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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-K/A

(Mark One)

[X]        Annual report pursuant to Section 13 or 15(d) of the Securities
           Exchange Act of 1934 For the fiscal year ended December 31, 1995

                                       or

[ ]        Transition report pursuant to Section 13 or 15(d) of the Securities
           Exchange Act of 1934. For the transition period from
           __________________ to _________________.

Commission File Number: 1-12478

                       IRVINE APARTMENT COMMUNITIES, INC.
             (Exact Name of Registrant as Specified in Its Charter)

        Delaware                                        33-0581775
(State of Incorporation)                 (I.R.S. Employer Identification Number)

      550 Newport Center Drive, Suite 300, Newport Beach, California 92660
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (714) 720-5500

Securities registered pursuant to Section 12(b) of the Act:

          Title of each class:                       Name of each exchange on 
                                                         which registered:
Common Stock, par value $.01 per share                New York Stock Exchange
                                                       Pacific Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

Number of shares of common stock outstanding as of December 31, 1995: 16,975,000

      Indicate by check mark whether the registrant has (1) filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter time as required), and
(2) has been subject to such filing requirements for the past 90 days:
Yes _X_ No ___.

      Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

      The aggregate market value of the voting stock held by nonaffiliates of
the registrant as of February 29, 1996 was $334,066,500 assuming that all
officers and directors of the Company are affiliates.

Documents incorporated by reference:

      Portions of the Amended Annual Report to Shareholders for the year ended 
      December 31, 1995 are incorporated by reference into Parts I and II of 
      this Form 10-K/A.

      Portions of the proxy statement for the registrant's annual shareholders'
      meeting held April 30, 1996 are incorporated by reference into Part III
      of this Form 10-K/A.
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        This Annual Report on Form 10K/A is being filed solely for purposes of
updating Exhibit 23.1 to the Annual Report on Form 10K/A (for the year ended
December 31, 1995) filed by the registrant on February 11, 1997. No other
changes to the Annual Report on Form 10K/A filed on February 11, 1997 are being
made hereby.
    

   
EXHIBIT 23.1:
------------
(1)  Update the Consent of Independent Auditors to February 11, 1997.
    

   
    


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                                   SIGNATURES

      Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                              IRVINE APARTMENT COMMUNITIES, INC.

   
                              By:      SHAWN HOWIE
                                 --------------------------------
                                       Shawn Howie
                                       Vice President and Controller
                                       March 7, 1997
    

   
    


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