(To read more on the multifamily market, click here.)

SAN DIEGO-Centex Homes has become one of the more versatile anddiverse of the major homebuilder as evidenced by its latestmultifamily play. Centex has acquired 33,000 sf of industrial spacein the Downtown area and will build a 39-story, 200-unit condoproject on the site. While not all the specifics were available onthe project, it's estimated the project will count roughly 200,000sf and project costs could be in the ballpark of $50 million.In thedeal, Centex acquired the fully entitled site from 15th and IslandLLC for $6 million. Victor Krebs of Colliers International brokeredthe deal. Krebs tells Globest.com that on the site now are twoindustrial warehouses. "One is a turn of the century warehouse thathas an Italian architectural style. The other warehouse wasdeveloped in the 50s." Krebs adds that Centex plans to raze the 50swarehouse while integrating the other warehouse into the projectand developing it into 6,000 sf of ground-floor retail. "It will beadjacent to the condo property, with access to it," Krebssays.Numbers are not yet available on the property's breakdown ofhow many one-, two- and three-units condos will be included, butprices are expected to begin in the $300,000s. The site willinclude subterranean parking. The project architect is KMAArchitecture. For Centex Homes, the new high-density housing is notits first in the Downtown area. In 2003, the homebuilder acquired a10,000-sf Downtown parcel at the corner of Market Street and 15thStreet, where it's developing Element, an 8-story, 65-unitcondominium that is currently under construction.

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