Colony Financial Inc., which has been taking advantage of investment opportunities in the still-depressed residential market, late Thursday announced plans to sell at least 5 million common shares.

The Santa Monica real estate investment company, which is the public subsidiary of Thomas J. Barrack’s Colony Capital LLC, said it intends to send at least $45 million of net proceeds to its CSFR Operating Partnership LP, a vehicle for investing in single-family rental homes. It has invested $355 million in the partnership since July, according to regulatory filings.

Colony Financial now has 51 million shares outstanding and a market cap of $1.07 billion. The offering would gross about $105 million at Thursday’s closing share price.

Proceeds would be used for acquisitions, working capital and general corporate purposes.

Shares on Thursday closed down 11 cents, or less than 1 percent, to $20.95 on the New York Stock Exchange. They fell 2 percent in after-hours trading.