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Three O.C. firms on U.S. top 50 apartment owners/managers list
April 2nd, 2008, 5:01 pm · 1 Comment · posted by Mary Ann Milbourn
Orange County is holding its own among the top 50 U.S. apartment owners and apartment management companies, with three local firms making the National Multi Housing Council’s 2008 lists.
WNC & Associates Inc. in Irvine was No. 20 among apartment owners, with 48,881 units. The company moved up from its No. 21 ranking in 2007 when it had 44,644 units.
The Irvine Apartment Communities in Irvine ranked No. 26 among apartment owners with 39,765 units. It also improved its standing from No. 32 in 2007 when it owned 32,716 units.
Among apartment managers, Irvine Apartment Communities was No. 27 this year with 39,765 units, up from No. 33 last year and 32,218 units.
Western National Property Management in Irvine maintained its No. 47 ranking on the apartment managers list this year, the same as 2007. The number of units under management, however, increased from 26,596 in 2007 to 27,279 this year.
Apartment Investment and Management Company (AIMCO) in Denver remains the largest apartment owner and manager in the country. It owns 197,158 units and manages 195,888 units nationwide. In Orange County AIMCO has units in Anaheim, Costa Mesa, Cypress and Garden Grove. (CLICK HERE for a story about the $60 million makeover of The Lakes — now called 3400 Avenue of the Arts — in Costa Mesa.)
CLICK HERE for both Multi Housing Council top 50 lists and the full NMCH report on the state of the apartment biz.
April 2nd, 2008 at 6:12 pm
At the intersection of Main and Jamboree here in Irvine there are several large apartment complexes either just built or being built. A few blocks down Jamboree towards the Tustin District and there are even more. I would guess these units were intended to be sold as condos but they re-thought that strategy as the market went sour. But it strikes me that a glut of apartments are coming online in Irvine just as the economy heads into a deep recession.