Turnbridge Equities to Break Ground on $200 Million Highline Glenwood, Raleigh, N.C.’s Premier Luxury Residential Tower

RALEIGH, N.C.--(BUSINESS WIRE)--Jul 28, 2025--

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250728262959/en/

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 37 th floor indoor/outdoor sky lounge, and a 13,000 square foot outdoor amenity terrace on the 9 th 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.

The 37-story tower, Highline Glenwood, will be the tallest residential building in Raleigh and mark Phase I of Turnbridge Equities' Creamery development.

Several Middle Eastern allies of the United States have urged the Trump administration to hold off on strikes against Iran for the government’s deadly crackdown on protesters, according to an Arab diplomat familiar with the matter.

Top officials from Egypt, Oman, Saudi Arabia and Qatar have raised concerns in the last 48 hours that a U.S. military intervention would shake the global economy and destabilize an already volatile region, said the diplomat who spoke on condition of anonymity to describe the sensitive conversations.

Oil prices fell Thursday as the markets appeared to take note of President Donald Trump’s shifting tone as a sign that he’s leaning away from attacking Iran after days of launching blistering threats at Tehran for its brutal crackdown.

Nevertheless, White House press secretary Karoline Leavitt on Thursday maintained that “all options remain on the table” for Trump as he deals with Iran.

Here's the latest:

The White House and a bipartisan group of governors are pressuring the operator of the mid-Atlantic power grid to take urgent steps to boost energy supply and curb price hikes, holding a Friday event aimed at addressing a rising concern among voters about the enormous amount of power used for artificial intelligence ahead of elections later this year.

The White House said its National Energy Dominance Council and the governors of several states, including Pennsylvania, Ohio and Virginia, want to try to compel PJM Interconnection to hold a power auction for tech companies to bid on contracts to build new power plants.

The Trump administration and governors will sign a statement of principles toward that end Friday.

▶ Read more about the administration and AI-driven power shortages

The Justice Department’s investigation into Federal Reserve Chair Jerome Powell has brought heightened attention to a key drama that will play out at the central bank in the coming months: Will Powell leave the Fed when his term as chair ends, or will he take the unusual step of remaining a governor?

Powell’s term as Fed chair ends May 15, but because of the central bank’s complex structure, he has a separate term as one of seven members of its governing board that lasts until January 31, 2028. Historically, nearly all Fed chairs have stepped down from the board when they’re no longer chair. But Powell could be the first in nearly 50 years to stay on as a governor.

Many Fed-watchers believe the criminal investigation into Powell’s testimony about cost overruns for Fed building renovations was intended to intimidate him out of taking that step. If Powell stays on the board, it would deny the White House a chance to gain a majority, undercutting the Trump administration’s efforts to seize greater control over what has for decades been an institution largely insulated from day-to-day politics.

▶ Read more about Federal Reserve Chair Jerome Powell

Trump on Thursday announced the outlines of a health care plan he wants Congress to take up as Republicans have faced increasing pressure to address rising health costs after lawmakers let subsidies expire.

The cornerstone is his proposal to send money directly to Americans for health savings accounts so they can handle insurance and health costs as they see fit. Democrats have rejected the idea as a paltry substitute for the tax credits that had helped lower monthly premiums for many people.

Trump’s plan also focuses on lowering drug prices and requiring insurers to be more upfront with the public about costs, revenues, rejected claims and wait times for care.

Trump has long been dogged by his lack of a comprehensive health care plan as he and Republicans have sought to unwind former President Barack Obama’s signature legislation, the Affordable Care Act. Trump was thwarted during his first term in trying to repeal and replace the law.

▶ Read more about Trump’s health care plan

Most American presidents aspire to the kind of greatness that prompts future generations to name important things in their honor.

Donald Trump isn’t leaving it to future generations.

As the first year of his second term wraps up, his Republican administration and allies have put his name on the U.S. Institute of Peace, the Kennedy Center performing arts venue and a new class of battleships.

That’s on top of the “Trump Accounts” for tax-deferred investments, the TrumpRx government website soon to offer direct sales of prescription drugs, the “Trump Gold Card” visa that costs at least $1 million and the Trump Route for International Peace and Prosperity, a transit corridor included in a deal his administration brokered between Armenia and Azerbaijan.

On Friday, he plans to attend a ceremony in Florida where local officials will dedicate a 4-mile (6-kilometer) stretch of road from the airport to his Mar-a-Lago estate in Palm Beach as President Donald J. Trump Boulevard.

▶ Read more about Trump’s renaming efforts

Nearly a year into his second term, Trump’s work on the economy hasn’t lived up to the expectations of many people in his own party, according to a new AP-NORC survey.

The poll from The Associated Press-NORC Center for Public Affairs Research finds a significant gap between the economic leadership Americans remembered from Trump’s first term and what they’ve gotten so far as he creates a stunning level of turmoil at home and abroad.

Just 16% of Republicans say Trump has helped “a lot” in addressing the cost of living, down from 49% in April 2024, when an AP-NORC poll asked Americans the same question about his first term.

At the same time, Republicans are overwhelmingly supportive of the president’s leadership on immigration — even if some don’t like his tactics.

There is little sign overall, though, that the Republican base is abandoning Trump. The vast majority of Republicans, about 8 in 10, approve of his job performance, compared with 4 in 10 for adults overall.

▶ Read more about the poll’s findings

Several Middle Eastern allies of the United States have urged the Trump administration to hold off on strikes against Iran for the government’s deadly crackdown on protesters, according to an Arab diplomat familiar with the matter.

Top officials from Egypt, Oman, Saudi Arabia and Qatar have raised concerns in the last 48 hours that a U.S. military intervention would shake the global economy and destabilize an already volatile region, said the diplomat who spoke on condition of anonymity to describe the sensitive conversations.

Oil prices fell on Thursday as the markets appeared to take note of President Donald Trump’s shifting tone as a sign that he’s leaning away from attacking Iran after days of launching blistering threats at Tehran for its brutal crackdown.

Nevertheless, White House press secretary Karoline Leavitt on Thursday maintained that “all options remain on the table” for Trump as he deals with Iran.

▶ Read more about Trump and Iran

— Matthew Lee, Aamer Madhani and Ben Finley

President Donald Trump speaks during an event to honor the 2025 Stanley Cup Champion Florida Panthers in the East Room of the White House, Thursday, Jan. 15, 2026, in Washington. (AP Photo/Alex Brandon)