The State's largest property owner, Irish Residential Properties REIT has completed the acquisition of 69 new residential homes at Tara View, Merrion Road, Dublin 4.

It entered into a contract for the forward purchase of the residential units from DHGL Limited in 2018, a transaction valued at €47.1 million.

The development is now fully completed with the acquisition of the 69 apartments, townhouses and car park spaces closed at the original price, with no variation.

Based on the projected annualised market rents, the company said the asset is expected to generate a gross yield on cost of 5.6%.

This latest acquisition brings the total number of residential units in its portfolio to 4,067.

"We are delighted to take delivery of the Tara View development which is an excellent addition to the I-RES portfolio at a time when there is a significant need for new accommodation in Dublin City," said Margaret Sweeney, the company's Chief Executive Officer.

"The addition of Tara View, along with the acquisition earlier this year of Ashbrook and the delivery of our development at the School Yard, now brings our total portfolio size to in excess of 4,000 homes," she added.