Skyhouse Raleigh

In August 2026, Turnbridge acquired SkyHouse Raleigh, a 320-unit, 23-story high-rise located in Downtown Raleigh, NC, at an approximately 60% discount to replacement cost and $31 million less than the seller’s purchase price ten years earlier. Built in 2015, the Property is one of only four high-rise multifamily properties in Downtown Raleigh and features floor to ceiling windows and balconies in every unit and 23rd-floor rooftop amenities, including a pool, two terraces, a gym, and a club room, in addition to over 5,500 square feet of ground-floor retail. Suffering from a decade of mismanagement and under-investment under prior ownership, Turnbridge’s value-add business plan centers on improving management and operations, rebranding the property, and executing a planned $12 million renovation of units and common areas to bring rents to market levels. The Property benefits from a central downtown location, Raleigh’s strong demographics and growing population, and a development pipeline that is effectively zero through 2028.