The real estate investment firm FCP announced its $41 million acquisition of Cottages of Monroe, a 151-unit cottage-style apartment community in the Charlotte suburb of Monroe, North Carolina.
Formerly known as Yardly Monroe, the property consists of one-story, detached and semi-detached cottages that were purpose-built in 2024 as a rental community. The residences come in one- and two-bedroom options, and community amenities include a resort-style swimming pool, a poolside lounge with BBQ grills, and a fully equipped Technogym fitness center.
The Chevy Chase, Maryland-headquartered FCP has retained Greystar to manage the property.
“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.”
