Affordable Residential Communities, Englewood, Colo., is selling its manufactured home community business to an affiliate of Farallon Capital Management for a total of $1.794 billion, including cash and assumption of debt.On a net basis, the sale is expected to yield about $540 million, or about $9.35 per common share, ARC reported. The company said it is looking to make "opportunistic acquisitions" from the sale proceeds. ARC's portfolio consists of 57,264 homesites in 275 communities across 23 states. Farallon, a San Francisco-based investment management company, is retaining ARC employees in the business. The transaction is expected to close by the end of 2007. The companies can be found online at http://www.aboutarc.com and http://www.faralloncapital.com.
ARC Selling MH Biz to Farallon
Published April 17, 2007, 2:00 p.m. EDT
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