Drescher Heights Phase 2

On November 20, 2024, Magnolia Properties acquired 2122-2124 Drescher St, a duplex located just 0.6 miles from the University of San Diego in the desirable Linda Vista neighborhood. Purchased at attractive pricing for a 2-unit property, we are currently in the permitting phase to replace the duplex with a modern 3-story, 18-unit complex featuring ground-floor parking.

This property was purchased from the same seller as Drescher Heights Phase 1, located next door, which we acquired seven months earlier. Phase 1 involves redeveloping a 4-unit property into a 22-unit building. Together, the completed Phase 1 and Phase 2 developments will form a cohesive 40-unit community, each unit featuring private balconies and dedicated parking. This project is situated in a prime location near the University of San Diego, making it a highly desirable offering in the San Diego rental market.