September 5, 2019
KBS Strategic Opportunity REIT, Inc. (SOR) and Reven Housing REIT, Inc. plan to merge in a stock and cash deal that brings a portfolio of single-family rental units under the SOR umbrella. The aggregate merger consideration will equal approximately $56.85 million.
SOR’s Keith Hall says, “This acquisition further expands SOR’s commitment to the single-family rental business, which is an area of significant potential growth. The asset class is a strong fit for our investor base, and we look forward to exploring further acquisitions.”
The deal includes roughly 1,000 single-family units, and will help build SOR’s footprint in core Southeast and Southwest markets.
The final consideration will depend on the difference between the amount of Reven’s unrestricted cash available for distribution, and $6,500,000. The closing of the merger is expected to occur by the end of October 2019.
For comments, questions or concerns, please contact Dennis Kaiser