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Irvine Co. Spinoff Buys Lots for 2 Apartment Complexes : Development: Irvine Apartment Communities paid $10.6 million for the sites. Its goal this year is to begin work on 2,200 units across O.C.

October 05, 1994|HOPE HAMASHIGE | SPECIAL TO THE TIMES

NEWPORT BEACH — Irvine Apartment Communities said Tuesday that it has bought parcels of land in Irvine and Tustin for a total of $10.6 million and plans to build apartment complexes on the two properties.

The Newport Beach real estate investment trust, formed last year by Irvine Co., said it will build 378 units on the 15-acre Santa Clara site in the Westpark section of Irvine and 436 units on the 18-acre Rancho Monterey site in Tustin Ranch.

Both sites were purchased from the Irvine Co.

Irvine Apartment Communities purchased and began construction on two apartment sites in Irvine earlier this year and said it intends to buy one more site in addition to the two announced Tuesday. Its goal for the year, the company said, is to begin construction on a total of 2,200 apartments.

"We are optimistic about the Orange County economy," said Richard E. Moran Jr., executive vice president of the real estate trust. "We think there will continue to be demand for apartments as the economy stabilizes and grows."

Construction at the Santa Clara and Rancho Monterey sites is underway, and the first of the three-story walk-up apartments will be ready for tenants in the first quarter of 1995, the company said. Both developments are to be completed within 18 months.

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

Parcels Purchased

Irvine Apartment Communities bought two sites in Irvine and Tustin where it will build 814 apartments.

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