Colorado, also has another dozen communities, or 3,506 apartment units, under construction. It owns land for 28 more developments and has an interest in 10 apartment properties in Germany.
Archstone, however has a higher debt load relative to its earnings than most other apartment REITS and its past debt woes were partly behind Lehman's collapse.
Lehman and Tishman Speyer acquired Archstone Smith, one of the largest owners of U.S. apartments, through a $23.7 billion leveraged buyout in 2007.
As real estate values fell and credit began to dry up, Archstone could not sell buildings to repay some of its loans. Its lenders ended up owning the company in 2010, with Lehman getting 47 percent and other banks a combined 53 percent.
When apartment values rebounded, Lehman sought to spin off Archstone in an IPO, but the banks balked. Ultimately, Lehman bought out the other stakes in two separate transactions for about $2.98 billion. The deals were completed in June.
As of Sept. 30, Archstone's debt adjusted for certain transactions associated with the IPO and the sales of certain assets, was $4.7 billion. The IPO proceeds will be used to repay debt for other general working capital expenses.
By the end of 2013, Archstone expects to sell $1 billion of additional properties, a substantial portion of which are already on the market, and its debt to EBITDA (earnings before interest, taxes, depreciation and amortization) ratio could be 7.5 or less, the company said.
The average debt to EBITDA ratio for apartment REITs is in the mid 6s, according to Green Street.
The company said Citigroup and JP Morgan are underwriting the IPO.