Current Report Filing (8-k)
February 21 2017 - 5:14PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
February 16, 2017
REVEN HOUSING REIT, INC.
(Exact Name of Registrant as Specified in Its
Charter)
Maryland
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001-37865
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84-1306078
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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875 Prospect Street, Suite 304
La Jolla, CA 92037
(Address of principal executive offices)
(858) 459-4000
(Registrant’s telephone number, including
area code)
Not applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.
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Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12))
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Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry Into a Material Definitive Agreement.
Memphis 27 Purchase and Sale Agreement
On February 16, 2017, Reven
Housing REIT, Inc. (the “Company”) entered into a Single Family Homes Real Estate Purchase and Sale Agreement (the
“Agreement”) with H&J Properties, LLC, a Tennessee limited liability company (the “Seller”), for
the Company’s purchase of a portfolio of up to 27 single-family homes located in the Memphis, Tennessee, metropolitan area
from the Seller. The Seller is unaffiliated with the Company.
The Agreement provides
for a deposit of $21,400 within five business days of the execution of the Agreement, and the total contract purchase price for
the 27 properties is $2,140,000, excluding closing costs and subject to certain adjustments. Of the 27 properties, 16 properties
are subject to one-year leases with tenants, four properties are subject to month-to-month leases with the tenants and seven properties
are currently vacant.
For a period commencing
on the effective date of the Agreement and ending on the 30
th
day following Seller’s delivery of certain
specified property information to the Company (the “Due Diligence Period”), the Company may retain a contractor or
home inspector mutually acceptable to the Company and the Seller to identify any necessary repairs and the cost to make such repairs.
The Seller will be responsible for paying for all repairs identified by such third-party inspector. The Agreement contains customary
representations and warranties by the Seller, and the Company will be obligated to purchase the properties only after satisfaction
of agreed upon closing conditions. The Company may terminate the Agreement for any or no reason by giving written notice of such
termination to the Seller on or before the expiration of the Due Diligence Period.
The Agreement provides
that the closing for the purchase of the properties is to occur no later than 30 days following the expiration of the Due Diligence
Period. There can be no assurance that the Company will consummate the acquisition.
The foregoing description
of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is attached hereto as Exhibit
10.1 and is incorporated herein by reference.
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Item 9.01
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Financial Statement and Exhibits
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(d) Exhibits
Exhibit
No.
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Description
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Method of Filing
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10.1
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Single Family Homes Real Estate Purchase and Sale Agreement (Memphis 27) dated February 16, 2017
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Filed herewith
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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REVEN HOUSING REIT, INC.
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Dated: February 21, 2017
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/s/ Chad M. Carpenter
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Chad M. Carpenter,
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Chief Executive Officer
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