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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) July 2, 1997
IRVINE APARTMENT COMMUNITIES, INC.
IRVINE APARTMENT COMMUNITIES, L.P.
(Exact Name of Registrant as Specified in Its Charter)
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Maryland 1-12478 33-0698698
Delaware 0-22569 33-0587829
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(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number)
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550 Newport Center Drive, Suite 300, Newport Beach, California 92660
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 720-5500
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ITEM 5. OTHER EVENTS
Irvine Apartment Communities, L.P. is a Delaware limited partnership (the
"Operating Partnership"). Irvine Apartment Communities, Inc., a Maryland
corporation (the "Company"), owns a 45.1% general partnership interest in and is
the sole general partner of the Operating Partnership.
Reference is made to the attached Press Release dated July 2, 1997 related to
the appointment of William H. McFarland as President and Chief Executive Officer
of Irvine Apartment Communities, Inc.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 20 - Press release of Irvine Apartment Communities, Inc. dated
July 2, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
IRVINE APARTMENT COMMUNITIES, INC.
Date: July 16, 1997 By: /s/ SHAWN HOWIE
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Shawn Howie
Vice President, Corporate Finance
and Controller
IRVINE APARTMENT COMMUNITIES, L.P.
By: Irvine Apartment Communities, Inc.,
its sole general partner
Date: July 16, 1997 By: /s/ SHAWN HOWIE
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Shawn Howie
Vice President, Corporate Finance
and Controller
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[IAC IRVINE APARTMENT COMMUNITIES LETTERHEAD]
FOR RELEASE
JULY 2, 1997
Contact:
James E. Mead
Senior Vice President and
Chief Financial Officer
Office: 714-720-5557
After Hours: 888-587-8578
WILLIAM MCFARLAND NAMED PRESIDENT AND CEO OF
IRVINE APARTMENT COMMUNITIES
NEWPORT BEACH, CA, July 2, 1997 -- William H. McFarland, 57, who for 13
years has guided all residential community development on the master-planned
Irvine Ranch in Orange County, CA, today was named president and chief executive
officer of Irvine Apartment Communities (NYSE:IAC) effective July 15.
He assumes the titles and responsibilities from Donald Bren, chairman of
The Irvine Company. Bren will remain chairman of IAC and deeply involved with
McFarland in guiding the company's strategic growth both on The Irvine Ranch and
in other selected markets in California.
Currently McFarland is president and chief executive officer of Irvine
Community Development Company, the land development arm of The Irvine Company,
which is building the nation's largest master planned urban environment on the
54,000 acres it owns in Orange County.
In 1996, McFarland was elected to the California Building Industry
Foundation Hall of Fame, recognizing his housing industry leadership and his
influence in the construction of more than 40,000 homes and apartments in
California during his 29-year career.
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"Bill brings knowledge and experience to IAC that could not be matched by
any one else, including expert understanding of IAC's principal markets,
appreciation for its quality products, and a strong, positive working
relationship with senior officials of both IAC and The Irvine Company," said
Bren.
He noted that McFarland is intimately aware of the Irvine Ranch, IAC's
principal market. Since 1984, McFarland has guided all of The Irvine Company's
homebuilding activities, and oversaw the development of 10,700 apartment units
on the Ranch, most of which became the core of IAC's portfolio at its IPO in
December 1993.
McFarland has also been associated with Kaiser Aetna, the Bren Company and
homebuilder California Pacific Homes, providing him with critical experience in
residential markets of San Diego and northern California where IAC is currently
expanding its portfolio.
"Bill has no equal in our business for understanding the implementation
of large scale community development," Bren added. "He is tough, smart, a
great businessman, a superb manager, and a true strategic thinker with
vision."
McFarland will also continue as a member of IAC's board of directors. He
will sever all relationships with The Irvine Company, including giving up his
seat on its board of directors. Further, he will no longer be associated with
Bren's California Pacific Homes.
"This move comes at a time when the tremendous explosion in high tech job
creation in California -- particularly in selective areas like Irvine, Silicon
Valley and north San Diego -- is fueling growing demand for housing," McFarland
said. "For companies like IAC, with the resources, talent and strategic vision,
this represents a once-in-a-lifetime real estate opportunity. The challenge of
heading a thriving public apartment company in this business environment is
irresistible."
McFarland holds a master's degree in business administration from
California State University, Los Angeles, and a bachelor's degree in accounting
from Arizona State University. He served three years as an officer in the U.S.
Marine Corps.
McFarland and his wife, Romy, live in Newport Beach. They have three
children.
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Irvine Apartment Communities, a southern California-based real estate
investment trust, is the dominant owner and operator of apartment properties on
Orange County's Irvine Ranch, the nation's largest master-planned community. The
company has recently initiated an expansion program into other high growth
markets of California, focusing on northern California's Silicon Valley and
northern San Diego County. At June 30, 1997, IAC owned 55 apartment communities
representing 14,991 completed rental units and 1,110 units under construction.
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IAC's press releases are available on the Internet at www.iac-inv.com.
