Coventry Court, a 240-unit mixed-income senior housing community in Tustin Ranch, has traded hands for $83 million, according to a July 16 announcement.
Los Angeles-based Meta Housing Corp. sold the property, located at 16000 Cambridge St., to New York-based Jonathan Rose Cos. LLC, a national real estate firm focused on sustainable, mixed-income and affordable housing.
Coventry Court is located in Tustin Ranch, a citrus farm that eventually became a mixed-use development with housing and a retail center. It opened in 2013 and features income-restricted apartment units for residents aged 55 and older. Only 87 units are offered at market rate.
The other 153 units are designated for age-55-and-older residents who earn 50%, 60% and 110% of the area median income. The median income for a two-person household in Tustin, according to data provided by the city, is $109,300.
Demand for senior housing is expected to increase within the next 20 years. Orange County’s Office on Aging shows about 450,000 people—about 14.3% of Orange County’s population—is 65 or older. That population is projected to increase to 17.3% of the county’s population, the agency said.
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.
The deal works out to an average of $346,000 per apartment. In 2024 Orange County apartments have been sold for an average of $440,000, per Colliers. An apartment in Tustin sold for $388,000 per unit in 2024.
Jonathan Rose Cos.
Jonathan F.P. Rose, who graduated from Yale University in 1974 and earned his master’s in regional planning from the University of Pennsylvania in 1980, started his eponymous company in 1989 with a mission to buy or develop affordable and mixed-income housing on a national scale.
The company’s Southern California holdings include Belage Manor Apartments, a 180-unit Section 8 senior housing community in Anaheim acquired in 2022, and The Grove Apartments, a senior Section 8 property in Ontario purchased in 2017.
In Los Angeles the Jonathan Rose Cos. is building a seven-floor, 134-unit apartment building for low-income tenants.
Other projects on the Jonathan Rose Cos. docket include the new construction of mixed-income residential development in Athens, Georgia, and a senior housing building in Brooklyn.
Meta Housing Corp.
Coventry Court’s previous ownership, Meta Housing Corp., is an affordable housing developer with several projects in Southern California.
One of those projects is Arroyo at Baker Ranch, a 189-unit affordable apartment development in Lake Forest.
Meta Housing Corp.’s other senior housing developments in Orange County include Casa Pacifica in Santa Ana, The Center at Founders Village in Fountain Valley, The Grove in Garden Grove, Heritage Park in Anaheim and Dorado in Buena Park.
Pointe Common, a 65-unit affordable housing project at 1600 W. Commonwealth Ave. in Fullerton, is under construction.
Meta Housing Corp. was founded by John Huskey in 1993 and started with the goal of developing senior housing.
Huskey is still with the organization as its chairman and chief executive.