Riverside Communities Completes Acquisition of Affordable Residential Communities and Implements Name Change

CHICAGO, IL -- Riverside Communities announced today that it has completed the acquisition of Affordable Residential Communities Inc. (NYSE: ARC). The acquisition represents a major milestone for Riverside as it executes on its business plan to become one of the nation’s premier owners of manufactured housing communities.  As result of the acquisition, Riverside now owns or controls more than 58,000 manufactured housing communities in 24 states, making it the largest private owner of manufactured home communities.  

The transaction, which provided the seller with gross proceeds of $1.794 billion, received shareholder approval on July 27, 2007.  Immediately following the acquisition, the company name of Affordable Residential Communities was changed to American Residential Communities.

"It is rare to have the opportunity to acquire a large portfolio of manufactured home communities and we are ecstatic to have the completed the transaction," said David Helfand, Riverside's President. 

About Riverside Communities
Riverside Communities, a subsidiary of Helix Funds LLC, is a Chicago-based asset management company which owns and operates high-quality manufactured home communities.  Led by David Helfand, former President and Chief Executive Officer of Equity Lifestyle Properties (NYSE:ELS), the Riverside management team has more than 40 years of experience in the MHC industry, having previously acquired more than 75 communities. 

Contact:
Riverside Communities
Orrin Shifrin, (312) 242-1500, General Counsel