LA JOLLA, Calif., April 20, 2017 /PRNewswire/ -- Reven Housing
REIT, Inc. ("Reven" or the "Company") (NASDAQ: RVEN) today
announced that on April 19, 2017, the
Company closed on the acquisition of 68 properties located in the
Birmingham, Alabama metropolitan
area.
The contract purchase price for the 68 acquired properties was
approximately $5,241,667, exclusive
of closing costs. The Company funded 100% of the purchase with
cash. The acquired properties average 1,297 square feet and are
mostly three-bedroom, 1.5-bath homes. Of the acquired properties,
sixty-three are currently subject to one-year leases and five are
subject to month-to-month leases.
Chad M. Carpenter, Chairman and
Chief Executive Officer of Reven, commented, "We believe
Birmingham is a solid market for
our investment strategy and we're impressed with Birmingham's sophistication and southern
charm. Downtown Birmingham is
going through a renaissance with more than $800 million worth of construction projects in
the works. Reven now owns 749 homes in the southeast
U.S., primarily in Houston,
Jacksonville, Memphis, Birmingham and Atlanta".
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
Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
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SOURCE Reven Housing REIT, Inc.