Monarch Historic Preservation Fund III

Monarch Historic Preservation Fund III is a real estate tax equity fund managed by Monarch Private Capital, an Atlanta, Georgia-based impact investment firm founded in 2005 by Co-CEOs George L. Strobel II and Robin Delmer. The fund is the third vehicle in Monarch's Historic Preservation Fund series, following Fund I ($21 million, closed July 2020) and Fund II ($30 million, closed January 2021). Monarch Federal Historic Preservation Fund III LLC invests in projects qualifying for federal and state historic tax credits across the Midwestern and Southeastern United States, serving as a tax equity vehicle for institutional and accredited investors seeking real estate tax credit exposure.

Monarch Historic Preservation Fund III serves as a tax equity investor providing structured capital solutions for historic rehabilitation projects generating five-year federal historic tax credits and qualifying state historic tax credit programs. Target properties are historically significant buildings — eligible for designation under the National Historic Preservation Act — undergoing comprehensive rehabilitation across approximately 13 states including Georgia, Illinois, Indiana, Ohio, Kentucky, Michigan, Tennessee, Missouri, Iowa, Minnesota, North Carolina, South Carolina, and Wisconsin. The fund targets projects generating between $1 million and $5 million in federal historic tax credits, spanning a diversified mix of real estate asset types: multifamily residential, commercial, mixed-use, retail, hospitality, and special-purpose properties. Each project is structured to produce both five-year federal historic tax credits and applicable state-level historic credit programs, providing investors with tax-advantaged real estate returns across the Midwest and Southeast.

Since its historic preservation division's inception in 2012, Monarch Private Capital has closed 208 historic rehabilitation projects, generating approximately $840 million in tax credits and supporting more than $4 billion in total development activity across the United States. In 2025, Monarch's historic division achieved a record-breaking year, generating $120 million in tax credits through deal closings — an unprecedented milestone for the firm. A recent Fund III project includes the rehabilitation of the 1914 Louis Sullivan Building in Newark, Ohio, generating approximately $2.2 million in five-year federal historic tax credits and $1.2 million in Ohio state historic tax credits, demonstrating the fund's focus on culturally significant properties with tangible preservation impact.