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 August 28, 2018, Reven Housing REIT, Inc. (the “Company”) entered into a Single Family Homes Real Estate Purchase and Sale Agreement (the “Agreement”) with Prominence Homes LLC, an Alabama limited liability company ( “Seller”), to purchase a portfolio of up to 59 single-family homes located in the Birmingham, Alabama metropolitan area from the Seller. The Seller is unaffiliated with the Company.
The Agreement provides for a deposit of $102,704 and a total contract purchase price for the 59 properties of $10,270,400, subject to certain adjustments.
The Birmingham 59 homes are currently under construction and the Company intends to purchase the homes in batches as they are completed and leased. From time to time during the 150 day period following the date of the Agreement, Seller shall notify the Company of the completion of groups of homes, comprising not less than 15 homes per group. For a 30-day period commencing on the Company’s receipt of the completion notice, executed lease agreement for each home and certain due diligence information (the “Due Diligence Period”), the Company may conduct inspections to determine whether the properties are suitable for the Company’s purposes, in the Company’s sole discretion.
The Agreement provides that the 59 homes will be acquired at multiple closings on or before the 150th day following the date of the Agreement. The Company’s purchase of the 59 single-family homes is subject the Company’s due diligence review of the properties. There can be no assurance that the Company will consummate the acquisition.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is filed with this report:
Reven Housing REIT, Inc. ExhibitEX-10.1 2 tv502064_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT by and between Prominence Homes LLC as Seller and REVEN HOUSING REIT,…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.
