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A Close Look at the State of Affordable Housing in Orlando

Follow a deal earlier this year involving the purchase of the Tropical Manor apartment complex, GlobeSt.com takes a closer look at Florida affordable housing and learns more on how the much-needed affordable units of this particular complex could have otherwise been converted to market-rate housing.

Tropical Manor apartment complex in Merritt Island, FL

Earlier this year, a partnership comprised of The Bolour Movement, a privately-owned affordable housing acquisition and development company based in Los Angeles, and the Atlanta-based Triumph Management Group revealed a $5.1-million acquisition of the Tropical Manor apartment complex in Merritt Island, FL. GlobeSt.com recently chatted with Shawn Bolour, principal of the firm, on the state of affordable housing in the Orlando area and in the state of Florida, as well as the unique set of circumstances that were just right on this particular deal.

The 85-unit, Project-Based Section 8 affordable housing complex at 1165 Jordan Rd. is situated on an eight-acre site in the heart of Merritt Island. As part of the renovation plan, the complex will be renamed Coral Chase Apartments. According to Bolour, the partnership will create a secure and appealing living environment for current and new tenants at Coral Chase by investing approximately $2 million in upgrades. It has engaged Atlanta Financial Group to execute the rehabilitation and they will oversee extensive interior and exterior renovations, including new roofing and plumbing systems.

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Natalie Dolce

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.

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