LA JOLLA, Calif., Nov. 10, 2014 /PRNewswire/ -- Reven Housing REIT,
Inc. ("Reven" or the "Company") (OTCBB: RVEND) today announced that
it has acquired 26 single-family homes in three separate closings.
Two additional homes in Jacksonville,
Florida were acquired on October 30,
2014 and 24 homes in Memphis,
Tennessee were acquired from two separate sellers on
November 4, 2014 and November 7, 2014, respectively. The aggregate
purchase price for all 26 homes was approximately $2,039,336, exclusive of closing costs. The
Company funded 100% of the purchase with cash. The acquired
properties average 1,650 square feet and are mostly three-bedroom,
two bath homes. Of the acquired properties, 14 are currently
subject to one-year leases, and 12 are subject to multi-year
leases.
Chad M. Carpenter, Chairman and
Chief Executive Officer of Reven, commented, "We recently
consummated the delayed closings of acquisitions of additional
properties that are part of our existing portfolio purchase
contracts once these homes were fixed, leased and occupied,
satisfying certain of our acquisition criteria that homes be fixed,
leased and occupied before we close escrow in accordance with our
investment strategy of reducing risk and increasing cash flow with
our portfolio acquisitions. In addition, we completed the
acquisition of a new portfolio of 21 homes from a new seller in
Memphis. Reven now owns a total of 319 homes, 168 in
Houston, 93 in Memphis, 49 in Jacksonville and 9 in Atlanta."
Reven is also under contract to acquire an additional 210 homes,
110 in Jacksonville, Florida and
100 homes in Houston Texas
pursuant to three separate contracts with multiple sellers.
Additional information regarding these purchase contracts can be
found in the Company's Current Reports on Form 8-K filed with the
Securities and Exchange Commission on September 17, 2014, September 30, 2014, and November 4, 2014, respectively.
About Reven Housing REIT, Inc.
Reven Housing REIT is engaged in the acquisition, ownership and
operation of portfolios of leased single-family homes in
the United States. RVEND currently
owns and operates SFR's in Florida, Georgia, Mississippi, Tennessee, Texas and intends to expand throughout
the United States. Reven operates
its portfolio properties as single-family rentals, or SFRs, and it
generates most of its revenue from rental income of the existing
tenants of the SFRs that Reven has acquired. Reven's business
plan involves acquiring portfolios of rented houses from investors
who have bought them low, fixed and rented them; and generating
current income from profits from rentals and appreciation of
houses. Reven intends to take all necessary steps to qualify
as a real estate investment trust ("REIT") under the Internal
Revenue Code, as amended. However, no assurance can be given
that it will qualify or remain qualified as a REIT.
Forward Looking Statement
This press release contains forward-looking statements that
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events and similar expressions.
Forward-looking statements may be identified by use of words such
as "may," "will," "should," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," or "potential" or similar
words or phrases which are predictions of or indicate future events
or trends. Statements such as those concerning potential
acquisition activity, investment objectives, strategies,
opportunities, other plans and objectives for future operations or
economic performance are based on the Company's current
expectations, plans, estimates, assumptions and beliefs that
involve numerous risks and uncertainties. Any of these
statements could prove to be inaccurate and actual events or
investments and results of operations could differ materially from
those expressed or implied, including the ability of the Company to
qualify and operate as a REIT. To the extent that the
Company's assumptions differ from actual results, the Company's
ability to meet such forward-looking statements, including its
ability to invest in a diversified portfolio of quality real estate
investments and to qualify and operate as a REIT, may be
significantly and negatively impacted. You are cautioned not
to place undue reliance on any forward-looking statements and the
Company disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, new information, future events or other
changes. Please refer to Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission on for the year
ended December 31, 2013 filed with
the SEC on March 25, 2014, and
subsequently filed SEC reports, for further information.
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SOURCE Reven Housing REIT, Inc.