A joint venture of Taylor Morrison and Varde Partners sold a Charlotte-area build-to-rent community. The sales price of Yardly Monroe, a newly-built 151-unit cottage-style apartment community, was $41 million. FCP was the buyer of the project at 3380 Taylor Morrison Drive in Monroe, about 20 miles from Charlotte.

FCP obtained a $24.75 million Freddie Mac permanent fixed financing. The interest-only transaction was structured with a five-year term and a 35-year amortization schedule.

Newly-built and sitting on roughly 24.89 acres, Yardly Monroe features one- and two-bedroom homes. Each home features a private backyard. Community amenities include a pool, dog park, door-to-door package exchange, gated community, fitness studio and available detached garages.

Northmarq’s Multifamily Investment Sales team led by Trevor Koskovich, John Currin, Jesse Hudson and Austin Jackson, in collaboration with its Debt + Equity team led by Faron Thompson and Grant Harris, successfully arranged the sale and acquisition financing of Yardly Monroe.