The two buildings, at 310 S. Virgil Ave. and 315 S. Virgil Ave., have a total of 130 units.
Xenon Investments Corp. purchased the properties from the Tahan family.
Iconic Investments’ Adam Zunder and Peter Strauss represented the seller and the buyer in the transaction.
The buildings were constructed in 1991, and Xenon Investments is planning an update.
Zunder said the Virgil Collection was toured 45 times by potential buyers since it came on the market in March and received 18 “viable” offers.
According to Zunder, it’s “extremely rare” for family-owned buildings of this age and size to come up for sale. Most multifamily properties with more than 100 units are institutionally owned.
A lot of investors have come off the sidelines this year, he said.
“As the long-term owners are cashing out or exchanging out of state, it opens the door for seasoned operators who are able to navigate the risk the rent moratorium poses and still transact because the interest rates for debt are historically low,” Zunder said.
Xenon Investment Corp. has acquired more than 500 units worth more than $150 million in L.A. in the past year.
The Virgil Collection isn’t the only Koreatown property to change hands over the past couple months.
Earlier this summer, Prana Investments Inc. purchased two mid-rise multifamily buildings at 720 S. Normandie Ave. and 709 S. Mariposa Ave. from Koreatown-based Jamison for $23.6 million.
The two properties have a total of 101 units that were 95% occupied at the time of the sale.
The sale also included a development site at 715 S. Mariposa, which has been approved for 44 units.
