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Wednesday, July 31, 2013
MetLife Makes $145 Million Investment in Addison Apartments
Metropolitan Life Insurance has invested $145 million to become a half owner in a huge Addison apartment community.
MetLife formed a partnership with developer UDR Inc. to own the Vitruvian Park apartments south of Spring Valley Road near Brookhaven College.
UDR began construction on the almost 100-acre development in 2008.
Since then the Denver-based developer has built more than 1,100 apartments in the project, which is projected to ultimately total $1 billion in value.
MetLife has bought a 50 percent stake in the Savoye, Savoye 2 and the new Fiori apartment buildings at Vitruvian Park. The insurance company investor has also become a partner in almost 30 acres of raw land planned for future developments.
Construction is currently finishing up on the 10-story, 391-unit Fiori building, which was designed by, architects Good, Fulton & Farrell.
The third phase of Vitruvian Park, the Fiori project costs $98.4 million and has already started leasing.
UDR says that the land in put in the joint venture with MetLife has room for another 2,000 to 2,500 rental units and 45,000 to 50,000 square feet of retail space.
As part of the deal, the developer said it’s secured $118.3 million in debt for the Savoye, Savoye 2 and Fiori communities.
UDR has also formed a joint venture with MetLife to own apartments in Denver and San Diego.
The Vitruvian Park development is part of a major project by UDR and the Town of Addison to replace almost 3,000 old apartments with new rental units and as much as 500,000 square feet of retail and office space.