LA JOLLA, Calif., April 20, 2017 /PRNewswire/ -- Reven Housing REIT, Inc. ("Reven" or the "Company") (NASDAQ: RVEN) today announced that on April 19, 2017, the Company closed on the acquisition of 68 properties located in the Birmingham, Alabama metropolitan area.
The contract purchase price for the 68 acquired properties was approximately $5,241,667, exclusive of closing costs. The Company funded 100% of the purchase with cash. The acquired properties average 1,297 square feet and are mostly three-bedroom, 1.5-bath homes. Of the acquired properties, sixty-three are currently subject to one-year leases and five are subject to month-to-month leases.
Chad M. Carpenter, Chairman and Chief Executive Officer of Reven, commented, "We believe Birmingham is a solid market for our investment strategy and we're impressed with Birmingham's sophistication and southern charm. Downtown Birmingham is going through a renaissance with more than $800 million worth of construction projects in the works. Reven now owns 749 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis, Birmingham and Atlanta".
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 Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
SOURCE Reven Housing REIT, Inc.