CHARLOTTE, NC - FCP announced the $41.25 million acquisition through FCP's Housing Preservation Fund of Cottages of Monroe (formerly Yardly Monroe), a 151-unit cottage-style apartment community in the rapidly growing suburb of Monroe, in Union County, near Charlotte, NC. The one-story, detached and semi-detached cottages were purpose-built in 2024 as a rental community.
"The Cottages of Monroe investment supports our fund mandate to maintain affordability in a key growth market," said Summer Haltli, Partner and Co-Founder of the FCP Housing Preservation strategy. "FCP's acquisition of Cottages of Monroe is driven by the opportunity to acquire a well-occupied, newly delivered, rental community in a favorable submarket at a favorable basis."
Residents at the Cottages of Monroe benefit from the opportunity to live in stand-alone, newly constructed homes in a strong school district at a discount to home ownership in the same submarket. Cottages of Monroe provides a high-quality living experience for the numerous healthcare, education, and aerospace workers nearby. The submarket has experienced some of the strongest population growth in the Charlotte region over the past 5 years.
Cottages of Monroe, with one- and two-bedroom options, provides all the conveniences and amenities of multifamily living in family-friendly, private cottages with private, enclosed back yards and one-story accessibility.
FCP has retained Greystar to manage the property. FCP will integrate resident services focused on education, economic mobility, and health to improve the resident experience and increase resident retention.
Source: FCP