Irvine Company is increasing its apartment construction projects despite a slowdown in the U.S. multifamily sector. The Newport Beach-based developer, headed by billionaire Donald Bren, currently has 3,000 units under construction in Orange County and another 9,000 units in planning across Orange, San Diego, and Santa Clara Counties, according to The Mercury News.
This move contrasts with the broader trend in California, where apartment construction has dropped by about 25 percent over the past two years. The decline is attributed to high interest rates, stagnant rents, and an oversupply in some markets. Despite these challenges, Bren, known for his work in master-planned communities and for restarting homebuilding after the 2008 housing crash, continues to expand the company’s residential footprint.
“Fulfilling the vision of master planning has been a lifetime dedication and lifetime passion,” Bren said in a statement to the Southern California News Group, which publishes several regional newspapers including the Orange County Register and Los Angeles Daily News. “I am hopeful the heritage of our stewardship will live on in many new ways,” he added.
Irvine Company’s current projects include converting office, retail, and industrial sites into residential communities. In Orange County, 1,481 apartments are being developed on two parcels near Irvine Spectrum shopping center that were originally designated for office use. A 313-unit expansion of an existing complex near Great Park is nearing completion. Another 1,858 units are planned for a different Spectrum site previously set aside for commercial use. Additional developments include 2,500 apartments near UC Irvine, 1,336 units on company-owned land in Tustin, and 1,261 apartments being created from retail space at The Market Place shopping center in Irvine. In San Diego, 552 apartments are proposed for an office campus near University Town Center.
Recently, Donald Bren and Irvine Company issued a statement distancing themselves from his son David Bren following allegations of a real estate scam involving the younger Bren. The statement clarified that they “do not have a personal or business relationship with this individual.”
