Legado’s 270-Unit Santa Ana Project Goes Vertical

• Legado Companies is building 270 apartments at 200 E. First American Way in Santa Ana.
• The six-story project secured approximately $128 million in construction financing.
• Framing is now complete, with the project bringing new multifamily housing near major planned redevelopment in South Coast Metro.

What Legado Companies Is Building

Construction is moving toward the finish line at Legado at the Met, a six-story apartment development at 200 E. First American Way in Santa Ana. Beverly Hills-based Legado Companies is developing the project, which will deliver 270 studio, one-, two- and three-bedroom apartments ranging from roughly 600 to 1,800 square feet. The project is being built on a site that has been planned for residential development for years.

What The 270 Apartments Include

The development will provide a mix of apartment sizes designed for a broad renter base, with 617 parking spaces spread across three subterranean levels and one at-grade level. WHA Architects designed the contemporary podium-style building. Planned amenities include a fitness center, clubhouse, lounge, business center, swimming pool and rooftop yoga area, along with a public plaza. The combination of sizable parking and a full amenity package positions Legado at the Met as a substantial Class A multifamily project in the Santa Ana market.

What The $128 Million Financing Means

Legado Companies secured approximately $128 million in construction-to-permanent financing in 2024 through a three-tranche structure arranged by Gantry. The financing came from three insurance company lenders. At the time of the financing, the project was described in public reports as a 268-unit development. Current project plans call for 270 apartments, reflecting changes during the development process. The financing represented a major milestone for Legado, allowing construction to move forward on a project that had been in the city's planning pipeline for years.

What Is Happening Around The Project

Legado at the Met is positioned near the 55 and 405 freeways and within the broader South Coast Metro area, an established Orange County employment and commercial hub. The project is also close to two major proposed redevelopment sites. Related Companies is planning a large mixed-use redevelopment of the former MainPlace Mall area, while Hines and Segerstrom are pursuing a major redevelopment near South Coast Plaza. Together, those projects could add thousands of homes alongside new retail, office, hotel and entertainment uses. For multifamily investors and landlords, that broader pipeline could reshape the competitive landscape around Santa Ana while adding new demand drivers and amenities to the surrounding area. With framing now complete, Legado at the Met is moving into the next phase of construction and is becoming a visible addition to Santa Ana's growing multifamily inventory.