Irvine Apartment Buys La Jolla Complex
Irvine Apartment Communities said it has purchased a 923-unit La Jolla apartment complex for $127 million, its second venture outside Orange County. The real estate investment trust earlier this year began building a 342-unit complex in Cupertino in Silicon Valley. It said it intends to continue expanding in northern San Diego County and Silicon Valley. Those regions, like Orange County, have strong economies with an emphasis on emerging industries, Irvine Apartment said. Irvine Apartment last month 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 Irvine Co., owns and operates 53 apartment communities in Orange County. Shares of Irvine Apartment fell 6.25 cents to close at $29.375 on the New York Stock Exchange.
For the record:
12:00 a.m. July 3, 1997 For the Record
Los Angeles Times Thursday July 3, 1997 Orange County Edition Business Part D Page 6 Financial Desk 2 inches; 41 words Type of Material: Correction
Irvine Apartment Communities--A story on Tuesday misstated the Irvine Co.’s corporate relationship with real estate investment trust Irvine Apartment Communities. Irvine Co. owns 57% of Irvine Apartment stock, but has only a limited interest in a separate partnership that controls IAC.
