On October 31, 2024, Magnolia Properties acquired 5745 Spahn, a renovated single-family home situated on a spacious 11,050 SF lot in Lakewood, CA. After purchasing the property, we promptly leased the main house and are now in the process of securing permits for two backyard Accessory Dwelling Units (ADUs). Each ADU is designed as a two-story, townhouse-style unit with a private yard, featuring three bedrooms, two bathrooms, and 1,200 SF of living space per unit. We expect to obtain permits in early 2025 and complete construction by October 2025.

Our strategy is to lease all units, then either sell the property or refinance and hold it for continued cash flow.