Apartment REIT Buys 32-Acre Irvine Site

Irvine Apartment Communities said Thursday it bought the 1 Park Place project in Irvine, where plans for the 32-acre site include the construction of 1,226 more apartments.

Terms of the acquisition, and the name of the seller, weren’t disclosed. The deal is expected to close next month. When the project is completed by 2003, the new community will rank among the largest properties in the company’s portfolio, said William McFarland, chief executive.

The Newport Beach real estate investment trust plans to develop a series of three- and four-story buildings next to the Irvine Business Complex.

At the end of June, the company owned 61 apartment projects with 17,532 units.