Jonathan Rose Companies Buys SoCal Senior Housing for $83M
The U.S. needs 140,000 new senior housing units each year to keep pace with its aging population, nearly six times the current yearly average
By Nick Trombola July 15, 2025 4:00 pm
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Available senior housing is dwindling across the U.S. and rent prices are skyrocketing, particularly in Southern California — and Jonathan Rose clearly wants in on the opportunity.
Rose’s New York-based firm, Jonathan Rose Companies, spent $83 million to purchase Coventry Court, a 240-unit, mixed-income, senior housing complex in Tustin, Calif. Seller Meta Housing developed the community with Lennar in 2012 as part of the latter’s Columbus Square master-planned community, with more than half the units designated as affordable.
Northmarq’s Jim Fisher, Vince Norris, Mike Smith and Tommy Yates represented Meta Housing in the deal.
“Coventry Court is one of the most exceptional senior living communities in the country,” Fisher said in a statement. “The mix of market-rate and affordable units, along with the exceptional construction quality, generated a very strong buyer pool.”
It’s easy to see why investors are willing to pay top dollar for senior housing. The number of Americans older than 65 years old is expected to rapidly multiply over the next few decades, reaching some 82 million by 2050, according to the Population Reference Bureau.
The U.S. needs 140,000 new senior housing units every year to keep pace, Commercial Observer reported in June. But current development figures fall woefully short at just 24,000 per year.
Rent prices are therefore expected to climb — the average cost of independent living facilities in California can reach up to $5,000 per month, while rents at assisted living facilities and nursing homes are often double or triple that figure, according to Seniorliving.org.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
