Aspire Real Estate Investors Inc. withdrew its plan for a $300 million IPO.

In a letter to the U.S. Securities and Exchange Commission dated Nov. 25, the multifamily property company said it intends to cancel the listing due to market conditions.

Aspire filed for an IPO of 15.0 million shares of its common stock, expected to be priced at $20.00 per share. The offering comes with a 30-day option for the underwriters to buy up to 2,250,000 additional shares.

The company, which mainly targets affordable and workforce multifamily properties in U.S. metropolitan areas, was looking to receive net proceeds from the offering of about $274.1 million, or $316.0 million if the underwriters fully exercise their additional-share option.