American Residential Properties, Inc. Completes $224 Million Offering of Common StockPR Newswire
SCOTTSDALE, Ariz., July 12, 2012 /PRNewswire/ -- American Residential Properties, Inc. ("ARP") announced today that it has completed a private offering of its common stock at $20.00 per share, for a total offering of approximately $224 million. The offering closed on May 11, 2012.
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The offering was structured as a private offering to qualified institutional buyers pursuant to Rule 144A, non-U.S. persons pursuant to Regulation S and accredited investors pursuant to Regulation D under the Securities Act.
FBR & Co. acted as sole initial purchaser and placement agent in the offering. Hunton & Williams LLP served as counsel to ARP in connection with its formation and the offering. Zelman & Associates acted as an advisor to FBR & Co. and ARP.
ARP is a recently organized, fully integrated and internally managed corporation formed primarily to acquire and manage single-family homes as investment properties for rental and to capitalize on other investment opportunities related to the single-family housing sector. ARP is organized and conducts its operations so as to qualify as a real estate investment trust for federal income tax purposes.
Stephen G. Schmitz, Chief Executive Officer of ARP said: "We are pleased to be the first in our sector to raise significant institutional capital on a direct basis from a diverse shareholder base. The fact that the deal was oversubscribed is indicative of the value our shareholders place on our experienced management team. Over the past three- and- a- half years, we have built the systems, the processes, and procedures necessary to acquire and manage single-family homes on a high volume basis in multiple markets. Coupled with our low cost debt facility, we have close to $500MM of buying power. As rental demand continues to increase across the country, our mission is to provide affordable housing for our residents while, at the same time, earn a high risk-adjusted return for our shareholders."
SOURCE American Residential Properties, Inc.