Northmarq brokers $83M sale of Orange County mixed-income senior apartments

TUSTIN, Calif. — Northmarq’s Los Angeles and Newport Beach Investment Sales teams — led by Jim Fisher, Vince Norris, Mike Smith and Tommy Yates — have arranged the $83 million sale of Coventry Court, a 240-unit mixed-income senior apartment community in the heart of Tustin, California.

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 condominium quality units tailored for residents aged 55 and older. Of the 240 units, 153 are designated as affordable at 50%, 60%, and 110% of area median income, qualifying the property for a 40% tax abatement. The remaining 87 units are market rate, offering flexible investment upside in a high-demand Orange County submarket.

"Coventry Court is one of the most exceptional senior living communities in the country. The mix of market rate and affordable units, along with the exceptional construction quality generated a very strong buyer pool,” said Fisher. “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."

Located within the highly sought-after Tustin Ranch neighborhood, Coventry Court is part of a master-planned setting surrounded by walking trails, parks, and open space. It lies adjacent to The Village at Tustin Legacy — a bustling retail and dining hub — and is within minutes of major medical centers and freeway access.

The property’s location, quality construction and blend of affordability and luxury appeal to a growing demographic of active adults seeking high-end, age-restricted living with walkable amenities.

Tustin Ranch, once a historic citrus farm, is now a vibrant residential enclave known for its family-friendly charm, top-rated golf course and strategic access to the broader Orange County region.