Dublin-based Tetrarch Capital is to sell 84 apartments at Westpark Apartments in Dublin's Citywest to Clúid, the country's largest approved housing body.
The housing units include 34 one-bedroom apartments, 44 two bedroom apartments and six three bed apartments.
Clúid will add the units to its portfolio of affordable social housing, which is consistent with its strategy of delivering 2,500 new social housing homes over the next three years.
The housing body is financing the deal through a combination of loans from the Housing Finance Agency (HFA), and financial support from the Department of Housing, Planning and Local Government.
Tetrarch bought the 80 aparthotel units in six blocks at Westpark in 2017 and at the time all of the units were in a very poor state of repair, with many uninhabitable.
Tetrarch secured planning permission to convert the six blocks from 80 aparthotel units to 84 residential units.
In a statement today, Tetrarch said the first four blocks of 56 apartments have recently transferred to Clúid.
The final two blocks are due for completion and will transfer to Cluid before the end of the year.
All of the apartments are being given to Clúid on a turn key basis, following a €10m refurbishment process by project contractor McKelan Construction on behalf of Tetrarch Capital.
Michael McElligott, chief executive of Tetrarch Capital, said that the company turned a struggling aparthotel scheme into high quality, long term residential accommodation.
"Our refurbishment work, which is nearing completion, is transforming a former dilapidated development into 84 fine apartments in what is Dublin's fastest growing suburb," Mr McElligott said.
