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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) March 3, 1998
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IRVINE APARTMENT COMMUNITIES, INC.
IRVINE APARTMENT COMMUNITIES, L.P.
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(Exact Name of Registrant as Specified in Its Charter)
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Maryland 1-12478 33-0698698
Delaware 0-22569 33-0587829
(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 2. OTHER EVENTS
Irvine Apartment Communities, L.P. (the "Operating Partnership") is a Delaware
limited partnership. As of January 31, 1998, Irvine Apartment Communities, Inc.,
a Maryland corporation (the "Company"), owned a 44.4% general partnership
interest in and was the sole general partner of the Operating Partnership.
On March 3, 1998, the Operating Partnership and Western National Property
Management announced the formation of a strategic alliance that, in April 1998,
will assume all property management responsibilities for the Operating
Partnership's current Southern California portfolio. The new entity, Irvine
Apartment Management Company, will be owned 51% by the Operating Partnership and
49% by Western National Property Management. The Company believes that this
strategic alliance will create greater efficiencies and enhance service to
customers.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99 - Press Release dated March 3, 1998
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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: April 23, 1998 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: April 23, 1998 By: /s/ Shawn Howie
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Shawn Howie
Vice President, Corporate Finance
and Controller
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Index to Exhibit
Exhibit-99 - Press Release dated March 3, 1998
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EXHIBIT 99
FOR RELEASE
March 3, 1998
Contact:
James E. Mead
Senior Vice President and
Chief Financial Officer
(714) 720-5557/(888) 650-1080-after hours
or
Scott G. Newnam
Senior Director, Corporate Finance
and Strategic Planning
(714) 720-5530/(888) 650-1082-after hours
IRVINE APARTMENT COMMUNITIES
AND WESTERN NATIONAL PROPERTY MANAGEMENT
CREATE PROPERTY MANAGEMENT STRATEGIC ALLIANCE
NEWPORT BEACH, CA, March 3, 1998 - Irvine Apartment Communities
(NYSE:IAC), a major owner and developer of apartment properties in California,
and Western National Property Management, one of the largest property management
firms based in the western United States, today announced the formation of a
strategic alliance that will assume all property management responsibilities for
IAC's current Southern California portfolio. The new entity, Irvine Apartment
Management Company, will be owned 51% by IAC and 49% by Western National
Property Management. Irvine Apartment Management Company will begin operations
April 1, 1998 with management responsibilities for 51 properties located on the
Irvine Ranch in Orange County and in San Diego.
"With a major expansion program underway in California, it is vital to
maintain the high quality customer service standards IAC's residents have come
to expect," said William H. McFarland, the company's president and chief
executive officer. "We believe this new strategic alliance will help us achieve
our goals," he said.
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Western National Property Management is a privately held, full service
real estate organization with 35 years experience specializing in multifamily
management, development, construction, and acquisition. With 27,000 apartment
units under management, Western National is consistently listed in the nation's
top 50 property management companies. The firm manages more apartments in Orange
County than any other organization.
Irvine Apartment Communities, a Southern California-based real estate
investment trust, is the dominant owner and operator of apartment properties on
the Irvine Ranch, the nation's largest master-planned community. In January
1997, the company initiated an expansion program into other high-growth markets
of California, focusing on northern California's Silicon Valley and several
regions of San Diego County. At December 31, 1997, IAC owned or had under
development 59 apartment communities with 17,248 rental units.
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