JACKSONVILLE, FL—Reven Housing REIT, Inc. of La Jolla, CA has acquired 74 single-family homes here and two others in Memphis, TN in 15 separate transactions. The aggregate purchase price on the home purchases was $5.16 million.
Reven Housing funded 100% of the purchase deals that closed in December with cash. The acquired properties average 1,300 square feet and are mostly three-bedroom, one and a half bathrooms. Of the acquired properties, 58 are currently subject to one-year leases, and 18 are month-to-month leases, the company states.
Chad M. Carpenter, chairman and CEO of Reven, says, "We are very pleased with our acquisitions in Jacksonville and Memphis and are looking to expand in markets where we have invested and other new markets throughout the US."
The acquisitions in Jacksonville and Memphis follow up deals in both cities Reven made in late October and early November when it acquired 26 single-family homes in three separate closings. Two single-family homes in Jacksonville were purchased on October 30, 2014 and 24 homes in Memphis were acquired from two separate sellers on November 4, 2014 and November 7, 2014, respectively. The aggregate purchase price for those homes was approximately $2.04 million.
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