Post Investment Group Buys Rampart Village Complex at 33% Discount

Post Investment Group bought the 302-unit Violet on Virgil apartments in Rampart Village from Blackstone’s LivCor for $60.0 million, The Real Deal reported. That is 33% below the $90.0 million LivCor paid in 2018.

Why it matters

The complex sits at 160 S Virgil Ave, just west of Downtown LA. The firm is led by Jason Post, and LivCor is Blackstone’s multifamily arm.

If the figures hold, the deal shows how far basis has reset on older LA apartments bought in 2018. For a buyer, it sets a fresh comp for 1970s low-rise stock in the urban core. The buyer is betting the discount outweighs the age of two buildings completed in 1971 and the cost to reposition them.

The numbers

The reported $60.0 million price works out to about $198,675 per unit across 302 apartments. Post Investment Group financed the purchase with a $47.3 million Freddie Mac loan arranged through KeyBank, according to the report. The site covers nearly 3 acres.

The American Developer has not yet checked either price against a recorded deed. Both the $60.0 million sale and the $90.0 million 2018 purchase are The Real Deal’s figures, not confirmed county records.

What’s next

Watch for the grant deed to post with the Los Angeles County Registrar-Recorder/County Clerk. Its documentary transfer tax would let a price be stated as recorded rather than reported. Post Investment Group’s plans for the property, whether a hold, a renovation or a resale, were not detailed in the reporting. More Los Angeles deal coverage is on the market page.