"The Newport Beach-based company, which owns 125 complexes with 65,000 apartments across California, has 3,000 units under construction at three sites in Orange County. There are another 9,000 units in various stages of planning in Orange, San Diego and Santa Clara counties. Irvine Co. would rank 12th among the nation's top U.S. apartment owners if it participated in the National Multifamily Housing Council scorecards. Irvine Co.'s construction activity contrasts with a national cooldown in apartment development."
"High financing costs, a wobbly economy, flat rents and overbuilding in certain markets nudged many other developers to cancel or delay rental projects. In California, apartment construction as measured by multifamily permits is down 25% over the past two years to a pace not seen since 2013-14. But Irvine Co. owner Donald Bren, the nation's wealthiest real estate investor, frequently uses unconventional thinking."
"Irvine Co. has created a diverse California-centric portfolio of residential, retail, entertainment, recreation and business properties. Bren is a pioneer in what the industry calls master planned communities, where entire neighborhoods have long-range blueprints for development. Treating real estate as a multidecade investment helps to make real-time economic gyrations seem like a modest detail in the creation of new properties."
Irvine Co. owns 125 complexes with 65,000 apartments across California and currently has 3,000 units under construction at three Orange County sites, plus about 9,000 units in planning in Orange, San Diego and Santa Clara counties. The company would rank 12th among U.S. apartment owners if included in National Multifamily Housing Council scorecards. National apartment development has cooled due to high financing costs, economic uncertainty, flat rents and overbuilding, and California multifamily permits are down 25% over two years to levels not seen since 2013-14. Owner Donald Bren emphasizes long-term, master-planned community development and treats real estate as a multidecade investment.
Read at www.ocregister.com
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