Reven Housing REIT, Inc. Announces Acquisition of 48 Homes in Birmingham, AL
January 02 2018 - 3:15PM
Business Wire
Reven Housing REIT, Inc. (the “Company”, “Reven”) (NASDAQ:RVEN),
an owner and operator of single-family residential properties,
today announced that the Company closed on the acquisition of 48
single family homes in the Birmingham, Alabama metropolitan area on
December 29, 2017.
The contract purchase price for the 48 acquired properties was
approximately $3,127,708, exclusive of closing costs and was
subject to a credit of $352,875 for deferred maintenance. The
Company funded the purchase with proceeds from a new loan from
SouthPoint Bank in Alabama.
Chad M. Carpenter, Chairman and Chief Executive Officer of
Reven, commented, "This is our second acquisition in the
Birmingham, Alabama area, which increases our presence in the state
to 117 homes, making it the Company’s fourth largest market. We
view Birmingham as a vibrant market where Reven can continue to
increase its footprint in the years to come. Reven now owns 803
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. Reven currently owns and
operates single family rental properties in Alabama, Florida,
Georgia, Mississippi, Tennessee and Texas.
For more information, please visit
http://www.revenhousingreit.com/.
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version on businesswire.com: http://www.businesswire.com/news/home/20180102005824/en/
Investor Relations:ICR, Inc.Evelyn Infurna,
203-682-8265evelyn.infurna@icrinc.com
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