Turnbridge Equities Acquires Skyhouse Raleigh With $62M ACORE Capital Mortgage, Plans Value-Add Renovation
Turnbridge Equities has acquired Skyhouse Raleigh, a multifamily high-rise community in downtown Raleigh, N.C., the firm announced Aug. 12. The transaction closed Aug. 6, 2026, with ACORE Capital providing a $62 million first mortgage and NorthMarq brokering both the sale and the debt financing.
Turnbridge supplied the equity for the transaction. The deal marks the sixth between Turnbridge Equities and ACORE Capital, reflecting an established lender-sponsor relationship across transitional real estate investments.
Asset Details and Renovation Plans
Skyhouse Raleigh was built in 2015 and features floor-to-ceiling windows, balconies in every unit, and a 23rd-floor rooftop saltwater pool, sky terrace, fitness center, and tenant lounge. The property sits across from Moore Square and the historic City Market, and is located blocks from the North Carolina State Capitol and Fayetteville Street.
Turnbridge is planning a comprehensive value-add renovation program set to begin in the fall. The scope of work will include upgrades to the building's common spaces, amenities, and individual units.
"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 Jason Davis, managing director at Turnbridge Equities. "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 23rd floor rooftop saltwater pool, sky terrace, fitness center, and tenant lounge."
Downtown Raleigh Market Conditions
Turnbridge cited several market dynamics underpinning the acquisition. The firm pointed to Raleigh's population growth, high-wage job creation, and an expanding employer base as drivers of sustained rental demand. While the market absorbed a wave of new supply in recent years, Turnbridge said that inventory is being absorbed quickly.
New construction starts in the market have dropped sharply since 2023. Approximately 300 units are currently under construction in Downtown Raleigh, with deliveries not expected until late 2027. Against that constrained pipeline, Downtown Raleigh recorded more than 1,600 units of positive net absorption over the past year.
The combination of a thinning supply pipeline and continued absorption creates conditions that Turnbridge views as supportive of occupancy gains and market rent growth in the submarket.
Transaction Participants and Firm Background
ACORE Capital served as the lender, providing the $62 million first mortgage on the property. NorthMarq arranged the debt financing and brokered the sale. Turnbridge Equities funded the equity portion of the capital stack.
Turnbridge Equities was founded in 2015 by Andrew Joblon. The firm is a vertically integrated, SEC-registered real estate investment and development company. Since inception, Turnbridge has invested or managed more than $5.2 billion of capital across two managed funds and multiple co-investment vehicles. The firm is headquartered in New York City with additional offices in Washington, D.C., Los Angeles, Austin, Raleigh, and Miami.
Sources
Turnbridge Equities press release via PR Newswire, Aug. 12, 2026