Insurance giant MetLife is the new owner of the Reynolds Plantation golf and resort community in Georgia.

Reynolds Plantation, located on Lake Oconee, 70 miles east of Atlanta, includes a Ritz-Carlton Lodge, six golf courses, four marinas and nearly 5,000 acres of undeveloped golf and waterfront property. The transaction is expected to close during the summer.

“Reynolds Plantation is an exceptional development, and we’re excited about the opportunity to become the new owner,” said Robert Merck, MetLife’s senior managing director and head of real estate investments. “This is a premier community with world-class amenities, a great reputation and a strong future. MetLife has been a real estate investor for over a century, and this transaction represents an outstanding investment opportunity for us.”

MetLife has hired Alabama-based development firm Daniel Corporation to oversee operations at Reynolds Plantation. MetLife has a long history of investing in real estate in Atlanta and the southeastern United States. Its total real estate portfolio is worth approximately US$60 billion.