Irish real estate investment and development platform Ardstone has agreed a deal to buy Birchwood Court, a new 180-unit apartment complex in Santry in North Dublin.
At a purchase price of €79m, Ardstone said the deal reflects good value and an approximate net yield of 5.25%.
The scheme is currently vacant, and will be ready for leasing in November.
Today’s purchase, completed by the Ardstone Residential Income Fund (ARIF), follows Ardstone’s recent acquisition of the 360-unit Spencer Place in Dublin’s North Docklands area last month.
Through the ARIF fund, Ardstone how has a portfolio of over 3,000 residential properties – both houses and apartments – under management located across Greater Dublin.
It also has about 1,000 units under construction through its residential development division.
Jessica Crowley, Senior Director at Ardstone, said the company’s goal is to become Ireland’s preeminent housing provider and investment platform.
“Birchwood Court aligns perfectly with this investment strategy, enabling us to secure value for our fund and provide a high-quality offering for the surging occupier demand in Ireland. We are continuing to fundraise for ARIF and we remain committed to expanding our portfolio over the coming 12 months,” Ms Crowley added.
