The Irvine Company is the partner on the 338-apartment community close to major retailers, creative office spaces and parks. The $175 million development could start leasing in the second half of 2028
USA Properties Fund has started construction on Terracina at Tustin Legacy, a much-needed affordable apartment community in a 1,600-acre master-planned development transforming the former Marine Corps Air Station in Tustin.
USA Properties Fund and the Irvine Company are partners on the 338-apartment community in the heart of Tustin Legacy, an evolving mixed-use district that includes housing – from affordable apartments to single-family homes — retail centers, creative office spaces and parks.
Terracina at Tustin Legacy – a four-level building located at 2265 Airship Avenue and another at 16055 Compass Avenue – will provide affordable housing for income-qualified residents in one of the most expensive regions of California.
The apartment community will feature one- to three-bedroom apartments and a long list of amenities, including a clubhouse, swimming pool and parking garage. Construction should be completed in second-quarter 2029, with leasing and some move-ins starting in the second half of 2028.
“We thank USA Properties Fund and the Irvine Company for their exceptional partnership on the project, which will provide 338 affordable housing units for a range of qualifying lower-income households,” said Tustin Mayor Austin Lumbard. “We are excited for this project and to welcome new residents to the City of Tustin.”
Terracina at Tustin Legacy
Easy access to major retailers, dozens of restaurants, parks, schools, public transportation and freeways
Terracina at Tustin Legacy will be close to numerous major retailers – including Costco, Target, Walmart and Whole Foods – about three-dozen restaurants, and Veterans Sports Park, with ballfields, pickleball courts and a skate park. The apartment community is in the highly rated Tustin Unified School District, which has already opened schools in Tustin Legacy.
The apartment community is a few miles from the Costa Mesa Freeway (State Route 55) that connects with the nearby Santa Ana Freeway (Interstate 5) and the San Diego Freeway (Interstate 405), major north-south routes through Southern California. Public transportation is also nearby, including a bus stop across the street at the Amalfi Apartments, owned and managed by Irvine Apartment Communities.
“Terracina at Tustin Legacy is a hard-to-beat location with easy access to shopping, entertainment, recreation and many employment opportunities, from retail positions to jobs at startups to some well-known companies,” said Geoff Brown, President of USA Properties Fund. “It checks so many boxes, and the partnership with the Irvine Company will bring more quality, affordable homes to a community where there is a severe housing shortage.”
Learn more about the Tustin Legacy district
Irvine Company: Planning update
City of Tustin: The history, evolution and development of Tustin Legacy
The $175 million development is the first between USA Properties Fund – one of the fastest-growing and largest developer-manager-owner of affordable apartment communities in the West – and the Irvine Company, a private real estate company based in Newport Beach best known as the master planner and master builder of the City of Irvine.
“We are proud to partner with USA Properties to help realize the City of Tustin’s vision for a full range of quality housing within Tustin Legacy,” said Sean Harris, President of Irvine Company Apartment Communities.
Partnerships pave the way for more affordable housing
Tustin Legacy includes affordable and market-rate apartment communities, condos, townhomes and single-family homes. More than 9,000 homes are planned for the master-planned development.
Terracina at Tustin Legacy will help address the burgeoning demand for affordable housing in Orange County, where about 119,000 low-income households don’t have access to an affordable home, according to the California Housing Partnership.
The shortage forces many low-income residents to either commute to work from outside the area or spend a significant amount of their income on rent, creating a financial burden for many households.
“Terracina at Tustin Legacy offers a unique opportunity to develop an affordable apartment community in a historic location that is transforming into a vibrant district. We’re excited to be part of such a far-reaching mixed-used development that will change the landscape of an entire community.”
— Geoff Brown, President of USA Properties Fund
More than three of every five low-income households in Orange County – such as the income-qualified residents eligible for Terracina at Tustin Legacy — are considered cost-burdened, spending at least 30% of their income on rent, according to the California Housing Partnership. The figure increases to about 85% for very low-income households in the county.
Collaboration between developers, municipalities and lenders are key to opening the door to more affordable housing such as Terracina at Tustin Legacy.
“We’re proud to help finance Terracina at Tustin Legacy, bringing 338 quality affordable homes for families to a community rich with opportunity in Orange County,” said James Vossoughi, Executive Director of J.P. Morgan Community Development Banking. “By offering quality homes near jobs, schools and amenities, this development gives families the foundation to put down roots, build stability and thrive. Projects like this one are only possible through strong public and private collaboration – and we’re proud to continue our longstanding work with USA Properties Fund, a driving force in the creation of affordable housing across California, alongside the Irvine Company on this landmark community.”
Terracina at Tustin Legacy is available to households earning 30% to 60% of the area median income for Orange County, or about $55,830 for a four-person household at the 30% limit to more than $111,600 at the 60% threshold.
Rents will range from $1,014 for a one-bedroom apartment for households at the 30% income limit to $2,856 for a three-bedroom unit at the 60% income threshold, significantly less than market-rate properties in central Orange County. However, income limits and rents will likely increase slightly before leasing starts in 2028.
(Post continues after the photo gallery from the grand opening)
Several dozen people, from city officials to development partners, attended the groundbreaking celebration Aug. 6 for Terracina at Tustin Legacy.
Affordable but with a long list of amenities, from a clubhouse to a swimming pool
Terracina at Tustin Legacy will be affordable but amenities-rich for residents.
The apartment community will include a clubroom with a kitchen, fitness center, a lounge, game room, a resident resources room, wifi lounge, swimming pool and a barbecue area. The apartment community will have about 430 parking spaces, with several dozen EV chargers.
Apartments will feature vinyl-plank flooring in the main living areas and carpet in the bedrooms, energy-efficient appliances, and laminate countertops.
Terracina at Tustin Legacy will join a fast-expanding lineup of affordable apartment communities for USA Properties Fund, including communities that were completed in Orange, Carlsbad and La Mesa since spring 2025.
USA Properties Fund completed about 1,300 affordable units in 2025, the most of any California-based developer, according to Affordable Housing Finance. The Roseville-based company will complete several hundred more apartments this year.
USA Properties Fund has more than 95 apartment communities in California, Nevada and Oregon, including about 30 in Southern California.
“Terracina at Tustin Legacy offers a unique opportunity to develop an affordable apartment community in a historic location that is transforming into a vibrant district,” said Brown of USA Properties Fund. “We’re excited to be part of such a far-reaching mixed-used development that will change the landscape of an entire community.”