MetLife To Invest In $300 Mln Luxury Tower In San Francisco

(RTTNews) - MetLife Inc. (MET) announced Wednesday that it has signed a joint venture agreement with UDR Inc. (UDR) to invest in the construction of a luxury high-rise residential development in San Francisco.

MetLife said it will have a 49 percent share of the project, and UDR, a leading multifamily real estate investment trust, will own 51 percent.

According to the company, the development will feature a 42-story tower, with 100 percent of the homes at market rate. It will be located at 399 Fremont Street in San Francisco's Rincon Hill neighborhood, south of Market Street. With 447 residential units, the community will cost approximately $317 million to develop and is expected to open in 2016.