News Summary
Recent real estate transactions in Tustin and Fullerton indicate growth in the senior living and retail sectors, creating investment opportunities and enriching local community offerings. Notable deals include the $83 million sale of Coventry Court, a senior living community, and the $118.5 million acquisition of Fullerton Metrocenter, a retail center. These transactions reflect the increasing demand for senior housing and enhancements in retail environments in Orange County.
Tustin – Significant real estate transactions in Tustin and Fullerton are signaling robust growth in the senior living and retail markets, creating opportunities for investors and enhancing local community offerings.
On July 10, Coventry Court, a senior living community tailored for residents aged 55 and older, was sold for $83 million. The transaction, facilitated by Northmarq, involved seller Meta Housing Corp. of Los Angeles and buyer Jonathan Rose Cos. based in New York. Coventry Court consists of 240 residential units, with over half of these units being income-restricted. Currently, only 87 units are rented at market rates. This community, completed in 2012, is strategically located near a site that was previously home to a blimp hangar, which has recently experienced fire damage.
In Fullerton, a notable transaction occurred with the acquisition of Fullerton Metrocenter, a retail center, for $118.5 million. This shopping center encompasses 395,703 square feet on a 30-acre site located at 1375 Harbor Blvd. Fullerton Metrocenter is anchored by major retailers including Sprouts, Petsmart, and Target and consists of 40 tenants, with Urban Air Adventure Park among them. Plans are already underway for revamping the retail center, including immediate enhancements such as fresh paint and updated signage to attract more visitors.
Additionally, a nine-unit apartment complex located at 3169-3175 Quartz Lane in Fullerton was sold for $4.1 million, which breaks down to approximately $455,555 per unit. This complex is in proximity to Cal State Fullerton and various retail centers. It features a mix of housing options, including one townhome with two bedrooms and two bathrooms, along with eight two-bedroom, one-bathroom units. Residents of this complex can enjoy amenities such as a landscaped courtyard, patios, enclosed garages, and on-site laundry facilities.
In another significant investment, Newport Beach-based CapRock Partners has acquired a 524,199-square-foot Class A industrial facility known as the Kennedy Greens Distribution Center, located in Houston. This property, which is currently fully leased, marks CapRock’s inaugural acquisition in the Houston area. Built in 2020, the distribution center is well-positioned on less than three miles from George Bush Intercontinental Airport and spans across 29 acres.
Moreover, Gantry has recently relocated its expanded team to the Atrium office campus in Irvine, a move following their acquisition of Westcap. The new offices, situated at 19100-19200 Von Karman, comprise 334,828 square feet spread across two 10-story towers. This relocation aims to integrate Westcap’s loan production staff with Gantry’s existing team, further strengthening their operation in the region.
Lastly, a remarkable $473 million bond financing deal has been secured for the development of a senior housing project in Orange County known as The James. This new facility is set to rise at 1001 Gates Ave in Irvine and will comprise 350 beds on a 3-acre site. The project is anticipated to include 210 independent living units, 110 assisted living units, and 30 memory care units, directly addressing the increasing demand for senior living options in light of the rapidly aging population across Orange County.
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Additional Resources
- OC Register: Senior Apartments in Tustin Sell for $83M
- Connect CRE: Jonathan Rose Pays $83M for Tustin Senior Living
- MultiHousing News: JV Secures Record $473M for California Senior Project
- Yield Pro: The James of Irvine
- CoStar: California Senior Housing Project Lands Record Financing
- Wikipedia: Senior Housing
- Google Search: Senior Living Investments California
- Google Scholar: Senior Housing Developments Orange County
- Encyclopedia Britannica: Real Estate
- Google News: Senior Living Market California
Author: STAFF HERE COSTA MESA WRITER
COSTA MESA STAFF WRITER The COSTA MESA STAFF WRITER represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the OC Fair, Concerts in the Park, and Fish Fry. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Boys & Girls Clubs of Central Orange Coast, plus leading businesses in retail, fashion, and technology that power the local economy such as Vans, Experian, and South Coast Plaza. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
