Avestus Capital Partners, acting on behalf of the Irish Residential PRS Fund II, representing Irish, Nordic and German institutional investors, has entered into a forward purchase agreement to acquire a PRS scheme of 50 private rented sector (PRS) apartments known as Belvoir and located in Stillorgan, Co. Dublin. The scheme is expected to be delivered in 2020.
The property was initially designed for the build-to-sell market and offers 50 large PRS units comprising 1, 2 & 3 bedroomed units spread across the existing protected Kilmacud House and two new apartments blocks. Belvoir also comprises underground car park facilities and benefits from high-quality features including a large landscaped courtyard that will offer a unique living environment.
The scheme is located in an attractive and affluent area in close proximity to the Sandyford business district. Belvoir also benefits from strong road access and good public transport connectivity to the city centre.
The property will consist of high-quality, purpose designed PRS units located in a sought-after residential area. This forward purchase agreement aligns well with the Fund’s investment objectives of achieving long-term income and capital appreciation by investing in new PRS properties located in established locations with strong demographic trends.