Reven Housing REIT, Inc. (NasdaqCM:RVEN) entered into a single family homes real estate purchase and sale agreement to acquire a portfolio of up to 59 single family homes located in Birmingham, Alabama from Prominence Homes LLC for $10.2 million on August 28, 2018. The agreement provides for a deposit of $0.1 million and a total contract purchase price for the 59 properties of $10.27 million subject to certain adjustments. Reven Housing REIT intends to purchase the homes in batches as they are completed and leased. From time to time during the 150 day period following the date of the agreement, Prominence shall notify Reven of the completion of groups of homes, comprising not less than 15 homes per group. The agreement can be terminated by either Reven or Prominence, if conditions of the agreement are not fulfilled.Iin case of termination due to default by Prominence, the deposit shall be refunded to Reven and in case of termination due to default by Reven, the deposit shall be retained by Prominence. The transacting is subject to due diligence review of the properties, and entry into a lease for each home with tenants that satisfy Reven's tenant qualification standards and upon terms acceptable to Reven. The agreement provides that the 59 homes will be acquired at multiple closings on or before the 150th day following the date of the agreement. Paul McDonald of Fidelity National Title Insurance Company acted as excrow holder in the transaction. Realty Executives Over the Mtn. acted as broker for Prominence Homes LLC. David W. Parker of Greenberg Traurig, LLP acted as legal advisor for Reven. Reven Housing REIT, Inc. (NasdaqCM:RVEN) cancelled the acquisition of a portfolio of up to 59 single family homes located in Birmingham, Alabama from Prominence Homes LLC on August 28, 2019.