IRVINE, CA / ACCESS Newswire / February 18, 2026 / IRA Capital ("IRA"), a Southern California-based real estate private equity firm, announced today the successful sale of the Von Karman Creative Campus ("VKCC"), a 25.4-acre site located in Irvine, California, to Lennar Corporation. The transaction closed on January 30, 2026.
Rendering of 426 unit townhome project to replace VKCC office campus
IRA Capital acquired the property in January 2023 from Blackstone's Equity Office REIT through a partnership with Foxfield LLC. The sale follows a 36-month de-tenanting, redevelopment, and entitlement effort that repositioned a nine-building, 445,000-square-foot creative office campus into a fully entitled residential development opportunity.
Following acquisition, IRA Capital and Foxfield pursued a multi-track entitlement strategy in coordination with the City of Irvine. The partnership initially secured full entitlements in the first quarter of 2025 for a 550,000-square-foot industrial development. As part of a broader agreement with the City and consistent with updated planning objectives for the Irvine Business Complex, the partnership also fast-tracked residential entitlements for the site. In the third quarter of 2025, the Irvine Planning Commission approved full residential entitlements, including a Master Plan, Park Plan, and Vesting Tentative Tract Map authorizing up to 426 for-sale residential units.
IRA Capital conducted a competitive bid process upon receipt of full approvals and selected Lennar as buyer. The property was sold for approximately $232 million, or roughly $9.1 million per acre.
"As an Irvine-based firm, IRA Capital is deeply committed to investing in and contributing to the long-term success of our home community," said Amer Kasm, Co-Founder and Managing Partner of IRA Capital. "This project reflects the strength of public-private collaboration and our shared commitment with the City of Irvine to thoughtful planning and disciplined execution. We are thankful for the efforts of Foxfield, the City of Irvine, and Lennar."
The sale positions the site for its next chapter as a thoughtfully planned residential community with diverse housing types in one of Southern California's most supply-constrained housing markets. Lennar has since demolished the existing improvements and expects to commence construction in the coming months.
About IRA Capital
Founded in 2010, IRA Capital is a Southern California-based private equity firm specializing in real estate investments throughout the United States, with a primary focus on commercial real estate and an overweight concentration in healthcare assets. Since inception, IRA Capital has acquired more than 12.5 million square feet of property across 32 states, representing over $4 billion in total capitalization. For more information, visit www.iracapital.com.
For more information, please contact:
IRA Capital Investor Relations
investorrelations@iracapital.com
SOURCE: IRA Capital
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/real-estate/ira-capital-completes-sale-of-25-acre-von-karman-creative-campus-in-irvine-california-1138291
