Irvine Co. Hikes Homebuilding, Apartment ExecsREAL ESTATE: New president posts reflect building boom Saturday, May 11, 2013
The boom in development for Irvine Company’s homebuilding and apartment divisions has led to a reshuffling of executive duties at the Newport Beach-based real estate company.
It recently named Dan Hedigan president of Irvine Pacific LP, the homebuilding division of Irvine Co.
Chris Marsh was named president of Irvine Co.’s Apartment Development division.
Both changes were disclosed on Irvine Co.’s website in recent weeks.
Executives at the company, Orange County’s dominant real estate firm, confirmed the appointments and said the promotions were made “to improve operational efficiency and to recognize outstanding performance.”
Hedigan and Marsh are said to report to Dan Young, president of Irvine Community Development Co.
Young, who heads residential development on the Irvine Ranch, is one of two stand-alone entries for Irvine Co.—along with Chairman Donald Bren—on this week’s OC 50, the Business Journal’s annual listing of the area’s most prominent businesspeople (see Special Report, page 29).
Irvine Co.’s listing of its executive leaders now shows eight people with the title of president at the privately held company, whose holdings include land on the Irvine Ranch and a commercial real estate portfolio approaching 98 million square feet.
The new positions for Hedigan and Marsh come at a time of rapid growth for their two respective divisions.
Irvine Pacific has been OC’s most active homebuilder for three years running, and the Irvine Ranch—which has seen homes built both by Irvine Pacific and other builders that buy land from Irvine Co.—has been California’s best-selling masterplanned community over that time.
Irvine Co.’s new Woodbury East community, which opened in 2010, is now complete, and the company’s Stonegate and Laguna Altura projects—which both opened in 2011—are each well more than 50% built.
This month saw the opening of another for-sale home development, Cypress Village. The first batch of homes at the community, which is in northeast Irvine along Jeffrey Road at Trabuco Road, is being built by Irvine Pacific.
There’s also talk of Orchard Hills, another housing project in North Irvine, opening in the not-too-distant future.
Irvine Co.’s apartment division is seeing a similar level of development activity.
The division has a portfolio totaling about 122 apartment communities with nearly 47,000 units, but it could add another 10,000 or so new units over the next few years.
Recent rental projects include Los Olivos in the Irvine Spectrum, which will hold 1,750 units when fully built, as well as a 1,677-unit apartment project at Cypress Village. The company also has a heavy development pipeline in Northern California.
Marsh’s appointment as president of Irvine Co.’s Apartment Development division is expected to free up Kevin Baldridge, president of Irvine Co. Apartment Communities, to oversee the company’s existing apartment portfolio.
Irvine Co. is now believed to be the largest owner of apartments in California.
Hedigan and Marsh each have long tenures at Irvine Co.
Hedigan has been with the company since 1984, serving most recently as an executive vice president for Irvine Pacific.
Marsh joined Irvine Co. in 2003. Notable projects he’s worked on include the Resort at Pelican Hill, where he acted as project executive for development of the Newport Coast resort, which opened in 2008.