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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Irvine Apartment Communities, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
463606103
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(CUSIP Number)
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CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS
SCHEDULE IS FILED:
/x/ RULE 13d-1(b)
/ / RULE 13d-1(c)
/ / RULE 13d-1(d)
Page 1 of 8 Pages
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CUSIP NO. 463606103 SCHEDULE 13G PAGE 2 of 8 PAGES
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1 NAME OF REPORTING PERSONS
LaSalle Advisors Capital Management, Inc.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
36-4160747
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2 Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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5 SOLE VOTING POWER
NUMBER OF 141,600
SHARES
BENEFICIALLY --------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 12,200
PERSON --------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
141,600
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8 SHARED DISPOSITIVE POWER
146,700
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
288,300
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
Excludes shares beneficially owned by ABKB/LaSalle Securities
Limited Partnership
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.4%
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12 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 463606103 SCHEDULE 13G PAGE 3 of 8 PAGES
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1 NAME OF REPORTING PERSONS
ABKB/LaSalle Securities Limited Partnership
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
36-3991973
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2 Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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5 SOLE VOTING POWER
NUMBER OF 15,500
SHARES
BENEFICIALLY --------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 531,290
PERSON --------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
15,500
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8 SHARED DISPOSITIVE POWER
543,700
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
559,200
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
Excludes shares beneficially owned by LaSalle Advisors Capital
Management, Inc.
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.8%
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12 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 463606103 SCHEDULE 13G PAGE 4 of 8 PAGES
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ITEM 1.
(a) Name of Issuer
Irvine Apartment Communities, Inc.
(b) Address of Issuer's Principal Executive Offices
550 Newport Center Drive, Suite 300
Newport Beach, CA 92660
ITEM 2.
LaSalle Advisors Capital Management, Inc. provides the following
information:
(a) Name of Person Filing
LaSalle Advisors Capital Management, Inc.
(b) Address of Principal Business Office or, if none, Residence
200 East Randolph Drive
Chicago, Illinois 60601
(c) Citizenship
Maryland
(d) Title of Class of Securities
Common Stock, $.01 par value per share
(e) CUSIP Number
411465107
ABKB/LaSalle Securities Limited Partnership provides the following
information:
(a) Name of Person Filing
ABKB/LaSalle Securities Limited Partnership
(b) Address of Principal Business Office or, if none, Residence
200 East Randolph Drive
Chicago, Illinois 60601
(c) Citizenship
Maryland
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CUSIP NO. 463606103 SCHEDULE 13G PAGE 5 of 8 PAGES
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(d) Title of Class of Securities
Common Stock, $.01 par value per share
(e) CUSIP Number
94856P102
ITEM 3.* IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
(a) / / Broker or Dealer registered under Section 15 of the
Act
(b) / / Bank as defined in Section 3(a)(6) of the Act
(c) / / Insurance Company as defined in Section 3(a)(19) of
the Act
(d) / / Investment Company registered under Section 8 of the
Investment Company Act
(e) /X/ Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940
(f) / / Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see
Section 240.13d-1(b)(1)(ii)(F)
(g) / / Parent Holding Company, in accordance with
Section 240.13d-1(b)(ii)(G) (Note: See Item 7)
(h) / / A savings association as defined in section 3(b) of
the Federal Deposit Insurance Act
(i) / / A church plan that is excluded from the definition of
an investment company under section 3(c)(14) of the
Investment Company Act of 1940
(j) / / Group, in accordance with
Section 240.13d-1(b)-1(ii)(J)
* This response is provided on behalf of LaSalle Advisors Capital
Management, Inc. and ABKB/LaSalle Securities Limited Partnership, each an
investment adviser under Section 203 of the Investment Advisers Act of 1940.
ITEM 4. OWNERSHIP
If the percent of the class owned, as of December 31 of the year covered
by the statement, or as of the last day of any month described in Rule
13d-1(b)(2), if applicable, exceeds five percent, provide the following
information as of that date and identify those shares which there is a right
to acquire.
LaSalle Advisors Capital Management, Inc. provides the following
information:
(a) Amount Beneficially Owned:
288,300
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CUSIP NO. 463606103 SCHEDULE 13G PAGE 6 of 8 PAGES
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(b) Percent of Class:
1.4%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
141,600
(ii) shared power to vote or to direct the vote:
12,200
(iii) sole power to dispose or to direct the disposition of
141,600
(iv) shared power to dispose or to direct the disposition of
146,700
ABKB/LaSalle Securities Limited Partnership provides the following
information:
(a) Amount Beneficially Owned
559,200
(b) Percent of Class
2.8%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
15,500
(ii) shared power to vote or to direct the vote
531,290
(iii) sole power to dispose or to direct the disposition of
15,500
(iv) shared power to dispose or to direct the disposition of
543,700
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CUSIP NO. 463606103 SCHEDULE 13G PAGE 7 of 8 PAGES
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ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following /X/.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
The two members of the Group are: LaSalle Advisors Capital
Management, Inc. ("LaSalle") and ABKB/LaSalle Securities Limited Partnership
("ABKB/LaSalle").
ABKB/LaSalle is a Maryland limited partnership, the limited
partner of which is LaSalle and the general partner of which is ABKB/LaSalle
Securities, Inc., a Maryland corporation, the sole stockholder of which is
LaSalle. LaSalle and ABKB/LaSalle, each registered investment advisers, have
different advisory clients.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect
of changing or influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in any transaction
having such purpose or effect.
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CUSIP NO. 463606103 SCHEDULE 13G PAGE 8 of 8 PAGES
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
The parties agree that this statement is filed on behalf of each of them.
Date February 11, 1999
LASALLE ADVISORS CAPITAL
MANAGEMENT, INC.
By: /s/ William K. Morrill, Jr.
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Name: William K. Morrill, Jr.
Title: Managing Director
ABKB/LASALLE SECURITIES
LIMITED PARTNERSHIP
By: /s/ William K. Morrill, Jr.
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Name: William K. Morrill, Jr.
Title: Managing Director