Hubilu Venture Corp., a publicly traded real estate firm, has acquired Lantana Investments and its single student housing asset near the University of Southern California campus.
The deal, announced Tuesday, is the latest investment in the immediate areas surrounding the USC campus, which has become increasingly attractive to developers looking to profit from high rental rates.
The Lantana property, located at 1557 West 29th Street, includes seven units and is located three blocks away from the campus and newly built USC Village.
Two trustees, Miguel Medina and Elda Rivas, owned the property up until July, property records show.
Hubilu, a real estate consulting, asset management and business acquisition firm based in Beverly Hills, specializes in student housing income properties. The company announced earlier this year that it is now accepting cryptocurrency as a form of rent payment.
The company also holds two nine-unit properties at 2909 South Catalina Street and 3711 South Western Avenue, and a six-bedroom property at 3910 Walton Avenue in its portfolio.
Other recent investors in the USC area includes Ventus Group, which is working on a 4.4-acre project that would include a 408 residential units, office space, restaurants, retail and a hotel near the campus. The mixed-use development is expected to cost $300 million.
Canfield Development also recently secured approvals to build a seven-story apartment building at West 31st Street. The projects are smaller in comparison to the massive USC Village that opened late last year, bringing seven residential colleges, a new gym and a slew of retail locations to the area.