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Turnbridge Acquires 320-Unit Skyhouse Raleigh, Eyes Value-Add Renovations
ACORE Capital provided a $62 million first mortgage, and Turnbridge plans renovations starting in fall to update the 2015 building’s common spaces, amenities, and units.
Turnbridge Equities has acquired the 320-unit Skyhouse Raleigh, a multifamily property in downtown Raleigh, according to ConnectCRE. The seller was financed with a $62 million first mortgage provided by ACORE CAPITAL, while Turnbridge supplied the equity for the transaction.
Northmarq brokered the deal and arranged the debt financing. Turnbridge said it expects the surge in new apartment supply in recent years to be absorbed quickly, noting that about 300 units are still under construction in downtown Raleigh with delivery not expected until late 2027.
Following the purchase, Turnbridge plans a comprehensive value-add renovation program for the 2015 building. The work is set to begin in fall and will include upgrades to common spaces, amenities, and units.
The property features balconies in every unit, along with a 23rd-floor rooftop saltwater pool, a sky terrace, a fitness center, and a tenant lounge, ConnectCRE noted in its transaction coverage.