Midtown Union’s Mira Apartment Complex Tops Out

Rhea-AI Summary

MetLife Investment Management (MIM) announced the topping out of the Mira luxury apartment complex at Midtown Union in Atlanta, set to feature 355 units across 26 stories. Construction began in November 2019, with leasing expected to start mid-2022. The project, part of a mixed-use development, aims to enhance the local community by creating jobs and supporting economic growth. MIM's real estate platform manages $106.6 billion in commercial assets as of June 30, 2021, showcasing its significant presence in real estate investment.

Positive

• Topping out of the Mira complex indicates progress in a significant development project.
• The investment is expected to create jobs and drive economic growth in Atlanta.
• Audience access to luxury amenities and prime location is attractive for potential residents.
• MIM's substantial real estate assets under management ($106.6 billion) reflect strong market position.

Negative

• None.

MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), in partnership with StreetLights Residential, a design-driven developer of multifamily and mixed-use communities, is pleased to announce the topping out of the luxury apartment complex, the Mira, at Midtown Union in Atlanta, GA. Part of the Midtown Union mixed-use development, the Mira will consist of 355 units across 26 stories. Construction began in November 2019 and the apartments are expected to begin leasing in mid-2022.

Robert Merck, global head of Real Estate and Agriculture at MetLife Investment Management, said: “As one of the largest recent developments in Atlanta, Midtown Union is going to play a key role in creating an even more vibrant local community. We’re pleased to have reached another important milestone on a landmark project that is creating jobs and economic growth for both the city and the state.”

“Reaching the tower top out on schedule is a huge milestone, and we look forward to opening this great project next year and welcoming residents,” said Rob DeBruin, StreetLights’ president of construction. “Atlanta, especially Midtown, has seen exponential development in the last few years, and we’re thrilled to work with MetLife Investment Management to offer a luxury product for the growing community.”

Midtown Union is a mixed-use development and is planned to include a 612,000 square foot Class A office building developed by MetLife Investment Management and Granite Properties, a 230-key Kimpton hotel with over 5,400 square feet of meeting space developed by MetLife Investment Management and AMS Hospitality, and a pedestrian-friendly central corridor providing access to over 32,000 square feet of street-level retail space, along with the Mira at Midtown Union. With the highly desirable location of the Mira at Midtown Union, residents will have access to The Arts District which houses the Atlanta Symphony Orchestra, The High Museum of Art, The Alliance Theatre, The Museum of Design Atlanta (MODA) and SCAD Atlanta. Midtown Union has 50 restaurants within a half mile radius and has incredible access to the city through the adjacent Arts Center Marta train station.

Residents will have the option of either a studio or a one-, two-, or three-bedroom floor plan, ranging in size from 496 to 1,731 square feet. Numerous luxury amenities are planned, including concierge services, a coffee bar, a resident bar and lounge, conference and co-working spaces, a pet spa, and an outdoor amenity deck with a pool, seating and grilling stations overlooking Midtown Atlanta.

Cooper Carry is the architect of record and interior designer for the Mira at Midtown Union. Brasfield and Gorrie is the general contractor.

MetLife Investment Management’s commercial real estate platform comprises equity and debt origination and asset management capabilities across 13 offices in the U.S. and international markets, including the U.K., Japan, Korea, Chile and Mexico. MIM’s real estate equity strategies include core, core-plus, build-to-core, value-add and opportunistic. MIM’s total commercial real estate assets under management reached $106.6 billion in gross market value as of June 30, 2021¹.

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of June 30, 2021 had $666.7 billion in total assets under management.² .

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

About StreetLights Residential

StreetLights Residential specializes in new urbanist apartment homes and mixed-use developments. With in-house development, design, and construction expertise, the StreetLights team focuses on custom luxury communities which rival the experience, lifestyle and amenities of living in an urban boutique hotel. StreetLights has numerous urban infill projects throughout the country with more than 13,000 multifamily units completed, in progress or projected in 11 cities across six states. Since StreetLights' inception in 2011, the company has grown to more than 150 employees in its development and construction companies and has offices in Dallas, Atlanta, Orlando, Phoenix and San Diego. For more information, visit www.streetlightsres.com.

Forward-Looking Statements

The forward-looking statements in this news release, such as “expected,” “going,” “look forward,” “plan,” and “will” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

Endnotes
¹ As of June 30, 2021. At estimated fair value. Represents the value of all commercial mortgage loans and real estate equity managed by MIM, presented on the basis of gross market value (inclusive of encumbering debt).
² Total assets under management is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.

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FAQ

What is the Mira apartment complex associated with MetLife Investment Management?

The Mira is a luxury apartment complex at Midtown Union in Atlanta, featuring 355 units across 26 stories.

When is the leasing expected to start for the Mira apartments?

Leasing for the Mira apartments is expected to begin in mid-2022.

What role will the Mira complex play in the Atlanta community?

The Mira complex aims to create jobs and contribute to economic growth in Atlanta.

How much commercial real estate does MetLife Investment Management manage?

As of June 30, 2021, MetLife Investment Management manages $106.6 billion in commercial real estate assets.

What types of amenities will the Mira offer residents?

Residents of the Mira can expect luxury amenities including concierge services, a coffee bar, a pet spa, and an outdoor amenity deck.