LA JOLLA, Calif., April 4, 2017 /PRNewswire/ -- Reven Housing REIT, Inc. ("Reven" or the "Company") (NASDAQ: RVEN) today announced that on March 31, 2017, the Company closed on the acquisition of 20 properties located in the Memphis, Tennessee metropolitan area.
The contract purchase price for the 20 acquired properties was approximately $1,584,000, exclusive of closing costs. The Company funded 100% of the purchase with cash. The acquired properties average 1,657 square feet and are mostly three-bedroom, two bath homes. Of the acquired properties, ten are currently subject to two-year leases, five are subject to one-year leases and five are subject to month-to-month leases. There are also six additional homes in Memphis Reven intends to purchase for $486,000 once leased pursuant to the same purchase contract.
Mike Soni, Senior Investment Advisor of Reven, commented, "This was a nice addition to our existing Memphis portfolio which now brings our total homes owned in Memphis to 114. This acquisition is a good example of our investment strategy to acquire smaller portfolios in current markets to continue to gain operational efficiencies. Reven now owns 681 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta."
Additional information regarding the acquisition of the Memphis portfolio can be found in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 4, 2017.
About Reven Housing REIT, Inc.
Reven Housing REIT, Inc., (NASDAQ: RVEN) engages in the acquisition and ownership of portfolios of occupied single family rental properties in the United States. RVEN currently owns and operates SFR's in Florida, Georgia, Mississippi, Tennessee and Texas.