Goldman Sachs is the sole bookrunner of the offering. Credit Suisses First Boston is serving as the co-lead investment banker, Legg Mason Wood Walker, Merrill Lynch & Co. and Salomon Smith Barney are co-managers. Archstone will purchase the shares at the same net price at which the underwriters purchase shares from Security Capital.

Last fall, Security Capital said it planned to sell its remaining shares in Archstone. It wants more "flexibility" by selling 18 companies in which it held partial interests and plans to hold 100% interest in about four or five companies.

Archstone Communities operates, develops, redevelops, acquires and owns apartments in markets and submarkets with high barriers to entry. It has a current market cap of $5.7 billion. Its portfolio includes 229 communities with 70,685 units, including 8,176 units in its development pipelines. It has projects in 31 of the 50 largest metropolitan markets in the US.