The firm intends to launch a comprehensive renovation program this fall, targeting both common areas and individual units within the 2015-built property. Managing Director Jason Davis noted that the building’s existing layout—featuring floor-to-ceiling windows and a 23rd-floor amenity deck—provides a strong foundation for the planned value-add strategy. The investment comes as downtown Raleigh records over 1,600 units of positive net absorption annually, a trend Turnbridge believes will sustain rent growth.

ACORE CAPITAL facilitated the acquisition with a $62 million first mortgage, marking the sixth collaboration between the two firms. Northmarq managed both the sale and debt financing for the transaction. For Turnbridge, the move deepens its footprint in a city where it has maintained a local office and investment presence for years, citing the region's high-wage job creation as a primary driver for long-term value.