Jonathan Rose Adds to Orange County Affordable Housing Portfolio With $83M Buy
Jonathan Rose Companies has acquired Coventry Court, a 240-unit senior mixed-income housing community in Tustin, California, for $83 million from affordable housing developer Meta Housing.
Jim Fisher, Mike Smith, Tommy Yates, and Vince Norris of Northmarq brokered the sale. Financing for the transaction was facilitated by Lument, which oversaw Rose’s assumption of the in-place FHA loan.
The deal was completed through a partnership between Pacific Housing Inc., a California-based non-profit organization, and Jonathan Rose’s most recent investment fund, which raised $660 million.
It is the firm’s second investment in Orange County, following the successful acquisition and rehabilitation of Belage Manor in Anaheim in 2022. Rose’s California portfolio now includes over 2,290 units of affordable and mixed-income housing.
Coventry Court was developed initially in 2012 as part of the Columbus Square Community Association. It features 10 buildings with a mix of affordability levels ranging from 50% of Area Median Income (AMI) to unrestricted market-rate units.
Jonathan Rose plans to upgrade the community by enhancing water efficiency, adding community spaces and implementing other building upgrades.
The firm's fund aims to address the country’s mounting housing crisis by preserving affordable communities.
It also carries a deep focus on environmental sustainability and social impact. Each project incorporates design and resilience measures, supporting resident health, education, and economic mobility.
Additionally, the company is targeting free, on-site programs in well-being, arts, lifelong learning and community building on the property.
“We were drawn to Coventry Court because it embodies so much of what we look for – a well-located, opportunity-rich community serving a population that is too often overlooked in the housing conversation,” Max Jawer, managing director of acquisitions at Jonathan Rose, told GlobeSt.com.
“This acquisition deepens our presence in Orange County, a region where the need for affordable, age-friendly housing continues to grow, and where we see real opportunity to make a lasting impact.”
Coventry Court’s amenities include a pool, fitness center, community room and outdoor barbecue areas. Residents enjoy easy access to a nearby shopping center, Veterans Sports Park and the amenities of the Columbus Square Community Association.
Source: GlobeSt/ALM