Nuveen Secures $150M CalSTRS Commitment for Self-Storage Investments
Nuveen, the investment manager of TIAA, announced a $150 million equity commitment from the California State Teachers’ Retirement System (CalSTRS) to invest in self-storage assets across the U.S. The allocation, part of a separately managed account, includes an additional $16.6 million from the TIAA General Account, totaling $166.6 million.
The strategy focuses on acquiring and developing self-storage facilities in markets with strong demographic trends, low supply, and limited institutional ownership, aiming to deliver attractive risk-adjusted returns through portfolio aggregation, institutional-quality management, and strategic asset expansion.
Nuveen, which has invested in self-storage since 2003 and currently manages $2.7 billion across over 170 facilities nationwide, will partner with MyPlace Self-Storage, led by industry veteran Kurt O’Brien. Since their collaboration began in 2022, Nuveen and MyPlace have acquired over $300 million in assets across more than a dozen states. The partnership leverages MyPlace’s operational expertise and Nuveen’s investment approach to capitalize on the self-storage sector’s resilience.
“This investment highlights the continued long-term growth potential of the self-storage sector,” said O’Brien. Michael Hunter, global head of housing and alternatives at Nuveen, emphasized the firm’s conviction in the sector, noting plans to expand this growth trajectory with CalSTRS. Melissa Reagen, portfolio manager at Nuveen, highlighted the sector’s stability and the strategy’s focus on undersupplied markets to drive performance.
