Search
 

ARC Sells Assets for $1.8B in Cash, Assumed Debt

ENGLEWOOD, CO-Publicly traded Affordable Residential Communities Inc. its manufactured home communities business to Farallon Capital Management LLC, Helix Funds LLC and GEM Realty Capital Inc.

By Brian K. Miller | Updated on July 31, 2007

ENGLEWOOD, CO-Affordable Residential Communities Inc. has sold the operating assets used in it manufactured home communities business and its manufactured home retail sales and financing businesses to private equity for $1.79 billion in cash and assumed debt. Locally based ARC owned and operated approximately 57,264 homesites located in 276 communities in 23 states as of March 31, 2007. The new owners are Farallon Capital Management LLC affiliate American Residential Communities LLC, Helix Funds LLC and GEM Realty Capital Inc.

Farallon is a San Francisco-based investment management company that manages billions of discretionary equity capital from institutional investors such as university endowments, foundations, and pension plans. Helix Funds is a Chicago-based private real estate investment management company with experience in the manufactured home communities business. GEM, also Chicago based, is a real estate investment company that invests in private-market and publicly traded real estate on behalf of€ pension funds, insurance companies, financial institutions, endowments, foundations, and private clients.

In conjunction with this sale, ARC transferred the rights to the “Affordable Residential Communities” name and has changed its name to Hilltop Holdings Inc. In connection with the name change, the company’s New York Stock Exchange trading symbols will change to “HTH” for its common stock and “HTHPRA” for its preferred stock, effective as of August 1, 2007.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.