<PAGE> 1
================================================================================
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) June 30, 1997
IRVINE APARTMENT COMMUNITIES, INC.
IRVINE APARTMENT COMMUNITIES, L.P.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Maryland 1-12478 33-0698698
Delaware 0-22569 33-0587829
------------------------ ------------------------ ----------------------
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification Number)
550 Newport Center Drive, Suite 300, Newport Beach, California 92660
- -------------------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 720-5500
================================================================================
<PAGE> 2
ITEM 2. ACQUISITION OF ASSETS
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.
On June 30, 1997, the Operating Partnership purchased a 923-unit apartment
community (the "Property") located in La Jolla, California from AOKI
Construction (CA) Co., Ltd. (the "Seller") for $127.0 million. $118.0 million of
the purchase price was funded by borrowings under the Operating Partnership's
$250 million unsecured line of credit. The balance of the purchase price was
paid in cash. Neither the Operating Partnership, the Company, any subsidiary of
the Company nor any director or officer of the Company was affiliated with or
had a material relationship with the Seller.
The Property, completed in 1992, is situated on 15.5 acres. It includes a mix of
studio, one-, two-, and three-bedroom apartment units in 13 three- and
four-story buildings built over seven garage structures. Amenities include four
swimming pools and spas and a 10,000 square-foot clubhouse with fitness club,
aerobics studio and recreation center. The physical occupancy rate of the
Property was approximately 92.3% at June 30, 1997. The Company intends to
continue operating the property and to fund in cash from continuing operations
an additional $4.0 million to $5.0 million to replace carpeting, windows and
cabinet doors, repaint the community's exterior, renovate the leasing office and
clubhouse, upgrade the landscaping, improve the community's water proofing,
convert an existing office into an apartment unit, and certain other repairs.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements under Rule 3-14 of Regulation S-X
The Company has determined that it is impracticable to file audited
financial statements with respect to Renaissance Villas Apartments, as
prescribed by Rule 3-14 of Regulation S-X. Such financial statements will
be filed by amendment as soon as practicable, but in no event later than
60 days after the date of this Current Report.
(b) Pro Forma Financial Statements
The Company has determined that it is impracticable to file pro forma
financial statements for the Company as prescribed by Article 11 of
Regulation S-X. Such pro forma financial statements will be filed by
amendment as soon as practicable, but in no event later than 60 days after
the date of this Current Report.
<PAGE> 3
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 14, 1997 By: /s/ Shawn Howie
----------------------------------------
Shawn Howie
Vice President, Corporate Finance and
Controller
IRVINE APARTMENT COMMUNITIES, L.P.
By: Irvine Apartment Communities, Inc.,
its sole general partner
Date: July 14, 1997 By: /s/ Shawn Howie
----------------------------------------
Shawn Howie
Vice President, Corporate Finance and
Controller
