By Catherine Reagor | The Arizona Republic
Two of metro Phoenix’s biggest housing investors are more concerned with selling than buying right now.
Scottsdale-based American Residential Properties raised $287.7 million in an initial public offering last month. The real-estate investment trust sold 13.7 million shares of stock at $21 each.
Scottsdale-based Colony American Homes had planned to raise $260 million through an IPO on Wednesday but postponed it because of falling REIT prices. REIT share prices have fallen more than 10 percent since mid-May.
There is no word yet on when the division of Santa Monica, Calif.-based Colony Capital plans to reschedule its public offering. Colony had expected to sell 20 million shares Wednesday.
Both American Residential and Colony American own thousands of metro Phoenix homes that they rent out. The landlord companies purchased many foreclosures and short-sale houses, but those bargains are much more difficult to find in the Valley’s housing market now.
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2 Valley REITs refocus from buying to selling
By Catherine Reagor | The Arizona Republic
Two of metro Phoenix’s biggest housing investors are more concerned with selling than buying right now.
Scottsdale-based American Residential Properties raised $287.7 million in an initial public offering last month. The real-estate investment trust sold 13.7 million shares of stock at $21 each.
Scottsdale-based Colony American Homes had planned to raise $260 million through an IPO on Wednesday but postponed it because of falling REIT prices. REIT share prices have fallen more than 10 percent since mid-May.
There is no word yet on when the division of Santa Monica, Calif.-based Colony Capital plans to reschedule its public offering. Colony had expected to sell 20 million shares Wednesday.
Both American Residential and Colony American own thousands of metro Phoenix homes that they rent out. The landlord companies purchased many foreclosures and short-sale houses, but those bargains are much more difficult to find in the Valley’s housing market now.
