Orange County Business Journal: IRA Capital Eyes $500M+ Housing Project in Irvine
(Rendering) City discussing 426 for-sale homes on existing 25-acre office site at Von Karman Avenue and Alton Parkway
ORANGE COUNTY BUSINESS JOURNAL dated September 15, 2025
Est. $500M+ Condo Project Eyed in Irvine
RESIDENTIAL: City discussing 426 units on 25-acre office site
By Parimal M. Rohit
IRVINE - An Irvine office property is slated to be demolished for 426 residential units that could yield anywhere from $500 million to $660 million in sales when completed and sold.
The Irvine Planning Commission will discuss the proposed housing project at its Sept. 18 meeting. The Business Journal’s estimated sales figure is based on current median prices that range from $1.2 million to $1.55 million for a condominium unit in Irvine.
Von Alton I LLC, which is affiliated with Irvine-based private equity firm IRA Capital LLC, filed an application with the city of Irvine to build the 426 for-sale condominiums on a 25.4-acre site at the northwest corner of Alton Parkway and Von Karman Avenue.
The project implies almost 17 homes per acre.
The office campus, currently called the Von Karman Corporate Center, is part of the Irvine Business Complex (IBC). IRA Capital wanted to repurpose the site for two warehouses totaling 541,344 square feet at 2121 Alton Parkway and 16715 Von Karman Ave.
However, the city balked, saying too much industrial was being built in the city and pushed for housing even though the land wasn’t entitled for that use. To avoid potential litigation, the city’s former manager came up with an option.
Under the City Council-approved Option Agreement, if the city fails to process timely and approve the residential project, the city has the option to purchase the VKCC project site for $317.5 million if it does not want IRA Capital to proceed with the previously approved warehouse project.
That’d be equivalent to paying $745,000 per house, or $12.5 million per acre, an unheard-of price for an infill site in the IBC. Land entitled for warehouse development in the IBC has been trading for $4 million to $5 million an acre.
Von Alton has since filed its proposal with the city. The Irvine Subdivision Committee reviewed the proposal on Aug. 27 and advanced the plans to the Planning Commission.
Project Master Plan
Von Alton’s submitted master plan for the project shows a mix of four housing types to offer to prospective buyers: duets, single-family detached, townhomes, and stacked flats.
Duets: Three-level attached duplexes with three- and four-bedroom plans ranging from 1,833 to 2,203 square feet (76 units).
Single-Family Detached: Up to 93 units, three-level condominiums with three- and four-bedroom plans, 1,674 to 2,150 square feet.
Townhomes: 191 three-level townhome-style condominiums in clusters of four to ten units per building; 2–3 bedrooms, 1,357 to 1,665 square feet.
Stacked Flats: 66 units, one to three bedrooms, 712 to 1,442 square feet; three floors with 11 units per building.
“All units are for-sale residential condominiums. The various products and residential units are connected via a network of pathways and walkways, with unit clustering organized to provide active and passive courtyard spaces between the buildings,” Irvine city staff said in a report to planning commissioners.
Von Alton would also pay the city a $6.7 million community park in-lieu fee and $7.2 million affordable housing in-lieu fee.
IRA Capital and VKCC
Von Karman Corporate Center, or VKCC, is currently home to nine existing office and industrial buildings. Office is the largest use, with 440,397 square feet of space. There are also 13,271 square feet of industrial use and a retail tenant occupying 400 square feet.
The nine-property VKCC portfolio was bought by IRA Capital, which also operates as Von Karman I LLC, for $102.4 million in January 2023.
Blackstone Inc. had owned the portfolio as part of its Blackstone Real Estate Partners VIII fund.
IRA Capital operates as a private equity firm focused on alternative investments, particularly in medical and healthcare real estate. It invests its own capital and on behalf of co-investment partners that include pension funds, institutions, family offices, and individuals.
The firm has completed $3.5 billion in investments involving 138 properties totaling 10.2 million square feet, according to its website.
Founded in 2010 by Amer Kasm, Samir Patel, Jay Gangwal, Amer Malas, and Mohannad Malas, all five partners have extensive real estate experience and community involvement, including Mohannad Malas’ roles with the UCI Foundation, UCI Beall Applied Innovation, and Mission Hospital Foundation.
Among IRA Capital’s notable local projects are the 450,000-square-foot Von Karman Creative Campus in Irvine and the former headquarters of Anduril, a 150,000-square-foot facility at Michelson and Jamboree.
The firm did not return the Business Journal’s requests for comment.
Abandoning Industrial Plans
The city has been under pressure due to Assembly Bill 98, signed by Gov. Gavin Newsom last year, establishing new buffer requirements between residential properties and warehouses.
AB 98, which takes effect Jan. 1, 2026, regulates warehouse development and trucking activities, creating new truck routes that avoid residential areas and setting buffer zones near housing, parks, and schools.
While the law aims to reduce emissions and improve public health, it also adds burdens for warehouse operators.
The Irvine City Council subsequently rezoned the IBC area late last year to allow up to 15,000 homes in an area previously dominated by commercial properties—part of the city’s strategy to balance industrial and residential development.