Irvine Apartment
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NEWPORT BEACH — Irvine Apartment Communities said a public offering of 1.15 million shares of common stock has been priced at $27.50 per share. The offering is expected to close Feb. 20.
Concurrent with the public offering, Irvine Co., which owns 54.8% of the Irvine Apartment Communities operating partnership, is purchasing nearly 1.4 million additional IAC operating partnership units at the company’s net price, which excludes underwriter discounts and commissions.
Irvine Apartment said in a press release that net proceeds of about $66 million from the two transactions will be used to pay off the outstanding balance of its credit line and to fund its development program, including the real estate investment trusts’s recent expansion into the Silicon Valley.
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