North Carolina Construction News staff writer
Turnbridge Equities has secured a $51 million construction loan for its Mailman Post development, a 302-unit, build-to-rent community located in Knightdale, just outside Raleigh. The non-recourse loan, arranged through a regional bank, was facilitated by JLL.
The project will span 74 acres and is expected to cater to renters seeking single-family homes. Units will range from two to five bedrooms, with an average size of 1,650 square feet. Homes will be located in two- and three-story buildings, situated at 409 and 438 Mailman Rd.
Construction is already underway, with horizontal site work beginning in November. Vertical construction is slated to begin in December, with the first units expected to be delivered by July 2026. The community will offer a variety of amenities, including pickleball and bocce courts, a putting green, a dog park, and coworking spaces.
This marks Turnbridge’s entry into the build-to-rent sector in the Research Triangle area. The development is aimed at addressing the increasing demand for larger rental properties, particularly in suburban areas that are seeing population growth.
While Turnbridge Equities is looking to expand its presence in Raleigh, experts have noted a broader trend in the market. Kevin Hudak, chief research officer at RCKRBX, highlighted that many new residents are relocating to the Raleigh-Durham area from the Northeast, fueling demand for rental properties with larger living spaces.
The development also reflects the growing popularity of build-to-rent communities, a segment that is seeing heightened interest across the Southeastern U.S. Paul Spellman, a JLL representative involved in the financing, mentioned the appeal of these communities, citing strong market fundamentals in Raleigh.
However, market observers have pointed out that the demand for build-to-rent properties is largely driven by economic factors. Jeff Holzmann, COO of RREAF Holdings, emphasized that many renters in the region are opting for single-family rental homes as a transitional option, with the uncertainty around interest rates keeping many potential homebuyers on the sidelines.
The project reflects broader trends in the Raleigh market, where the build-to-rent model is increasingly meeting the demands of renters seeking more space without the commitment of homeownership.