Press release from Business Wire
MetLife Adds to its Real Estate Portfolio in the DC Area
Thursday, July 25, 2013
MetLife Adds to its Real Estate Portfolio in the DC Area09:42 EDT Thursday, July 25, 2013
WASHINGTON (Business Wire) -- MetLife, Inc. (NYSE: MET) announced today that it has acquired Broadstone Laurel Highlands, a 300-unit, class-A multifamily complex in Lorton, Virginia. MetLife, Inc. bought the property, located at 8141 McCauley Way, from the Alliance Residential Fund I.
Steve Taylor and Terence O'Connell of MetLife's Washington, DC office led the acquisition effort.
"Broadstone Laurel Highlands is an outstanding asset and fits well into our strategy of expanding our portfolio in high growth metro areas such as Washington, DC," said Steve Taylor, Regional Director for MetLife. "Alliance built a great product and we're pleased to add this property to our portfolio."
Broadstone Laurel Highlands will augment MetLife's DC regional, multifamily equity portfolio, which includes several other properties in the region.
The property is conveniently located near Interstate-95, 20 minutes south of downtown Washington, DC. Built in 2011, the property consists of 289 multifamily units and 11 townhomes. Onsite amenities include a fitness center, resident movie theater, outdoor pool, outdoor fireplace, business center and a dog park.
MetLife invests in office, apartment, retail and industrial opportunities in major U.S. markets as well as outside of the U.S. Kettler Management, Inc. of McLean, Virginia will oversee management of the property. Holiday Fenoglio Fowler, LP represented the seller.
Metropolitan Life Insurance Company (MetLife) is a subsidiary of MetLife, Inc., a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its real estate investments department, MetLife oversees a well-diversified real estate portfolio of more than $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit www.metlife.com/realestate.
Chris Montemurro, 212-578-7129