American Residential Properties announced the pricing of its initial public offering of roughly 13.5 million shares of its stock at a price of $21 per share.

The shares are expected to begin trading on the New York Stock Exchange Thursday, under the symbol ARPI, the company said in its latest release. 

The offering is expected to close on May 14.

The underwriters have a 30-day option to purchase up to an additional 2 million shares, which are being offered by American Residential (ARPI).

Net proceeds of $264.6 million are expected. The firm will use those proceeds to acquire, restore, lease and manage single-family homes as rental properties.

Morgan Stanley (MS), Bank of America Merrill Lynch (BAC), FBR and Jefferies are acting as joint book-running managers for the offering.