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TUSTIN, Calif. — Jonathan Rose Cos. has acquired Coventry Court, a seniors housing community located in Tustin, for $83 million. Meta Housing Corp. was the seller.
Developed in 2012, the property features 240 units, with 153 residences designed as affordable and reserved for seniors earning 50, 60 and 110 percent of the area median income. Consequently, the property qualifies for a 40 percent tax abatement. The other 87 units at the community are market rate.
Jim Fisher, Vince Norris, Mike Smith and Tommy Yates of Northmarq brokered the transaction on behalf of the seller.