LA JOLLA, Calif.--(BUSINESS WIRE)--Reven Housing REIT, Inc. (the “Company”, “Reven”) (NASDAQ:RVEN), an owner and operator of single-family residential properties, today announced that the Company closed on the acquisition of 48 single family homes in the Birmingham, Alabama metropolitan area on December 29, 2017.
The contract purchase price for the 48 acquired properties was approximately $3,127,708, exclusive of closing costs and was subject to a credit of $352,875 for deferred maintenance. The Company funded the purchase with proceeds from a new loan from SouthPoint Bank in Alabama.
Chad M. Carpenter, Chairman and Chief Executive Officer of Reven, commented, "This is our second acquisition in the Birmingham, Alabama area, which increases our presence in the state to 117 homes, making it the Company’s fourth largest market. We view Birmingham as a vibrant market where Reven can continue to increase its footprint in the years to come. Reven now owns 803 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. Reven currently owns and operates single family rental properties in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
For more information, please visit http://www.revenhousingreit.com/.