LaTerra Establishes $300M Self-Storage Development Platform
Los Angeles-based LaTerra Development is partnering with Macquarie Asset Management in establishing a platform to deploy up to $300 million in self-storage developments, initially concentrated in Southern California.
LaTerra is underway with its first three ground-up, self-storage projects: 55,000 square feet in Mar Vista, CA, 63,000 square feet in Van Nuys, CA and 77,000 square feet in North Hollywood, CA. The firm is actively seeking other sites as well.
“Self-storage is complementary to our core apartment development business,” said LaTerra’s Managing Director Chris Tourtellotte. “It’s part of the neighborhood ecosystem and supports housing density and small businesses, a primary goal for LaTerra.”
“We are delighted to be involved in this platform with one of the leading developers in Southern California,” said Macquarie Asset Management’s Eric Wurtzebach. “We believe this represents a stable, long term investment opportunity with a high quality partner, with the potential to deploy further capital beyond our initial commitment.”
- ◦Development
