Exclusive: LivCor Takes Haircut in $60M LA Sale
The asset traded at a discount of more than 30 percent.
Blackstone’s LivCor has sold Violet on Virgil, a 302-unit asset in Los Angeles, for $60 million to Post Investment Group, according to Yardi Matrix data. The asset’s latest price tag marked a 33.3 percent decline compared to the 2018 transaction of $90 million.
Post Investment Group funded the acquisition with a $47.3 million Freddie Mac loan originated by KeyBank.
The property debuted in 1971, comprising two low-rise buildings consisting of studio, one- and two-bedroom layouts that average 633 square feet. Community amenities include two swimming pools, resident lounges and fire pits, as well as one business center, a gym and a recreation room, among other features.
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Violet on Virgil occupies nearly 3 acres at 160 S. Virgil Ave., between Los Angeles’ Koreatown and Westlake neighborhoods. Koreatown / Mid-Wilshire had the highest cap rates across the entire market, clocking in at 6.7 percent during the first half of 2026, according to a report by Marcus & Millichap’s Tuvia Group.
The submarket witnessed a substantial glut of deliveries amid a wave of new multifamily construction, which pressured older stock. Properties that had secured cheap debt and are now faced with a higher refinancing rate pose a challenge for their owners, and some may choose to sell and close outstanding loan balances.
Koreatown’s multifamily assets attract investment
Notably, Koreatown / Mid-Wilshire logged the highest number of deals closing among all other Los Angeles submarkets year-to-date through June, the same report shows. Investors were willing to take on operational risks and higher supply volatility in exchange for higher going-in yields.
Within walking distance of Violet on Virgil, another asset traded at a significant discount. Pacific Urban Investors paid $139 million for Next on Sixth in June, marking a 26.5 percent decline compared to the price tag of $189 million the property commanded in 2019, according to Yardi Matrix data.
