LA JOLLA, Calif., Oct. 19, 2015 /PRNewswire/ -- Reven Housing REIT, Inc. ("Reven" or the "Company") (OTCBB: RVEN) today announced that it has acquired a portfolio of 45 single-family homes in Jacksonville, Florida. The purchase price for the portfolios was approximately $3,057,000, exclusive of closing costs. The Company funded the purchase by utilizing proceeds from a new loan financing from Silvergate Bank in La Jolla, California with a total principal balance of $5,015,060. The acquired properties average 1,320 square feet and are mostly three-bedroom, two bath homes. Of the acquired properties, 38 are currently subject to one-year leases, five are subject to multi-year leases and two are subject to month-to-month leases.
Chad M. Carpenter, Chairman and Chief Executive Officer of Reven, commented, "We are very pleased with our acquisition of this 100% leased portfolio in Jacksonville as we continue to execute our business plan. Reven now owns 518 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta.
Additional information regarding the acquisition of the Jacksonville portfolio and Silvergate loan can be found in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 19, 2015.
About Reven Housing REIT, Inc.
Reven Housing REIT, Inc., (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, Texas and intends to expand throughout the United States. The company intends to qualify as a REIT for federal income tax purposes. As a REIT, it would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. 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, 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. 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 subsequently filed SEC reports, for further information.
SOURCE Reven Housing REIT, Inc.