German property investor Real IS has paid about €42m (£36m) for a build-to-rent development of 93 flats off Malahide Road in Dublin 17.
Dublin City Council has agreed a 25-year lease on all the homes.
The scheme, which is under construction by Longford-based Gem Group and due for completion late next year, also includes three commercial units.
Real IS purchased the development as part of its €800m Modern Living alternative investment fund, which it launched last year.
