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.
Memphis 27 Purchase and Sale Agreement
On February 16, 2017, Reven Housing REIT, Inc. (the Company)
entered into a Single Family Homes Real Estate Purchase and Sale
Agreement (the Agreement) with HJProperties, LLC, a Tennessee
limited liability company (the Seller), for the Companys purchase
of a portfolio of up to 27 single-family homes located in the
Memphis, Tennessee, metropolitan area from the Seller. The Seller
is unaffiliated with the Company.
The Agreement provides for a deposit of $21,400 within five
business days of the execution of the Agreement, and the total
contract purchase price for the 27 properties is $2,140,000,
excluding closing costs and subject to certain adjustments. Of
the 27 properties, 16 properties are subject to one-year leases
with tenants, four properties are subject to month-to-month
leases with the tenants and seven properties are currently
vacant.
For a period commencing on the effective date of the Agreement
and ending on the 30thday following Sellers delivery
of certain specified property information to the Company (the Due
Diligence Period), the Company may retain a contractor or home
inspector mutually acceptable to the Company and the Seller to
identify any necessary repairs and the cost to make such repairs.
The Seller will be responsible for paying for all repairs
identified by such third-party inspector. The Agreement contains
customary representations and warranties by the Seller, and the
Company will be obligated to purchase the properties only after
satisfaction of agreed upon closing conditions. The Company may
terminate the Agreement for any or no reason by giving written
notice of such termination to the Seller on or before the
expiration of the Due Diligence Period.
The Agreement provides that the closing for the purchase of the
properties is to occur no later than 30 days following the
expiration of the Due Diligence Period. 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 Statement and Exhibits |
(d) Exhibits
| Exhibit No. | Description | Method of Filing | ||
| 10.1 |
Single Family Homes Real Estate Purchase and Sale Agreement (Memphis 27) dated February 16, 2017 |
Filed herewith |
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. REVEN HOUSING REIT, INC. (NASDAQ:RVEN) Recent Trading Information
REVEN HOUSING REIT, INC. (NASDAQ:RVEN) closed its last trading session 00.00 at 5.80 with 200 shares trading hands.