The Englewood-based company (NYSE: ARC) said it has a definitive agreement in place with Farallon Capital Management LLC , a San Francisco-based investment management company. Farallon's partner in the acquisition is Riverside Communities, a real estate investment company based in Chicago.

Affordable Residential Communities operates mobile home parks in 23 states and owns about 57,264 homesites. The company's largest presence is in the Dallas-Fort Worth area.

Affordable Residential Communities will retain about $125 million of Series A preferred stock, $96.6 million of senior notes and $25.8 million of trust preferred securities.

The company also will keep ownership of its NLASCO Inc. insurance subsidiary. The property and casualty insurance company was purchased in January.

Affordable Residentail Communities in March reported revenue of $244.1 million for 2006, down from $252.1 million the year before, and net losses of $27.7 million and $194.8 million for 2006 and 2005, respectively.

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