US-headquartered property giant Greystar is closing in on the purchase of 342 homes being developed by Cairn Homes on a site at Griffith Avenue in Marino, Dublin 3.
While the terms of the transaction have yet to be fully agreed, the parties are understood to be in the advanced stages of discussions with a view to completing a deal at just under €180 million for the Griffith Wood portfolio. The proposed price tag equates to an approximate average of €523,391 per unit. As reported by The Irish Times previously, Greystar first expressed its interest in acquiring the portfolio with an unsolicited offer for the scheme late last year.
Cairn Home’s Griffith Wood development has a prime location on a three-hectare (7.41 acre) site on Griffith Avenue that had been owned previously by the Christian Brothers.
The scheme, which is currently under construction, is set to accommodate a total of 385 units, comprising a mix of 377 apartments and eight houses. The apartments will be distributed across seven blocks ranging in height from four to eight storeys, and will be complemented by the provision of 367 car parking spaces, 682 bicycle parking spaces, as well as a creche and a gym for residents. The 35 apartments and eight houses not included in the Greystar deal meanwhile will be acquired by Dublin City Council for social and affordable housing under the terms of Part V of the Planning and Development Act
Cairn Homes’ sale of the Griffith Wood portfolio is in keeping with its twin-track strategy of delivering new homes to the traditional owner-occupier market and to the private rented sector (PRS) market.
Greystar's purchase of the Griffith Wood portfolio will represent its second transaction in Ireland's rapidly expanding PRS market. The South Carolina-headquartered company made its first investment here in July 2019, paying €175.5 million for 268 high-end apartments at Dublin Landings, the million square foot mixed-use development Ballymore delivered over recent years in partnership with Oxley in the Dublin docklands.