Irvine Apartment Communities: The Newport Beach real...

Irvine Apartment Communities: The Newport Beach real estate investment trust posted net income for the third quarter of $3.2 million, or 21 cents a share, up 78% from $1.8 million, or 16 cents a share, a year ago. Revenue gained 5% to $34.3 million from $32.7 million. For the nine-month period, net income was $4.5 million, or 35 cents a share, down 18% from $5.5 million, or 47 cents a share, for the comparable three quarters of 1994. Revenue rose 3% to $100.1 million from $97.5 million.

The company said Tuesday that it will buy a development site at the eastern end of Newport Bay from the Irvine Co. for approximately $4.2 million and plans to begin construction of a 300-unit apartment community on the site in November.