**Jonathan Rose Companies Acquires Tustin Senior Living Community for $83 Million**
Northmarq’s investment sales teams from Los Angeles and Newport Beach, led by Jim Fisher, Vince Norris, Mike Smith, and Tommy Yates, have successfully arranged the $83 million sale of Coventry Court, a 240-unit mixed-income senior apartment community located in Tustin, California. Northmarq represented the seller, Los Angeles-based Meta Housing Corp., in the transaction. The buyer is New York-based Jonathan Rose Companies.
Completed in 2012, Coventry Court serves residents aged 55 and older and features a combination of market-rate and income-restricted apartments. Of the 240 total units, 153 are designated as affordable housing, qualifying the property for a 40% tax abatement. The remaining 87 units are offered at market rates.
“Coventry Court is one of the most exceptional senior living communities in the country,” said Jim 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.”
