DENVER – Underwriters for Affordable Residential Communities Inc. the owner and operator of manufactured home communities in Northern Colorado, set the terms of the company’s pending initial public offering at 24.6 million shares with an estimated price range of $19 to $21 per share.
ARC owns two communities in Fort Collins, three in Greeley and one in Loveland.
The Denver-based real estate investment trust filed in October to sell up to $450 million in stock in an IPO but didn’t release the terms of the offering.
According to a Securities and Exchange Commission filing, 2.4 million of the shares will be sold by shareholders. The company is also selling 5 million preferred shares.
The company has stated that it intends to use the net proceeds from the offering to finance its acquisition of Hometown America’s communities, to purchase rental homes and to fund working capital.