LA JOLLA, Calif., March 23, 2015 /PRNewswire/ -- Reven Housing
REIT, Inc. ("Reven" or the "Company") (OTCBB: RVEN) today announced
that it has acquired three portfolios totaling 73 single-family
homes in Jacksonville, Florida in
February and March 2015. The aggregate purchase price for the
three portfolios was $4,872,347,
exclusive of closing costs. The Company also closed an
additional loan in the amount of $3,526,985 from Silvergate bank in La Jolla, California on March 13, 2015. This brings the company's
total amount financed to $15,049,125
from Silvergate. The acquired properties average 1,300 square
feet and are mostly three-bedroom, one and a half bath homes.
Of the acquired properties, 73 are currently subject to one-year
leases.
Chad M. Carpenter, Chairman and
Chief Executive Officer of Reven, commented, "We are continuing to
expand in markets we are in and are also looking to expand in new
markets throughout the US. Reven's portfolio of single family
rented homes are in five states, Florida, Georgia, Mississippi, Tennessee and Texas."
Additional information regarding the Silvergate loan can be
found on the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission on March
17, 2015. Information regarding the acquisition of the
larger Jacksonville portfolio can
be found in the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission on March
16, 2015.
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 operates
its portfolio properties as single-family rentals, or 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, 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 the 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.
For More Information, Contact:
Anne Sugden
Reven Housing REIT, Inc.
7911 Hershel Ave., #201
La Jolla, California 92037
(858) 459-4000
www.revenhousingreit.com
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SOURCE Reven Housing REIT, Inc.