Harrison Street and Eagle Street Partners have teamed up to buy a residential project in Ireland.
The duo have formed a joint venture to develop a 554-residential-unit build-to-rent (BTR) multi-phase development at East Road in Dublin.
Eagle Street will serve as developer of the project through its operating platform, Resident Space.
The East Road development, located within Dublin’s North Docklands, will include 43,162sqft of commercial space comprising offices, a café, a daycare facility, and retail.
Paul Bashir, CEO of Harrison Street’s European business, said demand for rental housing in Dublin has outpaced development for the last ten years, as Ireland’s growing population and influx of young professionals continue to stress the city’s obsolete residential options.
“We are pleased to bring a purpose-built, high-quality rental housing option to a neighbourhood backed by strong demand drivers and expand Harrison Street’s presence in the Irish BTR market through our joint venture with Eagle Street, which brings deep experience developing BTR projects in Ireland and the UK.
“We look forward to identifying and executing on further attractive opportunities in the Irish market with similarly favourable supply-demand dynamics for our investors and partners,” Bashir said.
Justin Bickle, founder, executive chairman and CIO of Eagle Street, said: “Harrison Street brings significant, global expertise investing in BTR projects to Ireland, and we are delighted to partner with them to expand their existing presence in the country’s residential housing market.
“Given the multi-year opportunity in Dublin’s residential market, we look forward to leveraging Harrison Street’s demographically driven platform and strong operational knowledge alongside Eagle Street’s strong track record acquiring, developing, and managing residential real estate assets in Ireland and the UK.”
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