REVEN HOUSING REIT, INC. (NASDAQ:RVEN) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
On December 19, 2018, a subsidiary of Reven Housing REIT, Inc. (“Company”) closed on its purchase of 89 single family homes in the Oklahoma City, Oklahoma metropolitan area to a Single Family Homes Real Estate Purchase and Sale Agreement with TB Rentals, LLC (“Seller”). The Seller is unaffiliated with the Company.
The contract purchase price for the 89 acquired properties was approximately $7,100,000, exclusive of closing costs. The Company funded the purchase with cash on hand.
About REVEN HOUSING REIT, INC. (NASDAQ:RVEN)
Reven Housing REIT, Inc. is a holding company. The Company is an internally managed real estate investment trust. It is engaged in the acquisition, ownership and operation of portfolios of leased single family homes in the United States. Its objective is to generate cash flow and distribute resulting profits to its stockholders in the form of distributions, while gaining home price appreciation at the same time through the ownership of its portfolio properties. It operates its portfolio properties as single family rentals (SFRs), and generates its revenue from rental income from the existing tenants of the SFRs. As of December 31, 2015, it owned a total of 527 homes, of which 256 homes were in the Jacksonville, Florida metropolitan area; 168 homes were in the Houston, Texas metropolitan area; 94 homes were in the Memphis, Tennessee metropolitan area (with two of the Memphis homes located across the border in Mississippi), and nine homes were in the Atlanta, Georgia metropolitan area.