Legado Ends Long-Term Hold on 439-Unit LIHTC Portfolio

Features October 17, 2025| | Amy Wolff Sorter

Pictured: Park Stanton Place Senior Apartments

Legado Companies, a developer and owner of affordable and market-rate properties, is ending its long-term ownership of two properties in Stanton, CA. The Beverly Hills-based owner has retained Newmark and Voit Real Estate Services to bring the 439-unit Stanton Low-Income Housing Tax Credit (LIHTC) Portfolio to market.

“Legado is putting both properties on the market to reallocate equity into new developments and hospitality. They’ve owned the properties for about two decades,” Newmark Vice Chairman Dean Zander told ApartmentBuildings.com. Zander, in partnership with Voit Vice Presidents Joe Leon and Nick Ingle, is representing the seller.

The assets for sale are:

Park Stanton Place Senior Apartments, built in 1995 and situated on 2.5 acres at 7622 Katella Ave.
Plaza Court Apartments, built in 1962 and situated on 3.2 acres at 11400 Court St.

The collection’s current occupancy is over 95%.

Zander explained that the seller’s preference is for a portfolio execution, but the properties could also be delivered separately. The pricing expectation for both communities is in the $140 million range.

“The ideal buyer would be an affordable housing operator who recognizes the huge tenant demand in this space,” Zander added.

Park Stanton Place and Plaza Court are minutes from Disneyland, Cypress College, University of California-Irvine’s new $1.3 billion medical center and Anaheim’s Platinum Triangle. Additionally, each property receives a 100% California Welfare Tax Exemption due to the fact that the entirety of the units serve households between the 40% and 60% area median income threshold.

Both properties are located in a submarket with no affordable multifamily housing under construction and barriers to new supply due to high land and construction costs, as well as slow permitting processes.

The portfolio offers multiple upside opportunities, including an increase in the number of voucher tenants, expansion of mini-storage space rentals, parking spaces and pet fees.

Additionally, a new owner can add additional dwelling units (ADU) or amenities to under-utilized space. “There are several storage, laundry and community rooms that could be reconfigured and better utilized,” Zander said.

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Legado Ends Long-Term Hold on 439-Unit LIHTC Portfolio

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout