- Posted at 10:19, December 12, 2013
- By Russ Bleemer
New York-based insurance giant MetLife Inc. yesterday said it signed a joint venture agreement with UDR Inc. to build a $317 million luxury high-rise residential development in San Francisco.
Metlife's press release on the deal is available on its website HERE.
The companies will split the project: MetLife will have a 49% share, and UDR, an NYSE-traded multifamily REIT based in Highlands Ranch, Col., will own 51 percent.
The project, at 399 Fremont Street in San Francisco’s Rincon Hill neighborhood, will consist of a 42-story tower, with all 447 residential units expected to rent at market rates. It is expected to open in 2016.
MetLife's release notes that it carries $55.1 billion in real estate-invested assets, which includes $43.1 billion in commercial mortgages and $12 billion in equity investments as of the end of last year.