LA JOLLA, Calif., Jan. 9, 2015 /PRNewswire/ -- Reven Housing REIT,
Inc. ("Reven" or the "Company") (OTCBB: RVEN) today announced that
it has acquired 76 single-family homes in fifteen separate
transactions in December 2014. The
aggregate purchase price for all 76 homes was approximately
$5,160,222, exclusive of closing
costs. The Company funded 100% of the purchase with
cash. The acquired properties average 1,300 square feet and
are mostly three-bedroom, one and a half bath rooms. Of the
acquired properties, 58 are currently subject to one-year leases,
and 18 are month to month leases.
Chad M. Carpenter, Chairman and
Chief Executive Officer of Reven, commented, "We are very pleased
with our acquisitions in Jacksonville and Memphis and are looking to expand in markets
where we have invested and other new markets throughout the
US."
About Reven Housing REIT, Inc.
Reven Housing REIT is engaged in the acquisition, ownership and
operation of portfolios of leased single-family homes in
the United States. Reven currently
owns and operates single-family rentals, or SFRs in Florida, Georgia, Mississippi, Tennessee, Texas and intends to expand throughout
the United States. Reven operates
its portfolio properties as SFRs, and it generates most of its
revenue from rental income of the existing tenants of the SFRs that
Reven has acquired. Reven's business plan involves acquiring
portfolios of rented houses from investors who have bought them
low, fixed and rented them; and generating current income from
profits from rentals and appreciation of houses. Reven
intends to take all necessary steps to qualify as a real estate
investment trust ("REIT") under the Internal Revenue Code, as
amended. However, no assurance can be given that it will
qualify or remain qualified as a REIT.
Forward Looking Statement
This press release contains forward-looking statements that
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events and similar expressions.
Forward-looking statements may be identified by use of words such
as "may," "will," "should," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," or "potential" or similar
words or phrases which are predictions of or indicate future events
or trends. Statements such as those concerning potential
acquisition activity, investment objectives, REIT qualification,
strategies, opportunities, other plans and objectives for future
operations or economic performance are based on the Company's
current expectations, plans, estimates, assumptions and beliefs
that involve numerous risks and uncertainties including those risk
factors disclosed in our filings with the SEC. Any of these
statements could prove to be inaccurate and actual events or
investments and results of operations could differ materially from
those expressed or implied, including the ability of the Company to
qualify and operate as a REIT. To the extent that the
Company's assumptions differ from actual results, the Company's
ability to meet such forward-looking statements, including its
ability to invest in a diversified portfolio of quality real estate
investments and to qualify and operate as a REIT, may be
significantly and negatively impacted. You are cautioned not
to place undue reliance on any forward-looking statements and the
Company disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, new information, future events or other
changes. Please refer to Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission on for the year
ended December 31, 2013 filed with
the SEC on March 25, 2014, and
subsequent SEC filingss, for further information.
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SOURCE Reven Housing REIT, Inc.