Will Be Raleigh’s Tallest, Most Amenitized Residential Tower, With Condo-Quality Finishes
Turnbridge Equities has commenced site demolition and will soon break ground on Highline Glenwood, a 37-story, 306-unit luxury residential tower in Downtown Raleigh, North Carolina.
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The 37-story tower, Highline Glenwood, will be the tallest residential building in Raleigh and mark Phase I of Turnbridge Equities' Creamery development.
In connection with the start of construction, Turnbridge has closed on approximately $147 million of construction financing provided by Axos Bank and managed accounts of the Manulife Investment Management Real Estate Credit Strategies Team (“Manulife”). Turnbridge is providing the equity for the project.
When completed, Highline Glenwood will be Raleigh’s tallest and most amenitized residential tower. Its 306 units will include:
1) Studio apartments up through three-bedroom penthouses with condo-quality finishes
2) Balconies and sweeping, 360-degree views of Downtown Raleigh and beyond
3) A 37th floor indoor/outdoor sky lounge, and a 13,000 square foot outdoor amenity terrace on the 9th floor that will include a pool, padel court, lawn, grills, fire pits, and lounge areas
4) Additional resident amenities also include a demonstration kitchen, coworking suite with conference and videoconference rooms, a Trackman golf simulator, a fitness center designed in consultation with Anatomy Fitness, and a wellness suite with cold plunge, sauna, and Hyperice recovery technology
5) Approximately 7,500 square feet of retail space on the ground floor, in addition to approximately 50,000 square feet of commercial space in the historic Creamery building, which will be preserved
“As we have done across Turnbridge’s platform, we believe very strongly in building the best, most differentiated product in the market, which will appeal to today’s renters and stand the test of time,” says Turnbridge Managing Director, Jason Davis. “Highline Glenwood will provide a true Trophy-quality project for Raleigh’s fast-growing population.”
Raleigh, like many Sunbelt markets, has seen record levels of residential construction over the past several years, with approximately 4,350 new units in Downtown Raleigh over the past three years. Against the surge in new supply, the market has boasted the top absorption rate nationally over the past year, according to CoStar, illustrating the strong demand for new apartments, and the market’s stabilized occupancy rate has remained consistent, at approximately 94%.
Challenging capital markets and rising costs have slowed construction dramatically, resulting in a 70% drop in Raleigh’s multifamily pipeline since year-end 2022, and by year-end 2025, the supply pipeline will have decreased by an additional 50%. When Highline Glenwood opens in 2028, fewer than 900 total units will have been delivered in Downtown Raleigh over the prior two years, creating a supply-constrained market given Raleigh’s continued population growth.
“Highline Glenwood will deliver into an ideal environment amid very limited new supply and continued population growth,” notes Davis, “Highline Glenwood represents one of Raleigh’s first projects in the next cycle of development, and by launching before the broader recovery, we have been able to lock in attractive construction costs that will be hard to replicate when activity picks back up.”
Highline Glenwood is located along Glenwood Avenue, in the Glenwood South submarket of Downtown Raleigh. Glenwood South is Raleigh’s most active lifestyle submarket, featuring more than 50 unique retailers, 56 bars and entertainment venues, 46 restaurants, and five hotels. Additionally, Smoky Hollow Park, a 14-acre green space is being developed by the City of Raleigh, providing residents with new recreation amenities, in addition to the city’s leading food and beverage offerings.
Since 2013, Raleigh has ranked #2 nationally in population growth, behind only Austin, Texas, and the Raleigh-metro area continues to add approximately 60 new residents per day. Home to three major research universities (Duke University, University of North Carolina, and North Carolina State University), Raleigh and the Research Triangle boast one of the most educated and well compensated workforces in the country, with median household income approaching $100,000. The region is a hub for business and innovation and is consistently named one of the top places to live nationally by leading publications, while the State of North Carolina recently reclaimed the #1 place on CNBC’s ranking of the Top State for Business.
“The Raleigh market has been a core focus of ours for many years, because of its incredible demographics and population and job growth,” remarks Mr. Davis. “However, what became clear to us is that Raleigh lacked premier quality residential offerings found in comparable markets where Turnbridge is also active. With about half of new residents moving from high-cost markets such as New York and Washington, DC, we believe there is pent up demand for downtown apartment projects of similar quality to what you would find in those markets.”
Highline Glenwood represents the first phase of the redevelopment of the historic Pine State Creamery (the “Creamery”). Turnbridge purchased the Creamery in March 2020. It subsequently rezoned the property from seven to 40 stories, obtained Raleigh Historic Development Commission approvals, and secured all necessary entitlements and permits to commence construction. Turnbridge will preserve the historic Creamery building, which was recently selected by tech “unicorn,” BuildOps, for its 300-person Raleigh hub office, and will retain a second development site that can accommodate an additional 300 residential units or 300,000 square feet of commercial space.
Sitework is underway, with project delivery expected in mid-2028. Barnhill Contracting Company will serve as the general contractor for the project, which was designed by JDavis, as architect of record; Morris Adjmi Architects, as design architect; Clearscapes, as consulting architect, Michael Hsu Office of Architecture, as interior designer; McAdams, as civil engineer and landscape architect; DeSimone Consulting Engineering, as structural engineer; and Crenshaw Consulting Engineers, as mechanical engineer. Greystar provided pre-development consulting on residential operations, CBRE is leasing the retail components of the Creamery, and JLL is leasing the office components of the Creamery.
Images of the project may be found here: https://www.dropbox.com/scl/fo/19kl8ptax1jfw5ba66dq5/AHLYcQHC-DH1R24c80N7XSs?rlkey=42fh0dpdwyv7uh0fax9dfunj8&dl=0
About Turnbridge Equities:
Founded in 2015 by Andrew Joblon, Turnbridge Equities is a vertically integrated SEC-registered real estate investment and development firm with a demonstrated track record of success across a wide range of asset classes and markets. Since inception, Turnbridge has invested or managed over $4.1 billion of capital across two managed funds and multiple co-investment vehicles. The firm pursues uniquely diversified investment strategies and a highly selective market entry process that creates long-term value for investors, occupants, and end users. Turnbridge is headquartered in New York City with additional offices in Washington D.C., Los Angeles, Austin, and Miami. To learn more, please visit www.turnbridgeeq.com. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
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Contacts
Jason Davis
Managing Director
jd@turnbridgeeq.com