LAKEWOOD, N.J., Nov. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTC: RELI) ("RELI" or the "Company"), today announced that Reliance Global Holdings LLC ("Reliance LLC"), RELI's affiliated privately-owned LLC, has completed due diligence on its previously announced LOI to acquire a 260 unit multi-family property, and executed the contract to acquire these properties. Reliance LLC is formally under contract and has released from escrow all deposited funds. RELI intends to complete the acquisition of the first 117 units in January 2020. Once completed, this will be RELI's first acquisition in the real estate sector.
The properties consist of approximately 260 total planned apartment units located in a strong market on the East Coast. Construction of the first 117 units was completed in 2017 and is 97% occupied. The second phase of construction, consisting of 143 apartment units, is expected to be completed mid-2020. All of the completed units have been pre-leased, subject only to total completion of construction. RELI intends to acquire the remaining 143 units promptly after construction has been completed.
Ezra Beyman, CEO of RELI, stated, "We are pleased to announce the execution of the Contract to acquire these premier properties and will provide further updates upon completion each phase of the transaction. We were attracted by the high occupancy rate and growth in the area. This acquisition, combined with our previously announced PSA to acquire 176 apartment units located in the Central region of the US, is strong validation of our business model to acquire undervalued multi-family properties with sustainable cash flows in attractive markets."
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (OTC PINK: RELI) is moving forward with its goal to operate as a holding company in the real estate and insurance brokerage sectors, and potentially other sectors. RELI's focus continues to be to grow the Company by pursuing an aggressive growth strategy of acquisition opportunities, including both real estate and insurance agencies. Insurance agencies, as opposed to insurance carriers, bear no insurance risk. The Company is controlled by Reliance Global Holdings, LLC, a New Jersey-based limited liability company, which is the owner and operator of numerous companies with core interests invested in real estate and insurance brokerage.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.