A partnership comprised of The Bolour Movement and Triumph Management Group announced the $5.1 million acquisition of the Tropical Manor apartment complex in Merritt Island, Fla.

The Bolour Movement and Triumph Management Group plan to invest $2 million in upgrades at the former Tropical Manor apartments. The Merritt Island, Fla., community is across from an elementary school and within walking distance to a high school, grocery stores, and other retailers. The property, which has been renamed Coral Chase Apartments, has room to develop an additional 200 affordable units, which will be explored in the coming years by the partnership.
The Bolour Movement and Triumph Management Group plan to invest $2 million in upgrades at the former Tropical Manor apartments. The Merritt Island, Fla., community is across from an elementary school and within walking distance to a high school, grocery stores, and other retailers. The property, which has been renamed Coral Chase Apartments, has room to develop an additional 200 affordable units, which will be explored in the coming years by the partnership.

The 85-unit, project-based Sec. 8 affordable housing development is situated on an 8-acre site in the heart of Merritt Island. As part of the renovation plan, the complex will be renamed Coral Chase Apartments.

The partnership said it will invest approximately $2 million in upgrades at the community and has engaged Atlanta Financial Group to execute the rehabilitation. The firm will oversee extensive interior and exterior renovations, including new roofing and plumbing systems.

To finance the deal, a loan was arranged by Newmark Knight Frank via Freddie Mac’s Targeted Affordable Housing loan program, according to officials.

“Through this acquisition, our partnership protects these much-needed affordable units that could have otherwise been converted to market-rate housing. We were able to preserve and extend the affordability for an additional 20 years, and our acquisition will result in significant improvements to the property, both in terms of safety and infrastructure,” said Shawn J. Bolour, founder of The Bolour Movement, a privately owned affordable housing acquisition and development company based in Los Angeles.

A new management team provided by Triumph Housing Management, an affiliate of Triumph Management Group, will oversee the day-to-day operations of the property.

“Many affordable housing assets have taken a negative turn for various reasons, and Tropical Manor has been no exception,” said Paul Ponte, co-founder and CEO of Triumph. “We will collaborate with the ownership team, the Atlanta Financial Group, the Department of Housing and Urban Development, and local law enforcement to address property concerns and improve the quality of life for tenants. We are excited to begin the next chapter in Coral Chase’s bright future.”