Reliance Global Group Inc (RELI)

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The property consists of approximately 260 apartment units. The first phase of construction, completed in 2017, is 97% occupied. The second phase of construction is expected to be completed in 2020, and all of the completed units have been pre-leased, subject only to total completion of construction.

The Company also announced that its affiliated privately-owned entity, Reliance Global Holdings, LLC, has transferred $250,000 to RELI, which is to be used as the initial down payment due upon execution of the purchase agreement.

Upon completion of the acquisition, RELI anticipates completing an SEC-compliant audit of this multi-family property, to enable it to become a significant component of the assets and business of RELI when it becomes a SEC-reporting issuer again.

Ezra Beyman, CEO of Reliance Global Group, stated, "We are excited to announce the planned acquisition of this premier property. This acquisition is consistent with our strategy of acquiring undervalued properties with sustainable cash flows in attractive markets. The property is ideally located in an area experiencing strong job growth. This is reinforced by the 97% occupancy rate in the first phase of the project, as well as the fact that the second phase is already 40% leased and over 100% pre leased upon completion of construction.