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REIT Buys 2 Irvine Parcels for Complexes

July 09, 1994|DEBORA VRANA | TIMES STAFF WRITER

NEWPORT BEACH — Irvine Apartment Communities, the real estate investment trust formed by the Irvine Co., said Friday that it has bought two parcels of land in Irvine for $9.1 million and plans to build two apartment complexes on the properties.

The REIT plans to build a 513-unit apartment building called Villa Coronado at Harvard Avenue and Main Street and a 368-unit building called Santa Rosa at Culver Drive and Barranca Parkway on the land purchased from the Irvine Co. The REIT paid $5.8 million for the Villa Coronado site and $3.3 million for the Santa Rosa site.

"We're pleased by the continued strength of the market and very encouraged by the recent job growth in Orange County, which will result in an increased demand for rental housing," said Patrick Smith, president of the REIT.

The company said it plans to buy three more sites this year to build a total of 1,320 apartments. A $150-million construction loan will pay for the purchases.

Irvine Apartment Communities, based in Newport Beach, was formed last year when Irvine Co. spun off its apartment properties in a $200-million stock offering to the public. It now owns 43 apartment projects in Irvine.

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