Pacific Urban nabs Koreatown multifamily complex for $139M

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Pacific Urban Investors picked up a seven-story apartment building in Koreatown for $139 million — $50 million less than it sold for seven years ago. The Palo Alto-based investor bought Next on Sixth, a 398-unit complex at 620 South Virgil Avenue, Bisnow and CoStar News reported. The seller was Chicago-based real estate investment trust Equity Residential. The deal for the nine-year-old building works out to nearly $349,250 per unit, not including the 20,000-square-foot retail store. The brokers involved in the sale were not disclosed. Equity bought the building in 2019 for $189 million, or nearly $474,900 per unit. The deal [...] This article originally appeared on The Real Deal. Click here to read the full story.