Reven Housing REIT 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 USD3,181,613, exclusive of closing costs.
The company funded 100 per cent 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, says: "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."