New Buy for Irvine Apartment Communities

NEWPORT BEACH — Irvine Apartment Communities said Wednesday that it has acquired a 15.9-acre site for $10.3 million in Irvine’s new Oak Creek section, the second land purchase there this year by the real estate investment trust.

Irvine Apartment, which has first shot at apartment deals on the Irvine Ranch, said it plans to build 393 apartments at the site. The apartments, which will rent in the $900 to $1,000 range for one bedroom and $1,100 and up for two bedrooms, will be designed for young professionals.

The site was purchased from the Irvine Co., the private company that is developing the sprawling ranch. Irvine Apartment, which is based in Newport Beach, said it expects to invest $45 million in the property and earn a first-year return of 10%.

Irvine Apartment’s other planned development at Oak Creek, encompassing 196 units on 10 acres of land, will be aimed at the family market, said Richard E. Lamprecht, president of the company’s Irvine Ranch operations.