeeq.com. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.

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SOURCE Turnbridge Equities