La Jolla, CA-based Reven Housing REIT Inc., an owner and operator of single-family residential properties, has successfully closed on the acquisition of 23 single family homes in Memphis, Tennessee metropolitan area.
The contract purchase price for the portfolio was approximately $1.5 million, exclusive of closing costs. The company funded the purchase with proceeds from the Freddie Mac loan the Company entered into on October 1, 2018.
Chad Carpenter, Chief Executive Officer of Reven Housing, added, “We are pleased to announce the addition of 23 homes to our holdings in the greater Memphis market; this incremental investment makes Memphis our fourth largest operating market with a total 143 single family homes.
Continued job creation and low unemployment make Memphis an ideal market for Reven, he continued. “Our strategy is focused on identifying thriving primary markets in the south and Memphis’ fundamentals exemplify the types of markets where we believe we can add value. We anticipate that this portfolio will contribute accretively to our overall NOI growth as the homes are refurbished and integrated onto our operating platform.”