American Residential Properties, a REIT focused on single-family residential properties, announced terms for its IPO on Monday. The Scottsdale, AZ-based company plans to raise $301 million by offering 13.7 million shares at a price range of $21 to $23. At the midpoint of the proposed range, American Residential Properties would command a fully diluted market value of $731 million.
American Residential Properties, which was founded in 2008 and booked $3 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol ARPI. Morgan Stanley, BofA Merrill Lynch, FBR Capital Markets and Jefferies are the joint bookrunners on the deal.
