Irvine Apartment Stock in Demand

Irvine Apartment Communities said Wednesday that it sold $150 million worth of preferred stock, up from the $100 million originally planned, because of increased demand.

Irvine Apartment, the main builder and operator of apartments on the Irvine Ranch, said it sold 6 million shares of its new issue of preferred stock at an annual dividend rate of 8.25%. The stock was sold mostly to individual investors.

“It went extremely well. This is a great deal for us,” said Scott G. Newnam, director of corporate finance for the Newport Beach-based company.

Newnam said Irvine Apartment, which is expanding into upscale San Diego County and Northern California markets, sees many good opportunities to expand. It has 15,136 completed apartment units and is building another 2,112.

Shares of Irvine Apartment common stock were down 6 cents Wednesday, closing at $32 in New York Stock Exchange trading.