Irvine Apartment Buys 923-Unit La Jolla Complex

Irvine Apartment Communities said Monday that it has purchased a 923-unit La Jolla apartment complex for $127 million, its second venture outside of Orange County.

This year, the real estate investment trust began building a 342-unit complex in Cupertino in the booming Silicon Valley.

The latest deal brings Irvine Apartment’s holdings to 14,991 completed apartments and 1,100 under construction.

Irvine Apartment said it plans to continue expanding in northern San Diego County and the Silicon Valley, regions that, like Orange County, have strong economies with an emphasis on emerging industries.

The 15.5-acre La Jolla complex, the Villas of Renaissance, is between Interstates 5 and 805 in University Town Center. Rentals range from $950 to more than $2,600, and occupancy rates are averaging more than 95%.

With four swimming pools and spas and a fitness club, the 4-year-old complex is at the center of a group of upscale apartments and condominiums and within walking distance of a regional mall anchored by Nordstrom, Macy’s and Robinsons-May.

The Villas “represents exactly the type of well-conceived apartment community . . . that we’re interested in,” said Donald Bren, Irvine Apartment’s president and chief executive and the head of the Irvine Co.

In May, Irvine Apartment registered to sell $250 million in new stocks and bonds to fund additional development, acquisitions and debt repayment.

The publicly traded investment trust, which is controlled by the Irvine Co., owns and operates 53 apartment communities in Orange County.