Irish Residential Properties REIT (I-RES) is closing in on the acquisition of Two Three North, a major operational Build to Rent (BTR) development in Dublin, as the residential investor looks to expand its portfolio in the Irish capital.
I-RES is understood to be in advanced discussions to acquire the 282-apartment development at Clongriffin in north Dublin from developer Twinlite and its joint venture partner Tristan Capital Partners.
Two Three North was brought to market earlier this year through joint agents Hooke & MacDonald and Knight Frank, with a guide price of around €120 million. The development was completed in 2022 and its acquisition would increase the size of I-RES’s residential portfolio by approximately 8%.
The scheme comprises 282 apartments arranged across four blocks on a 3.17-hectare site, combining private homes with communal and public spaces. Of the apartments, 236 form part of the private rented portfolio, while a further 46 are leased to Dublin City Council under a long-term agreement.
Designed by MDO Architects for Twinlite, Two Three North has been created around the amenity-led model that has become increasingly important within the BTR market. Resident facilities include co-working areas, a gym, cinema room and communal social spaces, alongside basement and surface parking, secure bicycle storage, landscaping and green roof areas.
Sustainability also formed an important part of the development and construction strategy. The project achieved Home Performance Index certification, while most apartments achieved a BER A2 energy rating.
An all-electric energy strategy incorporates mechanical ventilation with heat recovery and exhaust air heat pumps, supported by a high-performing building envelope and triple glazing. Environmental Product Declarations were also considered during material procurement, with a whole-building life cycle assessment undertaken to examine embodied carbon.
For I-RES, the potential purchase represents a sizeable addition to an existing portfolio of more than 3,600 rental homes, predominantly located across Dublin. At the end of June 2026, the company’s portfolio was valued at approximately €1.28 billion and recorded occupancy of 99.4%.
The acquisition would come as I-RES steps up investment following a period of asset recycling and improving financial performance. The company has also committed to acquire 77 newly built apartments through a separate forward purchase agreement, with completion expected towards the end of 2026.
Two Three North provides a particularly attractive opportunity because it is already completed and operational, allowing I-RES to add a substantial concentration of modern rental homes without taking on the construction and delivery risk associated with a new development.
If completed, the transaction would further strengthen I-RES’s position in Dublin’s professionally managed rental sector while underlining continued institutional appetite for established, high-quality BTR assets.
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