Turnbridge Equities Picks Up Downtown Raleigh Tower
ACORE Capital provided a $62 million loan.
Turnbridge Equities has acquired SkyHouse Raleigh, a 320-unit luxury community in downtown Raleigh, N.C., from World Wide Group.
The asset traded for $71.9 million, according to Northmarq. The company represented the seller and arranged acquisition financing.
ACORE Capital provided a $62 million first mortgage, while the buyer supplied the equity. The financing agreement underscores the ongoing relationship between the companies, representing their sixth transaction together.
World Wide Group sold the 23-story asset after 10 years of ownership. The building previously changed hands in 2016 for $103 million, Yardi Matrix information shows.
The buyer plans to renovate the property starting this fall. The value-add strategy will include upgrades to apartment interiors and amenities.
Completed in 2015 at 308 S. Blount St., the property is close to the Fayetteville Street central business district, as well as interstates 40 and 440. The city’s international airport is 7 miles away.
The location is also less than 2 miles from Raleigh’s tallest residential tower, which Turnbridge is building as part of the historic Pine State Creamery site redevelopment initiative. Completion is slated for 2028.
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The unit mix at SkyHouse Raleigh comprises studios and one- to three-bedroom floorplans with an average size of 795 square feet. Interiors have floor-to-ceiling windows, kitchens with granite countertops, hardwood floors and in-unit washers and dryers.
Amenities at the pet-friendly property include a rooftop saltwater swimming pool at the building’s 23rd level with a poolside sundeck and lounge, a terrace with firepit, grilling stations and outdoor seating. The property also includes a fitness center, yoga studio, clubroom with fireplace and coffee bar. Additional amenities include a pet spa, some 400 parking spots and 5,533 square feet of retail space.
The Northmarq Carolinas Investment Sales team of Senior Vice President Austin Jackson, Vice President James Dorsett, Executive Managing Director Andrea Howard and Managing Directors Jeff Glenn and John Currin arranged the sale. In addition, Vice President Grant Harris, Executive Managing Director Faron Thompson and Managing Director David Vinson with the company’s Southeast Debt and Equity team secured the financing.
Turnbridge’s value-add play comes as downtown Raleigh’s multifamily pipeline starts to contract after years of heavy construction. There are approximately 300 units underway in the city’s downtown scheduled to reach completion in late 2027, according to the company. Meanwhile, the submarket registered more than 1,600 units of positive net absorption over the past 12 months.
Raleigh multifamily investment still active
Raleigh-Durham’s multifamily fundamentals softened going into the second quarter of 2026, according to a recent Yardi Matrix report. There were 16,500 jobs added in the metro in 2025, with education and health services accounting for nearly half of that total. Advertised asking rents increased only 0.1 percent on a trailing three-month basis as of April, reaching $1,539 per unit. The latest Yardi Matrix forecast expects a 1.8 percent decrease in rent growth for the year.
Investment activity slowed as the metro recorded $195 million in multifamily transaction activity year-to-date as of April. The amount marks a 56 percent decline from the $444 million recorded during the first four months of 2025. The most active submarket for investment during the 12 months ending in April was Raleigh-Northeast, with $213 million in sales, followed by Clay-Morrisville at $196 million and Raleigh-North at $133 million.
Despite the waning fundamentals, investors continued entering the metro. Tishman Speyer’s first purchase in Raleigh closed in January, when the company picked up a 244-unit luxury community in the Village District.
The same month, Kane Realty paid $72.3 million for Midline Raleigh, a mixed-use property including a 365-unit community and an office building, planning its redevelopment. FCP sold the asset, having paid just $37.1 million for it five years ago.
