Irish Residential Properties REIT, or I-RES, has agreed a deal to acquire 89 apartments with 145 car parking spaces in Clondalkin in Dublin for €18.3m.
The deal for the properties located at Coldcut Park on Coldcut Rd in Clondalkin will bring the number of apartments under I-RES management in Ireland to 2,377.
The 89 apartments in Clondalkin are 99% occupied and generate average annual rental income of around €1.4m – a gross yield of roughly 7.7% based on the purchase price.
The site, which is located around 9km from Dublin city centre, comprises 18 one-bed, 22 two-bed, 32 three-bed, and 17 four-bed apartments.
The complex also includes a number of three- and four-bed own-door duplex units.
Commenting on the deal, I-RES CEO David Ehrlich said: “The acquisition of the apartments at Coldcut Park is a nice addition to our portfolio with an attractive yield.
“Coldcut Park is situated in close proximity to other properties in our portfolio, including Tyrone Court and Tallaght Cross West so that it fits well from a property management standpoint.”
