BEVERLY HILLS, CA, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Hubilu Venture Corporation (the "Company") (OTC PINK: HBUV), a publicly traded real estate consulting, asset management and business acquisition company, announced today that through its wholly owned subsidiary, Zinnia Investments, LLC, ("Zinnia") Hubilu closed on the purchase of it’s 18th real estate property located at 1284 W. 38th Street in Los Angeles. The property fits perfectly into the Company’s key markets, in path of growth, walking distance to USC campus and within blocks from the Vermont/Exposition LA Metro subway station. In addition, this property is located a short walk from Exposition Park, home to the LA Memorial Coliseum, Banc of California Stadium, the Natural History Museum, California Science Center, and the new George Lucas Star Wars Museum.
CEO, David Behrend commented on HBUV’s recent acquisition and 2020 financial reporting, “This is our 18th real estate acquisition, a property in walking distance of USC Campus and the Vermont/Exposition Metro subway station, directly in the path of growth. Our company continues to see robust growth in numbers. From 2019 to 2020, Wholly Owned Properties increased from 11 to 14, a 27% increase, Revenues grew from GAAP $442,965 to $880,632, a 98% increase. Real Estate Gross Assets grew from NON-GAAP $10,250,000 to $13,505,000, a 31% increase and Real Estate Net Assets increased from NON-GAAP $3,026,000 to $4,350,000, a 43% increase. As we continue to expand our portfolio; we feel confident that our investors will be pleased with the company’s steady growth and execution of our strategic business strategy.”
DISCLOSURE: NON-GAAP numbers are NOT AUDITED and are based on ESTIMATED MARKET VALUES and audited Real Estate Liabilities only. Other company liabilities are NOT INCLUDED in the calculation of Real Estate Net Assets.
About Hubilu Venture Corporation: Based in Beverly Hills, California, Hubilu Venture Corporation, inspired by Strategic Growth Through Smart Ventures, focuses on acquiring high path of growth real estate and business opportunities that it believes are recession proof and have limited downside risk, while offering upside potential in equity appreciation and cash flow.
The company specializes in acquiring student housing income properties and development/business opportunities located near USC Campus and the expanding urban transportation Metro stations within the Los Angeles area. Recently, the company expanded to acquire properties desired by corporations and non-profits that provide transitional housing. These organizations are both privately and government funded and help address the effects of homelessness, poverty, mental and physical illness, handicap, abuse, and addiction, and provide assistance with a safe home facilitating personal stability and people back into the work force. Hubilu is currently working with award winning organizations including PATH, Covenant House, Los Angeles LGBT Center, Sanctuary of Hope, People Concern, St Josephs, LAFH, Jovenes, Blessed Sacrament, and New Beginnings.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Federal securities laws, concerning the future performance of our business, its operations and its financial performance and condition and potential selected offerings presented without the context of accompanying financial results. The comments of Mr. Behrend, statements regarding the acquisition of property and the characteristics of its wholly owned properties are examples of forward-looking statements. A number of factors could cause Hubilu Venture Corporation's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for real properties; interest rate levels, the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or the costs may be greater than anticipated. This executed purchase contract is subject to various closing conditions, including but not limited to due diligence and satisfaction of audited results. These forward-looking statements include, among others, statements with respect to objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. For further information on factors that could impact Hubilu Venture Corporation, reference is made to filings with the Securities and Exchange Commission.
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Contact:
Tracy Black, VP – Investor Relations
310.420.9599
tracy@hubilu.com
www.hubilu.com
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