UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 30, 2013
REVEN HOUSING REIT, INC.
(Exact Name of Registrant as Specified in Its Charter)
Colorado | 000-54165 | 84-1306078 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
7911 Herschel Avenue, Suite 201 La Jolla, CA 92037 |
(Address of principal executive offices) |
(858) 459-4000 |
(Registrant’s telephone number, including area code) |
Not applicable |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Item 1.01 Entry into a Material Definitive Agreement.
In its Form 8-K filed on October 10, 2013, Reven Housing REIT, Inc. (the “Company”) reported the entry by Reven Housing Georgia, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“Reven Georgia Sub”), into that certain Single Family Homes Real Estate Purchase and Sale Agreement (the “Agreement”) dated October 4, 2013, with Red Door Housing, LLC, a Texas limited liability company (“Red Door”), and WFI Funding, Inc., a Texas corporation (together with Red Door, the “Sellers”), to purchase a portfolio of 170 single family homes located in the Houston, Texas, metropolitan area from the Sellers.
On October 30, 2013, Reven Georgia Sub, the Sellers, and Reven Housing Texas, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“Reven Texas Sub”), entered into a First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (the “Amendment”), pursuant to which Reven Texas Sub assumed all of the rights and obligations under the Agreement from Reven Georgia Sub. In addition, the parties amended the Agreement to reflect the scheduled closing dates of the properties subject to the Agreement with the closing of 150 of the properties occurring on October 31, 2013, which was subsequently extended from October 30, 2013 by mutual agreement of buyer and Sellers, and the closing of the remaining 20 properties to occur on any day after January 15, 2014 and before January 31, 2014, at the buyer’s discretion.
The Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
Houston, Texas
On October 31, 2013, the Company, through a wholly owned subsidiary, closed on the acquisition of 150 properties of the portfolio of 170 single family homes located in the Houston, Texas, metropolitan area, subject to the Agreement. The other 20 properties remain subject to the terms of the Agreement. The Sellers do not have a material relationship with the Company and the acquisition was not an affiliated transaction.
The contract purchase price for the 150 acquired properties was $11,691,832.22, exclusive of closing costs. The Company funded 100% of the purchase with cash. The 150 acquired properties average 1,429 square feet and are mostly three-bedroom, two-bath homes. 112 of the acquired properties are subject to one-year leases and the remaining properties are subject to month-to-month leases.
The press release announcing the closing is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
In its Form 8-K filed on October 3, 2013, the Company reported the first closing of its private placement transaction under the Stock Purchase Agreement dated September 27, 2013 (the “Stock Purchase Agreement”), in which the Company closed on $11,000,000 of its common stock financing.
On October 30, 2013, the Company consummated the second closing of the common stock financing contemplated by the Stock Purchase Agreement. The Company issued an aggregate of 11,500,000 shares of its common stock to the investors in the Stock Purchase Agreement for gross proceeds of $2,300,000. The shares were issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder. Pursuant to the Company’s engagement letter with Ernst & Young Capital Advisors, LLC (“EYCA”) dated May 15, 2013, as amended, the Company paid EYCA $63,250 in fees in connection with the second closing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 30, 2013, Michael P. Soni resigned as Secretary of the Company, and the board of directors appointed That Meyer as the new Secretary of the Company.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Real Estate Acquired. Since it is impracticable to provide the required financial statements of the acquired real property describe in Item 2.01 at the time of this filing and no financials (audited or unaudited) are available at this time, the Company hereby confirms that it intends to file the required financial statements on or before January 16, 2014, by amendment to this Form 8-K.
(b) Pro Forma Financial Information. See paragraph (a) above.
(c) | Exhibits. |
The following exhibits are filed with this report:
Exhibit 10.1 |
First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (Houston 170)
|
Exhibit 99.1 | Press release dated October 31, 2013 announcing the closing of the acquisition of Houston properties |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
REVEN HOUSING REIT, INC. | |
Dated: November 5, 2013 | /s/ Chad M. Carpenter |
Chad M. Carpenter | |
Chief Executive Officer |
FIRST AMENDMENT TO
SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT
THIS FIRST AMENDMENT TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "First Amendment") is made as of October 30, 2013, by and between RED DOOR HOUSING LLC, a Texas limited liability company and WFI FUNDING, INC., a Texas corporation d/b/a RED DOOR FUNDING (collectively, “Seller”), and REVEN HOUSING TEXAS, LLC, a Delaware limited liability company (“Buyer”), successor-in-interest to REVEN HOUSING GEORGIA, LLC, a Delaware limited liability company (“Assignor”) with reference to the following recitals:
RECITALS
A. Seller and Assignor entered into that certain Single Family Homes Real Estate Purchase and Sale Agreement, dated as of October 4, 2013 ("Agreement"), pursuant to which Seller agreed to sell and Assignor agreed to purchase from Seller, that certain group of One Hundred Seventy (170) single family homes, in the City of Houston, Texas, and which is more particularly defined in the Agreement as the “Property,” all upon the terms and subject to the conditions contained in the Agreement.
B. Seller and Assignor have agreed to amend the Agreement to reflect the scheduled closing dates, as set forth herein.
AGREEMENT
1. Definitions. All initially-capitalized terms used in this First Amendment without definition shall have the meanings given such terms in the Agreement.
2. Closing Dates. Section 5(d) of the Agreement is hereby deleted in its entirety and replaced with the following:
(d) Deferred Closing. Buyer will cause the Closing to occur with respect to the Property identified on Exhibit A-1 on the Closing Date. The consideration required to close with respect to those Properties will be equal to the sum of the values of the properties set forth on Exhibit A-1 (less the value of any Excluded Properties) and Buyer will close with respect to those properties on the scheduled Closing Date. Buyer may, in its discretion, close on the properties identified on Exhibit A-2 by delivering to Escrow the sum of the values of the properties set forth on Exhibit A-2 (less the value of any Excluded Properties) on any day after January 15, 2014 and before January 31, 2014, and the consideration required to close with respect to those Properties will be the amount so delivered to Escrow.
3. Delivery of Purchase Price. The last sentence of Section 5(a)(1) of the Agreement is hereby deleted in its entirety and replaced with the following:
At the closing of the transactions contemplated by this Agreement (the “Closing”), Buyer shall receive a credit against the Purchase Price in the amount of the Deposit with respect to the Property identified on Exhibit A-1. No further deposit will be placed into Escrow.
4. Assignment. Pursuant to Section 22(g) of the Agreement, Assignor hereby assigns its interests under the Agreement to Buyer, and Buyer hereby assumes all obligations of Assignor under the Agreement. Assignor acknowledges that all of Assignor’s obligations under the Agreement remain in full force and effect, and Assignor is not released from any obligations thereunder.
5. Exhibits. Exhibit A-1 and Exhibit A-2 of the Agreement are hereby replaced by Exhibit A-1 and Exhibit A-2, respectively, attached to this First Amendment.
6. Full Force and Effect. Except as modified herein, Buyer, Seller, and Assignor hereby agree and affirm that the Agreement remains in full force and effect.
IN WITNESS WHEREOF, Assignor, Buyer, and Seller have caused this First Amendment to be duly executed on their behalfs as of the day and year stated above.
ASSIGNOR: |
REVEN HOUSING GEORGIA, LLC, a Delaware limited liability company
By: /s/ Chad Carpenter____________________ Name: Chad Carpenter Its: Chief Executive Officer
|
BUYER: |
REVEN HOUSING TEXAS, LLC, a Delaware limited liability company
By: /s/ Chad Carpenter_____________________ Name: Chad Carpenter Its: Chief Executive Officer
|
SELLER: |
RED DOOR HOUSING, LLC, a Texas limited liability company
By: /s/ Rickey Williams____________________ Name: Rickey Williams Its: Manager |
SELLER: |
WFI FUNDING, INC., a Texas corporation
By: /s/ Rickey Williams___________________ Name: Rickey Williams Its: President
|
EXHIBIT A-1
DESCRIPTION OF PROPERTies
Address | Zip | Bed | Bath | Sq. Ft | REVEN Price | |||||||||
1 | 25th Ave. 709 | 77590 | 3 | 2 | 1370 | $ | 72,936.28 | |||||||
2 | 34th Ave 2622 | 77590 | 3 | 2 | 1712 | $ | 68,073.87 | |||||||
3 | 3rd 2510 | 77547 | 3 | 2 | 1189 | $ | 58,349.03 | |||||||
4 | 6th 401 | 77571 | 3 | 1 | 1084 | $ | 68,073.87 | |||||||
5 | Aberdeen 11113 | 77502 | 3 | 1 | 992 | $ | 65,642.66 | |||||||
6 | Addicks Clodine 4003 | 77082 | 3 | 2 | 1960 | $ | 92,385.96 | |||||||
7 | Akard 4218 | 77047 | 3 | 1 | 1034 | $ | 60,293.99 | |||||||
8 | Aldis 10918 | 77075 | 4 | 1 | 1426 | $ | 77,798.70 | |||||||
9 | Andalusian18530 | 77433 | 3 | 2 | 1197 | $ | 81,688.64 | |||||||
10 | Anthony Hay 2414 | 77449 | 3 | 2 | 1420 | $ | 87,523.54 | |||||||
11 | Banton 742 | 77530 | 3 | 1 | 896 | $ | 68,073.87 | |||||||
12 | Barada 10530 | 77034 | 3 | 1 | 981 | $ | 71,477.56 | |||||||
13 | Barcelona 17147 | 77546 | 3 | 2 | 1704 | $ | 97,248.38 | |||||||
14 | Bazelbriar 15835 | 77489 | 3 | 2 | 1240 | $ | 77,798.70 | |||||||
15 | Beaver Trail 11007 | 77086 | 3 | 2 | 1286 | $ | 69,289.47 | |||||||
16 | Beck Ridge 16234 | 77053 | 3 | 2 | 1011 | $ | 73,908.77 | |||||||
17 | Belle Glen 7818 | 77072 | 3 | 2 | 1146 | $ | 77,798.70 | |||||||
18 | Beran 4326 | 77045 | 3 | 1 | 1212 | $ | 61,266.48 | |||||||
19 | Bintliff 7322 | 77074 | 4 | 1 | 1852 | $ | 104,055.77 | |||||||
20 | Bowridge 16211 | 77053 | 3 | 2 | 1803 | $ | 80,473.03 | |||||||
21 | Brickarbor Dr. 1607 | 77449 | 3 | 2 | 1378 | $ | 78,771.19 | |||||||
22 | Brookfield 3719 | 77045 | 3 | 2 | 1196 | $ | 74,881.25 | |||||||
23 | Brookston 4130 | 77045 | 3 | 2 | 1237 | $ | 77,798.70 | |||||||
24 | Brookston 4806 | 77045 | 4 | 2 | 2046 | $ | 82,661.12 | |||||||
25 | Brookston3410 | 77045 | 3 | 2 | 1058 | $ | 77,798.70 | |||||||
26 | Brown 718 | 77536 | 4 | 2 | 1936 | $ | 107,945.70 | |||||||
27 | Buffum 10310 | 77051 | 3 | 1 | 1170 | $ | 59,807.75 | |||||||
28 | Burle Oak 19914 | 77346 | 3 | 2 | 1397 | $ | 77,798.70 | |||||||
29 | Canterview 1310 | 77047 | 3 | 1 | 1305 | $ | 63,211.45 | |||||||
30 | Cape Hyannis 12202 | 77048 | 3 | 2 | 1328 | $ | 66,128.90 | |||||||
31 | Cardinal 712 | 77502 | 3 | 1 | 1487 | $ | 77,798.70 | |||||||
32 | Carmona Ln5010 | 77581 | 3 | 2 | 1416 | $ | 106,973.22 | |||||||
33 | Catbird 16107 | 77396 | 3 | 2 | 1488 | $ | 97,248.38 | |||||||
34 | Charriton 3302 | 77039 | 3 | 1.5 | 1320 | $ | 80,716.15 | |||||||
35 | Cherry Meadow 3806 | 77039 | 3 | 1 | 927 | $ | 69,046.35 | |||||||
36 | Cleveland 1903 | 77502 | 3 | 1 | 1475 | $ | 74,881.25 | |||||||
37 | Concho 11242 | 77072 | 3 | 2 | 1479 | $ | 93,066.70 | |||||||
38 | Creekhurst 12115 | 77099 | 3 | 2 | 1853 | $ | 92,385.96 | |||||||
39 | Crestwood 2006 | 77469 | 4 | 2 | 2622 | $ | 97,248.38 | |||||||
40 | Darlinghurst 6422 | 77085 | 4 | 2 | 2064 | $ | 89,954.75 | |||||||
41 | Dartwood 14122 | 77049 | 3 | 2 | 1114 | $ | 73,908.77 | |||||||
42 | Dawnmist 20121 | 77346 | 4 | 2 | 1866 | $ | 87,523.54 | |||||||
43 | Dawnridge 7710 | 77071 | 4 | 2 | 1772 | $ | 92,385.96 | |||||||
44 | Dayflower 4311 | 77449 | 3 | 2 | 1337 | $ | 82,661.12 | |||||||
45 | Dragonwick 2722 | 77045 | 3 | 1 | 1135 | $ | 66,128.90 | |||||||
46 | Dunkley Dr 905 | 77076 | 3 | 1 | 1216 | $ | 65,156.41 | |||||||
47 | E Fayle 2101 | 77520 | 3 | 2 | 1501 | $ | 63,211.45 | |||||||
48 | E. Delz 343 | 77022 | 3 | 1 | 1200 | $ | 65,156.41 | |||||||
49 | Ebbtide 2923 | 77045 | 3 | 1.5 | 1624 | $ | 68,073.87 | |||||||
50 | Evesborough 11218 | 77099 | 3 | 2 | 1069 | $ | 69,532.59 | |||||||
51 | Fall Meadow 1902 | 77459 | 3 | 2 | 1706 | $ | 92,385.96 | |||||||
52 | Fern valley 8815 | 77044 | 3 | 2 | 1605 | $ | 90,440.99 | |||||||
53 | Fitzwater 4523 | 77373 | 3 | 2 | 1484 | $ | 73,908.77 | |||||||
54 | Folkstone 7731 | 77075 | 4 | 2 | 1702 | $ | 92,385.96 | |||||||
55 | Foredale 9610 | 77075 | 3 | 1 | 1255 | $ | 72,936.28 | |||||||
56 | Foredale 9617 | 77075 | 3 | 1.5 | 1015 | $ | 74,881.25 | |||||||
57 | Foredale 9618 | 77075 | 4 | 2 | 1662 | $ | 77,798.70 | |||||||
58 | Foxhurst 7023 | 77338 | 3 | 2 | 1685 | $ | 87,523.54 | |||||||
59 | Foxway 7302 | 77338 | 3 | 2 | 1615 | $ | 92,385.96 | |||||||
60 | Foy 10610 | 77093 | 3 | 1 | 1104 | $ | 63,211.45 | |||||||
61 | Garland 8108 | 77017 | 3 | 1 | 1417 | $ | 74,881.25 | |||||||
62 | Glen Shadow 9202 | 77088 | 3 | 2 | 1363 | $ | 82,661.12 | |||||||
63 | Glen Shadow 9311 | 77088 | 3 | 2 | 1413 | $ | 82,661.12 | |||||||
64 | Glenridge 4938 | 77053 | 3 | 1 | 1364 | $ | 68,073.87 | |||||||
65 | Goliad Ave 1502 | 77568 | 3 | 1 | 1541 | $ | 65,156.41 | |||||||
66 | Hardwicke Rd 294 | 77060 | 4 | 2 | 1089 | $ | 72,936.28 | |||||||
67 | Heatherbloom 4015 | 77045 | 3 | 1 | 1476 | $ | 65,642.66 | |||||||
68 | Heatherbrook 3919 | 77045 | 3 | 2 | 1604 | $ | 75,853.74 | |||||||
69 | Hillis 9702 | 77078 | 3 | 2 | 1528 | $ | 68,073.87 | |||||||
70 | Horncastle 818 | 77530 | 3 | 1 | 1552 | $ | 70,505.07 | |||||||
71 | Houston Ave 1208 | 77502 | 3 | 1 | 1436 | $ | 77,798.70 | |||||||
72 | Hurlingham 3422 | 77093 | 3 | 1 | 952 | $ | 63,211.45 | |||||||
73 | Ivyknoll 6334 | 77035 | 4 | 2 | 1898 | $ | 82,661.12 | |||||||
74 | Jane Dr 1907 | 77502 | 3 | 1 | 1386 | $ | 77,798.70 | |||||||
75 | Kathryn 12509 | 77015 | 3 | 1 | 1067 | $ | 63,211.45 | |||||||
76 | Kentucky 2003 | 77520 | 3 | 2 | 1960 | $ | 63,211.45 | |||||||
77 | Kindlewood 8915 | 77099 | 3 | 2 | 1088 | $ | 73,908.77 | |||||||
78 | Kings 7106 | 77521 | 3 | 1.5 | 1527 | $ | 66,128.90 | |||||||
79 | Kirkland 8714 | 77089 | 3 | 2 | 1314 | $ | 106,973.22 | |||||||
80 | Kirsten 1230 | 77568 | 3 | 2 | 1704 | $ | 82,661.12 | |||||||
81 | Knotty Oaks 2707 | 77045 | 3 | 2 | 1109 | $ | 62,238.96 | |||||||
82 | Knotty Oaks 3219 | 77045 | 3 | 2 | 1592 | $ | 66,128.90 | |||||||
83 | Knotty Post 6026 | 77373 | 3 | 2 | 1508 | $ | 77,798.70 | |||||||
84 | Knottynold 3923 | 77053 | 3 | 2 | 1374 | $ | 77,798.70 | |||||||
85 | KnottyOaks3314 | 77045 | 3 | 2 | 1626 | $ | 67,830.74 | |||||||
86 | Longbrook 12315 | 77099 | 4 | 2 | 1858 | $ | 97,248.38 | |||||||
87 | Lyden Ridge 5522 | 77053 | 3 | 2 | 1160 | $ | 73,908.77 | |||||||
88 | Marleen 1131 | 77034 | 3 | 1 | 1068 | $ | 79,743.67 | |||||||
89 | Marlen 2412 | 77502 | 3 | 2 | 1400 | $ | 82,661.12 | |||||||
90 | Mcgallion 11311 | 77076 | 3 | 1 | 830 | $ | 65,156.41 | |||||||
91 | Meadow Park 4710 | 77048 | 3 | 1 | 1320 | $ | 63,211.45 | |||||||
92 | Mitchell Rd. 1250 | 77037 | 3 | 2 | 1517 | $ | 79,257.43 | |||||||
93 | Morning Dove 15314 | 77396 | 3 | 2 | 1353 | $ | 75,124.37 | |||||||
94 | Navidad 6927 | 77083 | 3 | 2 | 1320 | $ | 76,826.22 | |||||||
95 | Newgate 23315 | 77373 | 3 | 2 | 1462 | $ | 79,743.67 | |||||||
96 | Wuthering Heights 3107 | 77045 | 3 | 2 | 1097 | $ | 65,642.66 | |||||||
97 | Norell 714 | 77530 | 3 | 1 | 1188 | $ | 63,211.45 | |||||||
98 | Oak Shadows 4547 | 77091 | 3 | 1.5 | 1005 | $ | 68,073.87 | |||||||
99 | Oakside 4010 | 77053 | 3 | 2 | 1189 | $ | 72,936.28 | |||||||
100 | Overcross 3430 | 77045 | 3 | 2 | 1099 | $ | 69,289.47 | |||||||
101 | Parker 7322 | 77016 | 3 | 2 | 1638 | $ | 66,128.90 | |||||||
102 | Pauline 807 | 77502 | 3 | 1 | 1044 | $ | 68,073.87 | |||||||
103 | Plumbrook 12106 | 77099 | 3 | 2 | 1204 | $ | 77,798.70 | |||||||
104 | Ponderosa 4503 | 77521 | 3 | 2 | 1558 | $ | 82,661.12 | |||||||
105 | Presidents Dr 4151 | 77047 | 3 | 2.5 | 1732 | $ | 107,945.70 | |||||||
106 | Quail Shute 23006 | 77389 | 3 | 2.5 | 1935 | $ | 106,973.22 | |||||||
107 | Quiet Bend 2735 | 77489 | 3 | 2 | 1528 | $ | 87,523.54 | |||||||
108 | Ridgecroft Rd 15802 | 77053 | 3 | 2.5 | 1512 | $ | 81,202.40 | |||||||
109 | Ridgewest 4915 | 77053 | 3 | 2 | 992 | $ | 68,073.87 | |||||||
110 | Ripplebrook 3530 | 77045 | 4 | 2 | 1612 | $ | 76,826.22 | |||||||
111 | Riptide 7606 | 77072 | 3 | 2 | 1133 | $ | 82,661.12 | |||||||
112 | Roandale 11618 | 77048 | 4 | 2 | 1328 | $ | 72,936.28 | |||||||
113 | Rosebriar 15827 | 77489 | 3 | 2 | 1190 | $ | 77,798.70 | |||||||
114 | Rosebriar 15919 | 77489 | 3 | 2 | 1190 | $ | 77,798.70 | |||||||
115 | S Navaho Trail 20078 | 77449 | 3 | 2 | 1298 | $ | 85,578.57 | |||||||
116 | Sagedowne 10122 | 77089 | 4 | 2.5 | 1806 | $ | 106,973.22 | |||||||
117 | Sagehill 11203 | 77089 | 3 | 1.5 | 1766 | $ | 99,679.59 | |||||||
118 | Sagewillow 10631 | 77089 | 3 | 2 | 1494 | $ | 97,248.38 | |||||||
119 | Sailfish 3914 | 77571 | 4 | 2 | 2025 | $ | 82,661.12 | |||||||
120 | Seagrove 323 | 77571 | 4 | 2 | 1500 | $ | 82,661.12 | |||||||
121 | Shady Arbor 7035 | 77040 | 3 | 2 | 1660 | $ | 97,248.38 | |||||||
122 | Shady Brook 2419 | 77087 | 3 | 2 | 1969 | $ | 99,193.35 | |||||||
123 | Shelton 993 | 77530 | 3 | 2.5 | 1056 | $ | 82,661.12 | |||||||
124 | Silversmith Ln 23810 | 77493 | 3 | 2 | 1210 | $ | 74,881.25 | |||||||
125 | Sommercoats 922 | 77530 | 3 | 2 | 1629 | $ | 82,661.12 | |||||||
126 | Springhaven 6406 | 77396 | 3 | 2 | 1513 | $ | 81,688.64 | |||||||
127 | Stover 10350 | 77075 | 3 | 2 | 1183 | $ | 75,367.49 | |||||||
128 | Stover 10801 | 77075 | 3 | 2 | 1649 | $ | 72,936.28 | |||||||
129 | Sunny Dr 2402 | 77093 | 3 | 1 | 1146 | $ | 70,991.32 | |||||||
130 | Swan Valley 19715 | 77433 | 3 | 2 | 1380 | $ | 84,606.09 | |||||||
131 | Tara Blue Ridge 7122 | 77469 | 3 | 2 | 1529 | $ | 92,385.96 | |||||||
132 | Tavenor 4223 | 77047 | 3 | 1 | 946 | $ | 61,266.48 | |||||||
133 | Teal Park 15314 | 77396 | 3 | 2 | 1529 | $ | 84,606.09 | |||||||
134 | Tenderden 1355 | 77530 | 4 | 2 | 1535 | $ | 87,523.54 | |||||||
135 | Tidewater 2730 | 77045 | 3 | 1 | 1732 | $ | 68,073.87 | |||||||
136 | Tiffany 3934 | 77045 | 4 | 2 | 1403 | $ | 77,798.70 | |||||||
137 | Tilden 205 | 77506 | 3 | 1 | 1072 | $ | 65,642.66 | |||||||
138 | Tiltree 9945 | 77075 | 3 | 1 | 1328 | $ | 77,798.70 | |||||||
139 | Timber 202 | 77520 | 3 | 2 | 2556 | $ | 82,661.12 | |||||||
140 | Twinridge 11655 | 77099 | 3 | 2 | 1615 | $ | 87,523.54 | |||||||
141 | Tylergate Dr 4306 | 77373 | 3 | 2 | 1178 | $ | 72,936.28 | |||||||
142 | Valley Park 10006 | 77078 | 3 | 2 | 1189 | $ | 66,128.90 | |||||||
143 | Valley Park 9918 | 77078 | 3 | 2 | 1189 | $ | 67,101.38 | |||||||
144 | Valley Wind 9930 | 77078 | 3 | 1 | 1161 | $ | 70,018.83 | |||||||
145 | Vickery 12710 | 77039 | 3 | 1.5 | 1289 | $ | 85,578.57 | |||||||
146 | Virginia 1809 | 77502 | 3 | 1.5 | 1464 | $ | 81,202.40 | |||||||
147 | W Fuqua 7439 | 77489 | 3 | 2 | 1938 | $ | 74,589.51 | |||||||
148 | W Gulf Bank 1495 | 77088 | 3 | 2 | 1340 | $ | 70,018.83 | |||||||
149 | Washington 3217 | 77503 | 3 | 1 | 953 | $ | 68,073.87 | |||||||
150 | Waterchase 7706 | 77489 | 3 | 2 | 1500 | $ | 79,743.67 | |||||||
212444 | $ | 11,691,832.22 |
EXHIBIT A-2
DESCRIPTION OF DEFERRED PROPERTies
Address | Zip | Bed | Bath | Sq. Ft | RVEN Price | |||||||||
1 | 27th 4801 | 77539 | 2 | 2 | 1162 | $ | 63,211.45 | |||||||
2 | 34th St 4903 | 77539 | 3 | 2 | 1386 | $ | 71,963.80 | |||||||
3 | Belarbor 6315 | 77087 | 3 | 1 | 975 | $ | 60,780.24 | |||||||
4 | Camden 1307 | 77502 | 3 | 2 | 1141 | $ | 79,743.67 | |||||||
5 | Charney 8714 | 77088 | 3 | 1 | 1140 | $ | 69,046.35 | |||||||
6 | Crooked Creek 5458 | 77017 | 4 | 1.5 | 1509 | $ | 72,936.28 | |||||||
7 | Denoron 4907 | 77048 | 3 | 1 | 1397 | $ | 67,587.62 | |||||||
8 | Foxside 7011 | 77338 | 3 | 2 | 2097 | $ | 92,385.96 | |||||||
9 | Maplemont 16339 | 77095 | 4 | 2 | 1545 | $ | 92,385.96 | |||||||
10 | Paddington 6214 | 77085 | 4 | 2 | 1566 | $ | 82,661.12 | |||||||
11 | Pinetex 7326 | 77396 | 4 | 2 | 1659 | $ | 87,523.54 | |||||||
12 | Red Leaf 711 | 77090 | 4 | 2 | 2556 | $ | 116,698.05 | |||||||
13 | Wavecrest 1607 | 77062 | 3 | 2 | 1836 | $ | 116,698.05 | |||||||
14 | Whispering Willow 23311 | 77373 | 3 | 2 | 1209 | $ | 82,661.12 | |||||||
15 | Whitchurch Way 13203 | 77015 | 3 | 2 | 1520 | $ | 95,303.41 | |||||||
16 | White Gate Ln 11326 | 77069 | 5 | 2 | 2464 | $ | 97,248.38 | |||||||
17 | Whitehall 214 | 77060 | 3 | 2 | 1220 | $ | 86,551.06 | |||||||
18 | Willow Oak 7318 | 77521 | 3 | 2 | 1448 | $ | 102,110.80 | |||||||
19 | Winding Trace 6827 | 77086 | 3 | 2 | 1318 | $ | 81,202.40 | |||||||
20 | Wingdale Dr 15907 | 77082 | 3 | 2 | 1524 | $ | 89,468.51 | |||||||
30672 | $ | 1,708,167.78 |
October 31, 2013 | Contact: | Taylor Carpenter | |
Reven Housing REIT, Inc. | |||
7911 Hershel Ave., #201 | |||
La Jolla, CA 92037 | |||
(858) 459-4000 |
Reven Housing REIT Closes on Bulk Portfolio of 150 SFRs in Houston
La Jolla, California – Reven Housing REIT, Inc. ("Reven" or the "Company") (OTCQB: RVEN) today announced that it has completed the closing of a bulk SFR portfolio of 150, 100% leased homes in Houston, Texas. Reven now owns portfolios of SFR’s in both Georgia and Texas.
The homes average 1,429 square feet and are mostly three bedroom two bath homes. The majority of homes have had major rehab work done within the last two years and most of the leases are one year and some are month to month.
Additional details regarding the acquisition can be found in the Form 8-K to be filed with the U.S. Securities and Exchange Commission.
Chad M. Carpenter, Chairman and CEO, explained, “This acquisition is our first acquisition in Texas and is a major milestone in the growth of our Company. We are currently under contract to acquire another portfolio of SFR’s in Texas which is scheduled to close in January 2014. Our plan is to move quickly in acquiring additional portfolios of SFR’s in Texas and other states that meet our investment criteria.”
Rickey Williams, President of Red Door Housing who sold the properties, states, “We are very excited about this new relationship with Reven, we will continue on as property managers and intend to sell more leased homes to them in the future. Reven’s management team is very professional, experienced and a pleasure to work with.”
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 consummate additional closings of the private placement. 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, 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 Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on for the year ended December 31, 2012 filed with the SEC on March 29, 2013, and subsequently filed SEC reports, for further information.