Nelson & Nedelka Bell Acquire 9-Unit Multifamily In Hollywood From Lior Cohen & Shai Moschowits For $2M

The Cropper Apartments in East Hollywood has been sold after a 7.5 year hold. The multifamily property, located at 1512 Harrison Street, offers 9 units with a total square footage of 5,448. The property was sold by Lior Cohen and Shai Moschowits of Present Equity and was acquired by Nelson & Nedelka Bell. The sale price for the property was $2,000,000, slightly below the asking price of $2,100,000. This translates to a price per unit of $222,222 and a price per square foot of $367.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,000,000
• Units: 9
• Price Per Unit: $222,222
• Square Footage: 5,448
• Price Per Square Foot: $367

Felipe Echarte of Marcus & Millichap represented the buyer, Nelson & Nedelka Bell, in this transaction. The Cropper Apartments, built in 1929, hold significance as it represents Present Equity's last multi-family investment. Present Equity, shifting its focus towards value-add retail and small bay industrial acquisitions in the southeastern United States, originally acquired the property as part of a 1031 exchange.