Affordable Residential Communities Inc.'s Initial Public Offering Priced at $19.00 Per Share

Affordable Residential Communities Inc.'s Initial Public Offering Priced at
$19.00 Per Share 


DENVER, Feb. 12  /PRNewswire-FirstCall/ -- Affordable Residential Communities
Inc.  today announced the pricing of its initial public offering of common stock
at $19.00 per share and the pricing of its initial public offering of 8.25%
Series A Cumulative Redeemable Preferred Stock at $25.00 per share.  Of the
shares sold in the common stock offering, 22,250,000 are being offered by the
Company and 2,258,617are being offered by selling stockholders.  The Company
will not receive any of the proceeds from the shares sold by the selling
stockholders.  ARC's common stock is expected to begin trading today, February
12, on the New York Stock Exchange under thesymbol "ARC," and ARC's Series A
preferred stock is expected to begin trading on the New York Stock Exchange
under the symbol "ARC Pr A" within 30 days. ARC has granted the underwriters in
the offerings options to purchase up to an additional 3,676,292shares of common
stock and 750,000 shares of Series A preferred stock to cover over-allotments.

For the common stock offering, Citigroup Global Markets Inc. and Merrill Lynch,
Pierce, Fenner & Smith Incorporated are the joint book-running managers, with
Credit Suisse First Boston, Morgan Stanley, UBS Investment Bank, Wachovia
Securities, Legg Mason Wood Walker, Incorporated, McDonald Investments Inc. and
Keefe Bruyette & Woods acting as co-managers.  For the Series A preferred stock
offering, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner &
Smith Incorporated are the joint book-running managers, with Legg Mason Wood
Walker, Incorporated, McDonald Investments Inc., Bear Stearns & Co. Inc., RBC
Capital Markets and Keefe Bruyette & Woods acting as co-managers. Both offerings
are expected to close on February 18, 2004.

Copies of the prospectuses relating to the offerings may be obtained by
contacting Citigroup Global Markets Inc. at 388 Greenwich Street, New York, NY
10013 or Merrill Lynch, Pierce, Fenner & Smith Incorporated at 250 Vesey Street,
New York, NY 10080.

ARC provided the NYSE with additional information upon which the NYSE relied in
listing the company.  Such information was included in ARC's listing application
and is available to the public upon request.

Affordable Residential Communities Inc. will be the largest owner and operator
of manufactured homes and communities in the U.S. after the completion of its
pending acquisition of 90 communities with approximately 26,000 homesites from
Hometown America, L.L.C., to be completed in conjunction with the closing of
ARC's initial public offering.  ARC also rents and sells manufactured homes,
finances sales of manufactured homes, and acts as an agent in the sale of
homeowners' insurance and other related insurance products, all exclusively to
residents of its communities.

A registration statement relating to these securities has been filed with and
declared effective by the Securities and Exchange Commission.  This
communication shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there by any sale of these securities in any
jurisdiction in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.


DATASOURCE: Affordable Residential Communities Inc.



CONTACT:  John G. Sprengle, Executive Vice President and Chief Financial

Officer, [phone], for Affordable Residential CommunitiesInc.

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