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MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced the closure of its MetLife Single Family Rental Fund LP (SFR Fund) with $390 million in capital commitments.

MIM’s single-family rental strategy is focused on developing and acquiring purpose-built, single-family rentals across the 75 largest U.S. markets. The company’s real estate platform consists of both commercial mortgage loan strategies and real estate equity strategies that together represented $111.2 billion in gross commercial real estate assets under management as of March 31.

“We have a high level of conviction in the demand for single family rentals, and we see this fund as a natural extension of our experience investing in other housing segments, where our perspective as a leading institutional investment manager has served clients well,” said Robert Merck, global head of real estate and agricultural finance at MIM. “We believe there’s a significant and sustained opportunity to give renters access to well-located units designed specifically for their use.”