Business Services Industry
Irvine Apartment Communities Buys Irvine, Calif., Parcel.
Knight Ridder/Tribune Business News, July, 1998 by LePage, Andrew
Knight Ridder/Tribune Business News
Jul. 24--The county's biggest landlord on Thursday snapped up one of the last big apartment development sites on the Irvine Ranch that wasn't owned by the Irvine Co.
Irvine Apartment Communities, a publicly held real estate investment trust that was spun off from the Irvine Co. in the early 1990s, agreed to buy 32 acres in Irvine that were owned by an investment partnership that included Trammell Crow. The sale price was not disclosed.
IAC said that during the next five years, it hopes to build one of its largest rental communities -- about 1,230 high-end units -- on the site, which is home to One Park Place, a 216-unit luxury apartment complex. The property is also next to the Irvine Business Complex and is close...
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