Coventry Court, a 240-unit mixed-income senior housing complex in Tustin, was sold for $83 million, it was announced today.
Los Angeles-based Meta Housing Corp. sold the senior housing development, which is located at 16000 Cambridge St. in Tustin, to New York-based Jonathan Rose Cos. Coventry Court opened in 2013 and features income-restricted apartment units for residents aged 55 and older. Only 87 units are offered at market rate.
Coventry Court is located in Tustin Ranch, a citrus farm that eventually became a mixed-use development with housing and a retail center.
The transaction was arranged by the investment sales teams of Northmarq’s Los Angeles and Newport Beach offices. Jim Fisher, Vince Norris, Mike Smith and Tommy Yates of Northmarq brokered the deal.
Read more in the July 21 issue.