MetLife Expands Single-Family Rental Investments With New Fund
The new $390 million fund will develop and acquire single-family rentals across the 75 largest U.S. markets.
MetLife Investment Management is deepening its investment into the single-family-rental market having this week closed its MetLife Single Family Rental Fund with $390 million in capital commitments from a global group of institutional investors.
MIM’s single-family rental strategy is focused on developing and acquiring purpose-built, single-family rentals across the 75 largest US markets.
“We’ve been a significant investor in U.S. housing developments for many decades, and this is largely a response to the shift in demand for high-quality, well-located rentals in lower-density environments,” James Ray, Portfolio Manager, MetLife Investment Management, tells GlobeSt.com.
“We have a high level of conviction on the space but also appreciate that there’s a very wide range of assets and investors pursuing SFR strategies.
“Our goal is to deliver homes and communities that are tailored to renters and that can be owned and managed by real estate investors with the lowest cost of capital.”
Ray said MetLife generally prefers growth markets but has primarily focused on locations that give renters access to schools, job nodes, and retail.
He previously oversaw regional acquisitions and development activity in the southwest US and is the portfolio manager for the SFR Fund.
“Our seven regional teams understand the nuanced differences between locations and metro areas, and our screening process is deliberately bottom-up,” Ray said.
The SFR Fund is the first closed-end vehicle launched by the MIM real estate equity team.