Acquisition Supports Preservation Fund Mandate to Maintain Affordability in Key Growth Market
CHEVY CHASE, Md., Feb. 4, 2026 /PRNewswire/ — FCP® announces 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.
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.
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.
Community amenities include:
- Resort-styled swimming pool w/ loungers
- Resident lounge
- Poolside lounge with BBQ grills
- Fully equipped Technogym fitness center
- Private nature walking path
- Dog park w/ stick library
- Outdoor dining areas
- Firepit lounge
Residence amenities include:
- Private enclosed backyards w/ artificial turf
- 10-foot ceilings
- Spacious kitchen islands
- Luxury hard surface flooring
- 8′ doors
- GE stainless steel appliances
- Spacious pantries
- Smart thermostats and keyless entry w/ Ring doorbell cameras
- Full-size GE washers and dryers
- Oversized bathrooms w/ glass walk-in showers
FCP extends its appreciation to John Currin and the Northmarq Charlotte Investment Sales team for representing the seller. FCP also extends its thanks to Grant Harris and Northmarq’s Debt and Equity Group for facilitating the financing.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $14.8 billion in gross asset value since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and structured investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit fcpdc.com.
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SOURCE FCP
