One of Koreatown’s biggest rental hubs has changed hands, with Equity Residential selling the 398-unit Next on Sixth complex to Pacific Urban Investors. The mixed-use property at 620 S. Virgil Avenue, a familiar presence at the Sixth and Virgil intersection, includes high-profile ground-floor retail that helped reshape the corridor when it first opened.
According to CoStar, the deal was announced on June 22, 2026, identifying Pacific Urban Investors as the buyer of the nearly 400-unit asset. CoStar described the transaction as one of Los Angeles’ largest apartment trades so far this year.
About Next on Sixth
Next on Sixth opened in 2017 with 398 residential units and roughly 20,000 square feet of street-level retail space anchored by a small-format Target, according to project details from Fifield Companies. The seven-story development, delivered by the Century West and Fifield partnership, was positioned as a higher-amenity building with studios, one- and two-bedroom units, and curated public art integrated into its facades and amenity spaces, as noted in coverage when construction wrapped.
Where Equity Started
Equity Residential entered the picture in 2019, acquiring Next on Sixth for about $189 million, according to reporting at the time by The Real Deal. That purchase fit into Equity’s broader push into Los Angeles rental assets during that cycle.
Buyer And Market Context
Pacific Urban Investors has been steadily building its Southern California presence in recent years, picking up suburban and infill properties from San Diego to Glendale, industry trackers show. Local market research and broker commentary indicate that investors are targeting repriced Los Angeles multifamily properties as underwriting adjusts and the city’s rental fundamentals soften. That backdrop is reflected in regional market notes from Matthews and in trade coverage of Pacific Urban’s recent acquisitions.
How Pacific Urban will put its stamp on Next on Sixth is not yet clear. With a major retail anchor in place and a central Koreatown address, the property carries obvious long-term appeal, and the sale is another signal that institutional and private players are reshuffling portfolios across Los Angeles’ rental landscape as conditions continue to shift.
