Apartment Trust to Build 512 Units

Irvine Apartment Communities, the publicly traded investment trust formed to own, develop and operate apartments within Orange County’s vast Irvine Ranch, said Tuesday that its independent directors approved terms for the purchase of a site to build 512 apartment units at Newport Ridge, a planned community adjacent to the city of Newport Beach.

The site is being acquired from Irvine Apartment Communities’ parent, Irvine Co., for approximately $5.4 million worth of IAC partnership shares and assumption of $4.1 million of special-assessment district debt.

Irvine Ranch covers about 60,000 acres stretching from the Pacific Ocean in and around the cities of Newport Beach and Laguna Beach, through Tustin and into the Santa Ana Mountains in east Orange.

Separately on Tuesday, Irvine Apartment Communities said it had misstated its fourth-quarter net income Monday because of an error in its financial report. The company’s profit for the period was $1.76 million.