LA JOLLA, Calif., March 20, 2017 /PRNewswire/ -- Reven Housing REIT, Inc. ("Reven" or the "Company") (NASDAQ: RVEN) today announced that on March 15, 2017, the Company closed on the acquisition of 38 properties located in the Atlanta, Georgia metropolitan area.
The contract purchase price for the 38 acquired properties was approximately $2,662,900, exclusive of closing costs. The Company funded 100% of the purchase with cash. The acquired properties average 1,439 square feet and are mostly three-bedroom, two bath homes. Of the acquired properties, 27 are currently subject to one-year leases and 11 are subject to month-to-month leases.
Chad M. Carpenter, Chairman and Chief Executive Officer of Reven, commented, "This was a strategic acquisition for us to expand in Atlanta by adding to our existing portfolio. This acquisition is a good example of our investment strategy to acquire smaller portfolios under 250 SFR's per transaction that have the potential to achieve higher yields. Reven now owns 662 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta."
Additional information regarding the acquisition of the Atlanta portfolio can be found in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 16, 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.
SOURCE Reven Housing REIT, Inc.