An opportunity fund advised by European real estate investment manager Tristan Capital Partners is adding 138 multifamily for-rent apartments to its existing Vert platform following the off-market acquisition of three high quality, stand-alone residential buildings in Leopardstown, South Dublin.
The European Property Investors Special Opportunities IV (EPISO 4) fund completed the acquisition of the buildings for €51 mln.
SW3 Capital, the fund’s operating partner and investment advisor on the joint venture, will take a minority interest in the completed property.
It is the second investment made by the Fund and SW3 following the €72 mln purchase of the 197-unit Neptun building in south Dublin in August last year. All assets are part of the Vert platform.
Two of the three buildings are 100% leased. The third building – providing 54 new multifamily for-rent apartments – will be available for occupancy from today.
In a statement, Tristan said that the Fund will acquire the two remaining buildings on the estate before year end, and will seek to acquire further assets in the growing “build-to-rent” sector as it continues to mature.
'Our strategy continues to deliver for-rent apartments with great transport links to the city centre, key employment hubs in Dublin, as well as local retail, leisure and community services,' said Peter Mather, managing director of Investments at Tristan Capital.
