Mailman Post

Turnbridge acquired 74 acres in Knightdale, NC in May 2024 for the development of a single-family build-for-rent community. The acquisition was sourced off-market and consisted of an eight-parcel assemblage, with contract terms allowing Turnbridge to rezone and fully entitle the project prior to closing. Situated 15 minutes from downtown Raleigh, Turnbridge designed and entitled the 74-acre site for 302 townhomes and detached single family homes. To de-risk the transaction, prior to capitalization, Turnbridge forward-sold 161 lots to Pulte Homes, as a for-sale product, at a significant premium to Turnbridge’s fully developed site basis. Turnbridge is now developing 141 lots of build-to-rent homes. The Project will include two-through five-bedroom units averaging approximately 1,650 square feet across two-and three-story buildings. Each unit features its own backyard, garage, and front porch. Sharing amenities with the for-sale component of the project, the development contains 21.6 acres of open space, including 4.5 acres of active recreation areas featuring pickleball courts, a putting & chipping green, playing fields, a dog park, and multiple tot lots, along with landscaped areas with public art, seating, and passive recreation. Additionally, Mailman Post features a clubhouse with a fitness center, a resident lounge, and coworking space for residents, along with a resort-style outdoor pool. Turnbridge commenced horizontal construction immediately following the land closing, completing sitework and delivering the first forward-sold lot to Pulte Homes in January 2026. Vertical construction of the retained build-for-rent homes began in October 2025, with home deliveries starting in July 2026 and continuing on a rolling basis through stabilization in mid-2027.