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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HVR2uRReNdpCBecJGrCzBlNz0Ri2BF5Q+di/dQwYrlqGTbQGR7Vr6/nUTtNZPItm
 8Q7HI5iGDpMkNSMI7ncH1A==

<SEC-DOCUMENT>0001260943-04-000001.txt : 20040211
<SEC-HEADER>0001260943-04-000001.hdr.sgml : 20040211
<ACCEPTANCE-DATETIME>20040211192332
ACCESSION NUMBER:		0001260943-04-000001
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040211
FILED AS OF DATE:		20040211

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AFFORDABLE RESIDENTIAL COMMUNITIES INC
		CENTRAL INDEX KEY:			0001265131
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				841477939
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	MAIL ADDRESS:	
		STREET 1:		600 GRANT STREET SUITE 900
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LEE THOMAS H ADVISORS LLC
		CENTRAL INDEX KEY:			0001260943
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		04587964

	BUSINESS ADDRESS:	
		STREET 1:		THOMAS H LEE CO
		STREET 2:		75 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172271050
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-02-11</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001265131</issuerCik>
        <issuerName>AFFORDABLE RESIDENTIAL COMMUNITIES INC</issuerName>
        <issuerTradingSymbol>ARC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001260943</rptOwnerCik>
            <rptOwnerName>LEE THOMAS H ADVISORS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THOMAS H. LEE PARTNERS, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>75 STATE STREET</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02109</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8078225</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Warrants (rights to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>20.77</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2010-07-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>674630.38</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares of the Issuer held directly by Thomas H. Lee Equity Fund IV, L.P. (&quot;Equity&quot;), Thomas H. Lee Foreign Fund IV, L.P. (&quot;Foreign&quot;) and Thomas H. Lee Foreign Fund IV-B, L.P. (&quot;Foreign B&quot; and together with Equity and Foreign, the &quot;Funds&quot;).</footnote>
        <footnote id="F2">The reporting person is the general partner of Thomas H. Lee Partners, L.P., which is the manager of THL Equity Advisors IV, LLC, which, in turn, is the general partner of each of the Funds. As such, the reporting person may be deemed to beneficially own the shares of the Issuer owned directly by each of the Funds. The reporting person disclsims beneficial ownership of such shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for the purpose of Section 16 or for any other purpose, except to the extent of its pecuniary interest therein.</footnote>
        <footnote id="F3">Represents warrants to purchase shares of the Issuer's common stock, which are held directly by the Funds. This number was determined using $20 as the price per share of the Issuer's common stock. As of the date of this report, the actual price per share is $19 and this number will be amended by the Issuer. An amendment to this report will be filed when the new number is available.</footnote>
        <footnote id="F4">Immediately.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Scott A. Schoen</signatureName>
        <signatureDate>2004-02-11</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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