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SAN DIEGO-As multifamily developers continue to bank on San Diego condo product, locally based Mayfair Homes Inc. has snapped up a 15,000-sf parcel here with plans to build an upscale condominium project on the site.

Mayfair dba Trilogy on Fifth LLC has shelled out $1.8 million for the property, which is located at 3241-3265 Fifth Avenue in the Banker’s Hill area of San Diego. The new owner plans to build a five-story condo complex here. Designed by Rodriguez & Simon Design Associates Inc., the proposed condo is slated to house 25 luxury units. Construction on the project is scheduled to begin sometime in the next few months.

In the recent transaction, Mayfair was represented by Victor Krebs of Colliers International. Bud Marsh, who is also with Colliers International, acted on behalf of seller O’Bryan Family Trust.

Condo development has really heated up in San Diego over the past couple of years, with both new construction and condo conversions taking a front seat in the region’s multifamily market. According to George Carlson, an apartment specialist and vice president with Burnham Real Estate Services, the number of condominium permits issued “continues to skyrocket.” In a second quarter report issued by Burnham, Carlson said that 1,696 units were approved during the first six months of 2003, “up 149% over the same time in 2002.”

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