Northmarq secures sale, financing of Class A high-rise apartment community in downtown Raleigh
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RALEIGH, N.C. — Northmarq successfully facilitated the sale and acquisition financing of SkyHouse Raleigh, a 320-unit Class A high-rise apartment community located at 308 S. Blount St. in Raleigh, North Carolina. The transaction was led by Northmarq’s Carolinas Investment Sales team — led by Andrea Howard, Jeff Glenn, James Dorsett, John Currin, and Austin Jackson — in collaboration with the firm’s Southeast Debt + Equity team, led by David Vinson, Faron Thompson and Grant Harris.
Northmarq represented the seller, World Wide Group. The buyer was Turnbridge Equities, a New York-based real estate investment and development firm.
“The level of engagement throughout the marketing process speaks to the continued appeal of downtown Raleigh and the broader Sun Belt,” Howard said. “Investors remain eager to deploy capital into fundamentally strong urban markets, and the breadth of interest we saw across multiple capital sources reflects enduring confidence in the long-term outlook for well-positioned CBD multifamily assets."
Howard also brokered the initial sale of the property to World Wide Group in 2016.
Northmarq arranged financing on behalf of the borrower, Turnbridge Equities, through a mutual relationship with ACORE Capital.
“The financing process was highly competitive, generating proposals from a strong roster of debt capital providers. This reflects Turnbridge’s reputation for execution and the unique opportunity to shape the next chapter of this quality downtown Raleigh property.” Vinson said.
Completed in 2015, SkyHouse Raleigh is a 23-story luxury apartment community situated in the heart of downtown Raleigh.
The community offers a mix of studio, one-, two- and three-bedroom apartments featuring open concept designs, floor-to-ceiling windows, stylish wood cabinetry, private balconies and in-unit washers and dryers. Community amenities include a 24/7 lobby attendant, fitness center, a rooftop terrace with grilling areas and a saltwater pool with a skyline view.
Nestled in one of the Southeast’s most dynamic urban markets, residents benefit from nearby access to shopping, dining, entertainment districts and prominent local employers. SkyHouse Raleigh sits across from Moore Square and is just blocks from the North Carolina State Capitol.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
