Tristan Capital Partners and SW3 Capital have now completed the acquisition of a further 47 apartments at the Elmfield private rental sector (PRS) scheme in Leopardstown from Dwyer Nolan Developments, increasing the total number of units under their ownership here to 185. The total price of both phases comes to €68.5 mln.
'We are delighted to have completed the purchase alongside our capital partners at Tristan. The increased scale at Elmfield will now allow us to initiate a number of exciting initiatives that will help build a stronger community and enhance the living experience for all of our residents,' said Adam Rooney of SW3, a London-based alternative investment manager. 'We remain committed to providing a new benchmark for renting in Ireland.'
The scheme will be operated by the Vert platform, which now has 382 PRS units across two locations in Dublin and is actively seeking new opportunities to further increase the size of the existing portfolio.
Dwyer Nolan Developments completed construction on the scheme in Q4 2017 and have been actively building apartments in Dublin for the past 24 months.
‘We are delighted to announce the sale of the remaining units at Elmfield and we see build-to-rent as a clear de-risking solution to deliver apartment accommodation of scale. We see this as a key area of our business plan going forward,' said Edward O’Dwyer of Dwyer Nolan Developments.
Tristan/SW3 were advised on the acquisition by CBRE and Dwyer Nolan Developments were advised by Dillon Marshall Property Consultants Ltd.