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.

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