American Residential Properties, Inc. Announces Closing Of Its Initial Public Offering

American Residential Properties, Inc. Announces Closing Of Its Initial Public
                                   Offering

PR Newswire

SCOTTSDALE, Ariz., May 14, 2013

SCOTTSDALE, Ariz., May 14, 2013 /PRNewswire/ --American Residential
Properties, Inc. (the "Company") (NYSE: ARPI) today announced that it has
completed its initial public offering of 13,700,500 shares of its common
stock, $0.01 par value per share ("Common Stock"), at a price to the public of
$21.00 per share. The Company sold 13,700,000 shares of Common Stock, and a
selling stockholder sold 500 shares of Common Stock. The shares began trading
on the New York Stock Exchange on May 9, 2013 under the symbol "ARPI."

The underwriters have a 30-day option to purchase up to an additional
2,055,000 shares of Common Stock to cover over-allotments, if any. These
additional shares are being offered by the Company.

Total net proceeds to the Company from the offering, after deducting the
underwriting discounts and commissions, structuring fee and other estimated
offering expenses payable by the Company, were approximately $264.6 million.

The Company will contribute the net proceeds of the offering to its operating
partnership, which will use the net proceeds to acquire, restore, lease and
manage single-family homes as rental properties, to provide short-term private
mortgage financing secured by interests in single-family homes, to repay
amounts outstanding under its senior secured revolving credit facility and for
general business purposes. The Company did not receive any proceeds from the
sale of shares by the selling stockholder.

A registration statement relating to the offering of the Common Stock
discussed above was declared effective by the Securities and Exchange
Commission on May 8, 2013. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
these securities, in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.

Morgan Stanley, BofA Merrill Lynch, FBR and Jefferies are acting as joint
book-running managers for the offering. Raymond James and Zelman Partners LLC
are acting as co-managers for the offering. A copy of the prospectus can be
obtained by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd
Floor, New York, NY 10014, Attention: Prospectus Department, telephone:
1-866-718-1649 or e-mail: prospectus@morganstanley.com; BofA Merrill Lynch,
222 Broadway, New York, NY 10038, Attention: Prospectus Department, e-mail:
dg.prospectus_requests@baml.com; FBR Capital Markets & Co., 1001 Nineteenth
Street North, Suite 1100, Arlington, VA 22209, telephone: 1-800-846-5050 or
e-mail: Prospectuses@FBR.com; or Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022,
telephone: 1-877-547-6340 or e-mail: Prospectus_Department@Jefferies.com.

About American Residential Properties, Inc.

American Residential Properties, Inc. is an internally managed real estate
company, organized as a real estate investment trust (or "REIT") for U.S.
federal income tax purposes, that acquires, owns and manages single-family
homes as rental properties.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are based upon the Company's
present expectations, but these statements are not guaranteed to occur. For
example, the fact that the underwriters have an over-allotment option may
imply that this option will be exercised. However, the underwriters are not
under any obligation to exercise this option, or any portion of it, and they
may not do so. Investors should not place undue reliance upon forward-looking
statements.

SOURCE American Residential Properties, Inc.

Contact: INVESTOR CONTACT: American Residential Properties, Inc., Shant
Koumriqian, Chief Financial Officer, ir@americanresidentialproperties.com,
480-474-4800, or MEDIA CONTACT: Financial Profiles, Inc., Megan Klein,
mklein@finprofiles.com, 310-478-2700 x28