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 it finalized its acquisition of 27 renovated single-family homes in Birmingham, Alabama on February 16, 2018.
The contract purchase price for the 27 acquired properties was approximately $1,659,000, exclusive of closing costs. The Company funded the purchase from additional loan proceeds totaling $2,736,630 from SouthPoint Bank of Alabama, which also closed on February 16, 2018. This loan increases the Company’s loan with SouthPoint Bank to $6,530,550.
Chad M. Carpenter, Chairman and Chief Executive Officer of Reven, commented, "The closing represents our third acquisition and second consecutive acquisition in Birmingham, Alabama. We now own 144 homes in this market, making it our third largest market. Our portfolio has grown to 830 homes located primarily in the southeast U.S."
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/.