Meta Buys Broken Condos for Seniors Apartments

TUSTIN, CA-Meta Housing Corp. acquires nine acres and an existing 24-unit residential building originally approved for 240 senior condos that will now be apartments.

By Bob Howard | Updated on September 09, 2010

TUSTIN, CA-Meta Housing Corp. of Los Angeles has acquired nine acres and an existing 24-unit unoccupied residential building on a site that was originally approved for 240 senior condos in a project called Coventry Court that the Los Angeles-based company will now develop as apartments for seniors. Shaun Bradley, director of acquisitions for Meta Housing, tells GlobeSt.com that the company bought the property on an all-cash basis from Tustin Coventry LLC in a direct deal between buyer and seller.

Meta Housing expects to begin construction of the remaining units by January and will complete the project in phases. The company expects to begin preleasing of the units by the end of the second quarter of next year, with the first residents expected to move in during the third quarter.

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