#United States #Monroe #affordable housing #Cottages of Monroe #FCP

FCP's Strategic Acquisition of Cottages of Monroe

In a significant move towards preserving affordable housing, FCP® has announced the acquisition of the Cottages of Monroe for $41.25 million. This transaction was completed through FCP’s Housing Preservation Fund and marks yet another step in the company's commitment to maintaining affordability in burgeoning markets. Located in the rapidly expanding suburb of Monroe, Union County—conveniently close to Charlotte, North Carolina—this community features 151 cottage-style apartments designed to cater to the needs of residents seeking quality rental options.

The cottages were purposely constructed in 2024 as rental properties, exemplifying FCP’s strategic focus on the housing market in areas with significant growth potential. Summer Haltli, Partner and Co-Founder of FCP, explained, “The Cottages of Monroe investment supports our fund mandate to maintain affordability in a key growth market.” FCP sees the acquisition as an opportunity to hold a well-occupied, newly delivered rental property in a favorable submarket, thereby enhancing its portfolio while addressing the pressing demand for affordable housing options in the area.

This acquisition creates an appealing living environment for several demographics, particularly healthcare, education, and aerospace workers. Homes at Cottages of Monroe offer not only affordability but also the privilege of living in newly constructed, standalone layouts that are especially appealing to families considering the nearby strong school districts.

The community features fully detached and semi-detached cottages, providing a sense of privacy and comfort often sought by tenants. Along with spacious interiors featuring 10-foot ceilings, luxury hard flooring, and high-end GE appliances, each unit comes with its private enclosed backyard, smart home technology, and accessibility options, ensuring a high-quality living experience.

Key amenities within the community include:

• - A resort-styled swimming pool with lounge chairs for relaxation
• - A comfortable resident lounge perfect for socialization and gatherings
• - Poolside grilling areas for summer cookouts
• - A fully equipped Technogym fitness center catering to various workout preferences
• - A serene nature walking path for outdoor enthusiasts
• - A dog park featuring a stick library, appealing to pet lovers
• - Dedicated outdoor dining areas for alfresco dining experiences
• - A cozy fire pit lounge for evening gatherings under the stars

The integration of these amenities positions Cottages of Monroe as not just a residence but as a well-rounded community where residents can enjoy both leisure and convenience. Furthermore, FCP has partnered with Greystar to manage the property, bringing expertise in enhancing resident services focused on education, economic mobility, and health. These initiatives are designed to improve resident experience and ensure high retention rates.

With recent population growth in Monroe and its surrounding areas, which is among the strongest in the Charlotte region over the recent five years, FCP's investment aligns well with the forecasted demand for rental housing. A combination of accessible living and community-centric features makes Cottages of Monroe a desirable option for those seeking affordability without compromising quality.

FCP’s engagement in properties like Cottages of Monroe underscores its strategy to address the housing crisis by fortifying community ties, making investments that have a lasting impact, and reinforcing its commitment to responsible growth in housing. This acquisition vividly illustrates how attentive real estate development can meet the dual needs of the market—sustaining affordability while also embracing growth in a key geographic area.

Media contacts: Karen Widmayer, KW Communications, LLC, [email protected], 301-661-1448

For more information about FCP and its future endeavors in real estate investments, please visit fcpdc.com.