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): July 7, 2014
REVEN HOUSING REIT, INC.
(Exact Name of Registrant as Specified in Its Charter)
| Maryland | 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 2.01 Completion of Acquisition or Disposition of Assets.
Jacksonville, Florida
On July 7, 2014, Reven Housing Florida, LLC, a Delaware limited liability company and a wholly owned subsidiary of Reven Housing REIT, Inc. (the “Company”), closed on the acquisition of 46 properties located in the Jacksonville, Florida, metropolitan area, pursuant to that certain Single Family Homes Real Estate Purchase and Sale Agreement dated May 5, 2014, as amended on June 25, 2014, and as further amended on July 2, 2014 (collectively, the “Agreement”), with BGF Homes, LLC, a Florida limited liability company, CJJ Development II, LLC, a Florida limited liability company, DCCF Properties, LLC, a Florida limited liability company, NBJW Properties, LLC, a Florida limited liability company, North Jacksonville Rentals, LLC, a Florida limited liability company, Rams Real Estate Holdings, LLC, a Florida limited liability company, and Obadiah G. Dorsey, an individual, (collectively, the “Sellers”). The acquired properties are part of a portfolio of 49 single-family homes subject to 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 46 acquired properties was $3,181,613, exclusive of closing costs. The Company funded 100% of the purchase with cash. The 46 acquired properties average 1,322 square feet and are mostly three-bedroom, one and a half bath homes. Of the acquired properties, 37 are currently subject to one-year leases and nine properties are subject to month-to-month leases.
The Company issued a press release regarding the acquisition of the Jacksonville, Florida portfolio on July 8, 2014, a copy of which is filed herewith as Exhibit 99.1.
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 September 20, 2014, by amendment to this Form 8-K.
| (b) | Pro Forma Financial Information. See paragraph (a) above. |
| (d) | Exhibits. |
The following exhibits are filed with this report:
| Exhibit 99.1 | Press release dated July 8, 2014, announcing the acquisition of the Jacksonville, Florida portfolio. |
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: July 8, 2014 | /s/ Chad M. Carpenter |
| Chad M. Carpenter | |
| Chief Executive Officer |
Reven Housing REIT Acquires Portfolio in Jacksonville, Florida
La Jolla, California, July 8, 2014 – Reven Housing REIT, Inc. ("Reven" or the "Company") (OTCBB: RVEN) today announced that it has acquired a portfolio of 46 single-family homes in the Jacksonville, Florida, metropolitan area. The total purchase price for the 46 acquired properties was $3,181,613, exclusive of closing costs. The Company funded 100% of the purchase with cash. The 46 acquired properties average 1,322 square feet and are mostly three-bedroom, one and a half bath homes. Of the acquired properties, 37 are currently subject to one-year leases and nine properties are subject to month-to-month leases.
Chad M. Carpenter, chairman and chief executive officer of Reven, commented, “We are very excited about our acquisition of the portfolio in Jacksonville, Florida. It marks our expansion from Atlanta, Georgia, and Houston, Texas, to one of the new markets that we have been evaluating and have identified as an attractive investment opportunity, as we continue to execute on our business plan.”
Additional information regarding the acquisition of the Jacksonville portfolio can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 8, 2014.
About Reven Housing REIT, Inc.
Reven Housing REIT is engaged in the acquisition, ownership and operation of portfolios of leased single-family homes in the United States. Reven operates its portfolio properties as single-family rentals, or SFRs, and it generates most of its revenue from rental income of the existing tenants of the SFRs that Reven has acquired. Reven’s business plan involves acquiring portfolios of rented houses from investors who have bought them low, fixed and rented them; and generating current income from profits from rentals and appreciation of houses. Reven intends to take all necessary steps to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code, as amended. However, no assurance can be given that it will qualify or remain qualified as a REIT.
Forward Looking Statement
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 qualify and operate as a REIT. 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 and to qualify and operate as a REIT, 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, 2013 filed with the SEC on March 25, 2014, and subsequently filed SEC reports, for further information.
For More Information, Contact:
Cole Carpenter
Reven Housing REIT, Inc.
7911 Hershel Ave., #201
La Jolla, California 92037
(858) 459-4000