Jonathan Rose Pays $83M for Tustin Senior Living
Northmarq’s Los Angeles and Newport Beach investment sales teams, led by Jim Fisher, Vince Norris, Mike Smith and Tommy Yates, arranged the $83-million sale of Coventry Court, a 240-unit mixed-income senior apartment community in Tustin. Northmarq represented the seller, Los Angeles-based Meta Housing Corp. The buyer was Jonathan Rose Companies.
Completed in 2012, Coventry Court offers a blend of market-rate and income-restricted units for residents aged 55 and older. Of the 240 units, 153 are designated as affordable, qualifying the property for a 40% tax abatement. The remaining 87 units are market-rate.
“Coventry Court is one of the most exceptional senior living communities in the country,” said Fisher. “The mix of market rate and affordable units, along with the exceptional construction quality, generated a very strong buyer pool. We are thrilled to complete this transaction on behalf of Meta Housing and are excited for Jonathan Rose Companies to begin their tenure of ownership.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout