Attached files

file filename
EX-10.1 - EXHIBIT 10.1 - Reven Housing REIT, Inc.v454782_ex10-1.htm

 

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): December 9, 2016

 

 

 

REVEN HOUSING REIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Maryland   001-37865   84-1306078
(State or Other Jurisdiction of
Incorporation)
  (Commission File Number)   (I.R.S. Employer Identification
Number)

 

875 Prospect Street, Suite 304

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.

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12))
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨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.

 

Birmingham 72 Purchase and Sale Agreement

 

On December 9, 2016, Reven Housing REIT, Inc. (the “Company”) entered into a Single Family Homes Real Estate Purchase and Sale Agreement (the “Agreement”) with Easy Rentals, LLC, an Alabama limited liability company (the “Seller”), for the Company’s purchase of a portfolio of up to 72 single-family homes located in the Birmingham, Alabama, metropolitan area from the Seller. The Seller is unaffiliated with the Company.

 

The Agreement provides for a deposit of $55,000 within five business days of the execution of the Agreement, and the total contract purchase price for the 72 properties is $5,550,000, excluding closing costs and subject to certain adjustments. 65 properties are subject to one-year leases with tenants, one property is subject to a month-to-month lease with the tenant and six properties are currently vacant.

 

For a period commencing on the effective date of the Agreement and ending on the 45th day following Seller’s delivery of certain specified property information to the Company (the “Due Diligence Period”), the Company may retain a contractor or home inspector mutually acceptable to the Company and the Seller to identify any necessary repairs and the cost to make such repairs. The Seller will be responsible for paying for all repairs identified by such third-party inspector. The Agreement contains customary representations and warranties by the Seller, and the Company will be obligated to purchase the properties only after satisfaction of agreed upon closing conditions. The Company may terminate the Agreement for any or no reason by giving written notice of such termination to the Seller on or before the expiration of the Due Diligence Period.

 

The Agreement provides that the closing for the purchase of the properties is to occur no later than 30 days following the expiration of the Due Diligence Period. There can be no assurance that the Company will consummate the acquisition.

 

The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

 

Item 9.01Financial Statement and Exhibits

 

(d)  Exhibits

 

Exhibit
No.
  Description   Method of Filing
         
10.1   Single Family Homes Real Estate Purchase and Sale Agreement (Birmingham 72) dated December 9, 2016   Filed herewith

 

 2 

 

 

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: December 13, 2016 /s/  Chad M. Carpenter
  Chad M. Carpenter,
  Chief Executive Officer

 

 3