McGrath Group Properties has sold two phases of its Elmwood apartment development on Johnstown Road in Cabinteely, Dublin 18, to Clúid Housing, the independent not-for-profit charity that provides affordable housing for people in need.

cGrath declined to disclose the sale price, but it is estimated to be around 45 million euros for the two phases.

In the early stages of the first phase of development, the Irish Independent reported that McGrath had received offers of more than 20 million euros from investors ahead of his work. The first phase at Johnstown Place consists of 51 units – 26 one-bed apartments and 25 two-bed apartments.

Elmwood’s second phase consisted of 25 one-bedroom units and 32 two-bedroom apartments which have just been completed.

Clúid works in partnership with local authorities to provide accommodation for people waiting for social housing. An approved HLM organization, it owns and manages more than 9,000 accommodations welcoming more than 24,000 people.

It also provides housing under the Government’s Cost Rental Scheme, under which rents are targeted at a minimum of 25% below free market value. Residents also benefit from long-term security of tenure.

McGrath Group Senior Executive Joey Walsh said: “McGrath Group Properties has been in business for over 40 years and we build quality homes that are built to last. We are very pleased with the completion of this development totaling 108 units in Johnstown Road, which has been sustainably built with a focus on the local community and the wider environment.

Johnstown Road connects Cabinteely Village to Glenageary, Killiney and Dalkey. It is also within walking distance of Pottery Road office complexes.

The McGrath Group, an Irish family-owned property company, was founded in the early 1980s and is headquartered in Dublin city centre.

Initially it developed residential properties for the Irish rental market and later expanded into large investment and development projects. It has branched out into development and renovation projects in Dublin, southern England and Germany.

Its German projects are located in Berlin, Rostock, in the Land of Leipzig and in Zwickau in the Land of Saxony.