Ginkgo Residential to Go Public

Ginkgo Residential is planning a $250 million IPO and will use those funds to aggressively pursue acquisitions:

Ginkgo Residential Trust Inc., a real estate investment trust that owns and manages apartments in the southern U.S., disclosed a plan to raise about $250 million in an initial public offering…

The company, led by Chief Executive Officer Philip Payne and Chief Operating Officer D. Scott Wilkerson, will “pursue an aggressive acquisition program” to expand its portfolio of mid- market apartments in the South and has identified about $270 million of potential purchases, according to the filing with the U.S. Securities and Exchange Commission.

“We typically do not face significant competition from other institutional multifamily real estate buyers for acquisitions in our target markets, as these buyers tend to focus on luxury properties in select gateway or coastal markets outside the southern U.S.,” the company said in its filing.