Private investment manager Ardstone has completed the purchase of Annaville Residence, a luxury residential complex in south Dublin.
Private investment manager Ardstone has completed the purchase of Annaville Residence, a luxury residential complex in south Dublin.
The €8.8 mln investment was made on behalf of a separate account. It marks Ardstone's second purchase in Dublin for the same client following the acquisition in March of an office building in the Ballsbridge sub-market of Dublin.
Annaville Residence is a privately gated and landscaped residential complex. It is located close to Dundrum Town Centre and provides 54 apartment and townhouse units.
Having experienced one of the worst property crashes in recent times, Dublin's residential market is witnessing a rapid recovery in both rental demand and capital values. 'This recent acquisition of Annaville Residence provides a very durable cash flow and exposure to a recovery market which we believe in,' commented Ardstone co-founder Donal Mulcahy.
