Irish Residential Properties REIT has agreed a deal to buy 442 apartments in Tallaght, Dublin 24 for a total of €83m from NAMA.

The property investment company said the deal for the Tallaght Cross West apartments is expected to close in the middle of January.

The 442 apartments have annualised passing rents of €5.1m at 85% occupancy, generating a gross yield of about 7%. 

The company said that based on current annualised passing residential rents and getting the other 15% of the apartments leased at market rates, the development will generate a gross yield of about 8.5%.

The apartments comprise 161 one-bed, 238 two-bed and 44 three-bed  units.

Meanwhile, the company also said that it has completed a deal to buy 40 apartments at Bessboro, Terenure in Dublin 6 for €12.2m. 

The apartments comprise six one-bed, 32 two-bed and two three-bed units.

I-RES also recently completed the acquisition of an additional eight apartments and eight car parking spaces at Beacon South Quarter in Sandyford, Dublin 18 for €2.24m.

"These acquisitions represent an excellent opportunity for I-RES to expand its portfolio in strong locations with the Dublin market," commented the company's chief executive David Ehrlich.

He said the company looks forward to improving the management of these acquisitions to ensure the best level of service for its tenants.