REVEN HOUSING REIT, INC. (NASDAQ:RVEN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On November 26, 2018, Reven Housing REIT, Inc, acting through a wholly-owned subsidiary (the “Company”), entered into a Single Family Homes Real Estate Purchase and Sale Agreement (the “Agreement”) with Holdings, LLC, WRG Investments, LLC, Foster Investments, LLC, and Lone Oak Run Investment Holdings, LLC (collectively, the “Sellers”), to purchase a portfolio of up to 45 single-family homes located in the Oklahoma City, Oklahoma metropolitan area from the Sellers. The Sellers are unaffiliated with the Company. The Agreement provides for a deposit of $100,315 and a total contract purchase price for the 45 properties of $10,031,581, including closing costs and subject to certain adjustments.
On December 28, 2018, the Company conducted an initial closing under the Agreement to which it purchased 27 single family homes for approximately $5.75 million, exclusive of closing costs.
On February 1, 2019, the Company and the Sellers entered into two separate Amendments to Real Estate Purchase and Sale Agreement (“Amendments”) to which the total number of homes remaining to be purchased under the Agreement was reduced from 18 to 12, and the total remaining purchase price was reduced to $2,785,645, subject to adjustments in accordance with the provisions of the Agreement.
The foregoing description of the Amendments are qualified in their entirety by reference to the full text of the Amendments, which are attached hereto as Exhibits 10.1 and 10.2 and are 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. Exhibit
EX-10.1 2 tv512531_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT THIS AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is made and entered into as of February 1,…
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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.