FCP has acquired Cottages of Monroe, a 151-unit cottage-style apartment community in Monroe, North Carolina, through its Housing Preservation Fund in a $41.25 million transaction. The property, formerly known as Yardly Monroe, was purpose-built in 2024 as a rental community featuring one-story detached and semi-detached cottages in Union County, a fast-growing suburb near Charlotte.
The firm said the purchase aligns with its Housing Preservation strategy, which focuses on maintaining affordability in key growth markets. FCP described the deal as an opportunity to acquire a newly delivered, well-occupied community in a favorable submarket and at an attractive basis.
FCP said residents can access standalone, newly constructed homes in a strong school district at a discount to the cost of homeownership in the same area. The community is positioned to serve workers in nearby healthcare, education, and aerospace employment hubs, and FCP noted the surrounding submarket has been among the Charlotte region’s strongest for population growth over the past five years.
Greystar has been retained to manage the property. FCP also said it will integrate resident services focused on education, economic mobility, and health to improve the resident experience and increase retention.
Cottages of Monroe offers one and two-bedroom options and is designed to combine the conveniences of multifamily living with private, family-friendly cottage homes, including private enclosed backyards and one-story accessibility.
The community includes a resort-style pool, multiple indoor and outdoor gathering spaces, and fitness and walking-trail amenities. Inside the homes, features include higher ceilings, kitchen islands, hard surface flooring, stainless steel appliances, smart home technology, full-size washers and dryers, and oversized bathrooms with walk-in showers.
FCP credited the Northmarq Charlotte Investment Sales team for representing the seller and Northmarq’s Debt and Equity Group for facilitating financing.
KEY QUOTES
“The Cottages of Monroe investment supports our fund mandate to maintain affordability in a key growth market. 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.”
Summer Haltli, Partner And Co-Founder, FCP Housing Preservation Strategy
