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California  + Orange County  + Senior Housing  | 

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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Northmarq's Fisher

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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