REVEN HOUSING REIT, INC. (NASDAQ:RVEN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On September 6, 2017, Reven Housing Alabama, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Reven Housing REIT, Inc. (the “Company”), entered into a Single Family Homes Real Estate Purchase and Sale Agreement (the “Birmingham 50 Agreement”) with A&J Investments, LLC, an Alabama limited liability company, and MFJ, LLC, an Alabama limited liability company (collectively, the “Birmingham 50 Sellers”), to purchase a portfolio of up to 50 single-family homes located in the Birmingham, Alabama metropolitan area from the Birmingham 50 Sellers. The Birmingham 50 Sellers are unaffiliated with the Company. The Birmingham 50 Agreement was filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on September 7, 2017.
On October 31, 2017, the Company and the Birmingham 50 Sellers entered into a Second Amendment to the Birmingham 50 Agreement (“Second Amendment”), to which the parties amended the Birmingham 50 Agreement to (i) exclude two (2) single family homes from the transaction; (ii) reduce the purchase price to $3,127,708.00; (iii) provide for a credit of $352,875.00 to the Company for deferred maintenance; and (iv) to extend the Company’s due diligence period and the closing date to no later than December 15, 2017.
The foregoing description of the second amendment to the Birmingham 50 Agreement is qualified in its entirety by reference to the full text of the Second Amendment, which is attached hereto as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed with this report:
Reven Housing REIT, Inc. ExhibitEX-10.1 2 tv478505_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SECOND AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT THIS SECOND AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is made and entered into as of October 31,…To view the full exhibit click here
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.
