HOUSTON, TX - Reven Housing REIT announced that it has acquired a portfolio of 97 single-family homes in Houston, Texas. The purchase price for the portfolio was approximately $9,091,000, exclusive of closing costs. The Company funded the purchase by utilizing proceeds from its most recent public offering.
As part of the initial closing of the public offering the Company up-listed to NASDAQ in September 2016.
The acquired properties average 1,482 square feet and are mostly three-bedroom, two bath homes. Of the acquired properties, 55 are currently subject to one-year leases, 5 are vacant, and 37 are subject to month-to-month leases.
Chad M. Carpenter, Chairman and Chief Executive Officer of Reven, commented, "We are very pleased with our new portfolio acquisition of homes in Houston. This market has proved to be one of our strongest markets. Reven now owns 624 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta."
Michael Soni, Senior Investment Advisor who is in charge of acquisitions for Reven states, "This portfolio of homes is similar to, and complements, our existing portfolio. This acquisition increases our total portfolio of homes in Houston to 265."
Reven Housing REIT (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 Florida, Georgia, Mississippi, Tennessee and Texas.