Irvine Co. to Increase Stake in Its Apartment Company

The Irvine Co. said Friday that its board of directors has authorized the purchase of as many as 1.2 million more shares in Irvine Apartment Communities. The purchase, which can be completed over time in the open market or in negotiated transactions, would increase the company’s 55% stake in the apartment developer to 58%. “We think it’s an opportunity to make a good investment,” said spokesman Larry Thomas. Thomas said the move was not related to Irvine Co. chairman Donald Bren’s appointment to chief executive officer of Irvine Apartment Communities.