LAKEWOOD, NJ, Oct. 29, 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 signed a Letter of Intent (LOI) to acquire a multi-family property for a purchase price of $15.2 million.
The property consists of 176 apartment units, built in the late 1990s, located in a strong market in the central region of the US. The property currently has a high 95% occupancy rate.
Upon completion of the acquisition, RELI anticipates completing an SEC-compliant audit of this multi-family property, to enable it to become an important component of the assets and business of RELI when the Company becomes a SEC-reporting issuer again.
Additionally, RELI is pleased to announce an update to its previously announced PSA on October 2, 2019, pursuant to which Reliance LLC agreed to acquire two contiguous Class A multi-family properties for a total purchase price of $42.5 million. The Company is nearing the end of its third-party's due diligence review, and the preliminary results have surpassed our current underwriting.
Ezra Beyman, CEO of RELI, stated, "We are pleased to announce execution of the LOI to acquire these premier properties and will provide further updates upon completion of the transaction. We were attracted by the high occupancy rate and growth in the area. This latest LOI, combined with our previously announced SPA to acquire 260 apartment units located on the East Coast, are strong validation our business model to acquire undervalued 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.