LA JOLLA, Calif., April 4, 2017 /PRNewswire/ -- Reven Housing REIT,
Inc. ("Reven" or the "Company") (NASDAQ: RVEN) today announced that
on March 31, 2017, the Company closed
on the acquisition of 20 properties located in the Memphis, Tennessee metropolitan
area.
The contract purchase price for the 20 acquired properties was
approximately $1,584,000, exclusive
of closing costs. The Company funded 100% of the purchase with
cash. The acquired properties average 1,657 square feet and are
mostly three-bedroom, two bath homes. Of the acquired
properties, ten are currently subject to two-year
leases, five are subject to one-year leases and five are
subject to month-to-month leases. There are also six
additional homes in Memphis Reven intends to purchase for
$486,000 once leased pursuant to the
same purchase contract.
Mike Soni, Senior Investment
Advisor of Reven, commented, "This was a nice addition to our
existing Memphis portfolio which
now brings our total homes owned in Memphis to 114. This acquisition is a good
example of our investment strategy to acquire smaller portfolios in
current markets to continue to gain operational efficiencies. Reven
now owns 681 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta."
Additional information regarding the acquisition of the
Memphis portfolio can be found in
the Company's Current Report on Form 8-K filed with the Securities
and Exchange Commission on April 4,
2017.
About Reven Housing REIT, Inc.
Reven Housing REIT, Inc., (NASDAQ: RVEN) engages in the
acquisition and ownership of portfolios of occupied single family
rental properties in the United
States. RVEN currently owns and operates SFR's in
Florida, Georgia, Mississippi, Tennessee and Texas.
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SOURCE Reven Housing REIT, Inc.