LA Apartment Complex Sells for 33 Percent Less
Owners of older multifamily assets in Los Angeles face cooling valuations as new construction alters the local market landscape.
Updated on Oct. 21, 2026 in Commercial
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Post Investment Group has acquired the 302-unit apartment complex Violet on Virgil in Los Angeles for $60 million. This transaction marks a 33.3 percent price drop compared to the property's previous sale in 2018.
Why it matters
The sale reflects broader pressure on older multifamily properties in the Koreatown and Mid-Wilshire areas as new construction and rising refinancing rates shift market valuations. This correction signals a changing landscape for investors and long-term renters in the local submarket.
The Violet on Virgil property, which debuted in 1971, encompasses nearly 3 acres at 160 S. Virgil Ave. The acquisition was funded in part by a $47.3 million loan originated by KeyBank.
The players
Post Investment Group
A real estate investment firm that manages multifamily assets and property acquisitions.
LivCor
A real estate asset management firm specializing in multifamily property operations.
KeyBank
A national financial institution that provides commercial real estate lending and mortgage services.
Freddie Mac
A government-sponsored enterprise that provides liquidity to the mortgage market by purchasing and securitizing residential loans.
The details
The property consists of two low-rise buildings that feature studio, one-bedroom, and two-bedroom layouts. The decline in value follows a submarket trend where new multifamily developments place competitive pressure on older housing stock. Owners of such assets are increasingly choosing to sell in response to elevated refinancing rates.
Timeline
1971: The property debuted.
2018: The property previously sold for $90 million.
2019: Next on Sixth previously sold for $189 million.
H1 2026: Koreatown/Mid-Wilshire cap rates reached 6.7 percent.
June 2026: Pacific Urban Investors purchased Next on Sixth.
The Home Front
This sale follows a documented trend of declining valuations for older multifamily assets across Los Angeles. Local market shifts are currently prioritizing newer construction, forcing a revaluation of legacy properties built in the 1970s.
Tenants in large apartment communities should review their lease agreements and stay updated on any announcements regarding building management transitions. It is helpful to retain documentation of all current lease terms and security deposit records during an ownership change.
The takeaway
Large-scale property transactions are increasingly impacted by the rise of new residential stock and fluctuating interest rates. Renters should monitor local building listings and keep copies of all property-related communications from management during ownership transitions.
Further reading
Learn more about the latest developments in Los Angeles Commercial.
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