Turnbridge Equities Acquires 74-acre Site in Raleigh, North Carolina, for 302-Unit Single-Family Build-to-Rent Development

RALEIGH, N.C.--(BUSINESS WIRE)--Turnbridge Equities (“Turnbridge”), a vertically-integrated real estate investment and development firm, has announced the acquisition of approximately 74 acres on Mailman Road in Knightdale, North Carolina. The off-market acquisition marks Turnbridge’s expansion of its Research Triangle portfolio into the single-family build-to-rent (“BTR”) sector, which will be a strategic focus of Turnbridge nationally.

Situated 15 minutes from downtown Raleigh, the 73.9-acre site will be developed as Mailman Post, a 302-unit residential development (the “Project”). Prior to acquiring the property, Turnbridge obtained entitlements, including zoning, site plan, annexation, and utility allocation, for a mix of 302 townhouses and single-family detached homes. Mailman Post will include two- through five-bedroom units averaging approximately 1,650 square feet across distinctive two- and three-story buildings. Each unit features its own backyard, garage, and front porch. Turnbridge anticipates breaking ground on the Project this summer, with deliveries of homes beginning in late-2025.

“Single-family rental is a natural outgrowth of our investment portfolio in the Research Triangle, which to-date has been located downtown. Mailman Post reflects the growth of ‘renters by choice’ who prefer living in a house, rather than an apartment, but still want the amenities offered in multifamily properties, as well as professional management and turnkey maintenance. We believe this strategy will be well received both in the Triangle and across our growth markets nationally,” commented Jason Davis, Managing Director of Turnbridge Equities.

Located only 15 minutes east of downtown Raleigh, less than one mile from I-87, and less than three miles from the I-87/I-540 interchange, the Project provides easy access to the major employment centers, including downtown Raleigh, Research Triangle Park, RDU Airport, and downtown Durham, and will benefit from the Complete 540 project. Additionally, the Project is proximate to Knightdale’s significant retail and restaurants, providing a strong amenity base.

Mailman Post contains 21.6 acres of open space, including 4.5 acres of active recreation areas featuring pickleball and bocce courts, a putting green, playing fields, a dog park, and multiple playgrounds, along with landscaped areas with public art, seating, and passive recreation. Additionally, Mailman Post will include a clubhouse with a fitness center, a resident lounge, and coworking space for residents, together with a resort-style outdoor pool.

"We are thrilled to announce the acquisition of Mailman Post, as we continue to grow our investments in the Research Triangle, and we launch Turnbridge’s expansion into build-to-rent. We are big believers in the Research Triangle, as it continues to rank among the top-three fastest growing metro areas nationally and features exceptional demographics. We expect the market to only strengthen as more of the leading technology and biotech companies grow their operations within the Triangle," said Andrew Joblon, Founder and Managing Partner of Turnbridge Equities.

Mailman Post is Turnbridge’s sixth investment in the Research Triangle, including The Cary Town Center, which the firm sold to Epic Games in 2020; The Creamery in Downtown Raleigh, a mixed-use office, retail and luxury residential development that Turnbridge anticipates breaking ground on later this year; Seaboard Station, which is currently home to Logan’s Garden Shop; and the iconic Mutual Tower in downtown Durham, where Turnbridge has completed a top-to-bottom renovation to reclaim the building’s place among Durham’s premier workplaces.

Additional images and renders of the forthcoming project can be found here.

For more information about Turnbridge Equities and its portfolio, please visit www.turnbridgeequities.com.

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 nearly $4 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.