Ireland’s largest private landlord adds 104 apartments to rental market with one beds starting at €1,550
Irish Residential Properties REIT (Ires Reit), Ireland's biggest private landlord, has completed the acquisition of 128 apartments in Finglas, Dublin.
In a deal first announced on May 8, the company paid €40m for the Hampton Wood apartments, which was funded from its existing credit facility.
The apartment block consists of 46 one-bed and 82 two-bed apartments.
Already Ires has started to advertise the apartments for rent.
The cost of renting an unfurnished one bed is €1,550, while the cost of renting an unfurnished two bed apartment is €1,850, according to property website Daft.
Currently 24 of the 128 apartments, which each have a car parking space, have been leased by the vendor, with the remaining 104 available for immediate lease.
Based on current annualised rents and lease up of the 104 apartments, the investment is expected to generate a gross yield of around 6.25pc based on the purchase price.
"We are pleased to have completed the acquisition," Margaret Sweeney, chief executive of Ires Reit, said.
"Hampton Wood strengthens our presence on the North side of the city and brings our total number of apartments to 2,579."
Last year the average monthly rent secured by Ires across each of its housing units was €1,517, according to the group’s annual report published in March.
The most expensive apartments in its portfolio to rent are 84 properties at the Marker Hotel in Dublin's docklands.
The average monthly rent on those properties was €2,697 last year.
The cheapest are its 103 apartments at Priorsgate in Tallaght, south Dublin, where average monthly rents are €1,167.