Single-family REIT Colony American Homes sets terms for $245 million IPO

Colony American Homes, which will become the leading single-family residential REIT, with over 9,900 homes managed by Colony Capital, announced terms for its IPO on Tuesday. The New York, NY-based company plans to raise $245 million by offering 20 million shares at a price range of $11.50 to $13.00. At the midpoint of the proposed range, Colony American Homes would command a fully diluted market value of $3 billion. Colony American Homes, which was founded in 2012 and booked $20 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol CAHS. Colony American Homes initially filed confidentially in February 2013. Credit Suisse, Morgan Stanley and BofA Merrill Lynch are the joint bookrunners on the deal.