Investors have paid $5.4 billion to complete the purchase of a pair of big residential real estate developments from MetLife Inc.

Units of Tishman Speyer Properties Inc., New York, and Black Rock Inc., New York, recently formed a joint venture to buy Stuyvesant Town and Peter Cooper Village from MetLife, New York.

The properties, located on First Avenue between 14th and 23rd Streets in Manhattan, were built in the late 1940s by MetLife.

The deal produced a $3 billion net gain, MetLife says.

Saul Martinez, an analyst at Bear, Stearns & Company Inc., New York, has speculated in a comment that MetLife could use the gain to make a large acquisition.