Irvine Company is ramping up apartment construction while much of the U.S. multifamily sector is tapping the brakes. The Newport Beach-based developer, led by billionaire Donald Bren, has 3,000 units under construction in Orange County and another 9,000 in planning phases in Orange, San Diego and Santa Clara Counties, The Mercury News reported. Irvine Company’s push comes as apartment construction statewide has fallen about 25 percent over the past two years, dragged down by high interest rates, flat rents and oversupply in certain markets. The tough market conditions don’t seem to be an obstacle for 93-year-old Bren, who famously restarted […]
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