FCP Acquires Cottages of Monroe Through Housing Preservation Fund Preserving Affordable Cottage Style Rentals Near Charlotte

FCP announced the $41.25 million acquisition through FCP's Housing Preservation Fund of Cottages of Monroe, a 151-unit cottage-style apartment community in Monroe, North Carolina. Formerly known as Yardly Monroe, the community is located in Union County near Charlotte and was purpose-built in 2024 as a rental community composed of one-story detached and semi-detached cottages.

"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."

Cottages of Monroe offers one- and two-bedroom options and combines multifamily conveniences with single-family characteristics, including private enclosed back yards and one-story accessibility. The community positions residents to access a strong local school district and provides a rental alternative to homeownership at a discount relative to comparable single-family housing in the submarket.

The property serves a local workforce concentrated in healthcare, education, and aerospace, and the submarket has recorded notable population growth in the Charlotte region over the past five years. FCP has retained Greystar to manage the property and will integrate resident services focused on education, economic mobility, and health to improve resident experience and support retention.

This acquisition aligns with Housing Preservation Fund objectives by preserving newly built rental product at a price point that supports affordability in a fast-growing suburban market. The combination of cottage-style design, professional management, and targeted resident services reflects an operational approach that links physical product choices with service-oriented strategies to enhance stability and long-term occupancy in workforce housing segments.