Irish Residential Property REIT, or I-RES, has agreed a deal to buy 201 apartments at Elmpark in Dublin 4 for €59m.
Elmpark has annualised rent of €3.2m at 92.5% occupancy.
Upon completion of the deal, I-RES said it will have a total of 2,288 apartments under professional management in Ireland.
The 201 apartments comprise 101 one-bed, 96 two-bed and four four-bed duplex penthouses.
I-RES said that although the residences are of high quality, the complex has suffered from years in receivership.
But it added that the vendor is undertaking a 'significant programme' to address these issues, which will benefit the apartments considerably.
David Ehrlich, the company's chief executive, said that the Elmpark deal adds significantly to its mix and overall quality of our portfolio.
"Elmpark is really a unique complex in terms of design, quality and location and represents a rare opportunity for I-RES to add to its South Dublin portfolio," Mr Ehrlich said.
"We believe that the completion of the grounds and amenities and other improvements to the complex will add significant long term value and Elmpark will be a cornerstone property for years to come," he added.
