I live in the area so heres my thoughts on a good investment.
1. Do not buy too near UL as this is Student world. Not only that but reasonably difficult to sell there after.
2. Areas to look at - Annacotty, Monaleen (very upmarket and a much sought after area in Limerick) and Newtown.
3. Two developments worth a look at are Castlemara and Carrigeen. Within 20 mins walk of UL, near a nice bar, shops, new park and restaurants.
4. Salmon Weir in Annacotty is also worth a look.
Hope this helps,
MikeM.