0001144204-13-058751.txt : 20131105 0001144204-13-058751.hdr.sgml : 20131105 20131105132947 ACCESSION NUMBER: 0001144204-13-058751 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131030 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131105 DATE AS OF CHANGE: 20131105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Reven Housing REIT, Inc. CENTRAL INDEX KEY: 0001487782 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 841306078 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54165 FILM NUMBER: 131191865 BUSINESS ADDRESS: STREET 1: 7911 HERSCHEL AVENUE STREET 2: SUITE 201 CITY: LA JOLLA STATE: CA ZIP: 92037 BUSINESS PHONE: 858-459-4000 MAIL ADDRESS: STREET 1: 7911 HERSCHEL AVENUE STREET 2: SUITE 201 CITY: LA JOLLA STATE: CA ZIP: 92037 FORMER COMPANY: FORMER CONFORMED NAME: Bureau of Fugitive Recovery Inc DATE OF NAME CHANGE: 20100323 8-K 1 v359327_8k.htm 8-K

 

 

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.

 

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
oPre-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

 

 

 

 

 

 

 

 

EX-10.1 2 v359327_ex10-1.htm EXHIBIT 10.1

 

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 

 

 

 

 

EX-99.1 3 v359327_ex99-1.htm EXHIBIT 99.1

 

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.