Nuveen Real Estate Announces $150 Million Allocation from CalSTRS to Invest in Self-Storage Sector

Rhea-AI Summary

Nuveen Real Estate has secured a $166.6 million investment allocation for self-storage assets across the United States, comprising $150 million from the California State Teachers' Retirement System (CalSTRS) and $16.6 million from the TIAA General Account. The strategy focuses on acquiring and developing self-storage assets in markets with strong demographics and institutional ownership.

MyPlace Self-Storage, led by industry veteran Kurt O'Brien, will serve as the dedicated operating partner. The company has previously partnered with Nuveen since 2022, acquiring over $300 million in assets across more than a dozen states. Nuveen Real Estate, managing $141 billion in real estate assets, has been investing in self-storage since 2003 and currently oversees $2.7 billion in self-storage assets across more than 170 facilities nationwide.

Positive

• Secured significant new capital commitment of $166.6 million for self-storage investments
• Strong existing portfolio with $2.7 billion in self-storage assets under management
• Successful track record since 2022 with $300 million in acquisitions across dozen states
• Partnership with experienced operator having $7 billion in total transactions history

Negative

• None.

MyPlace Self-Storage To Serve as Dedicated Operating Partner

NEW YORK, April 22, 2025 /PRNewswire/ -- Nuveen, the investment manager of TIAA and one of the largest real estate managers in the world with $141 billion in real estate assets under management, has announced the closing of a separately managed account for the California State Teachers' Retirement System (CalSTRS) to invest in self-storage assets across the United States. This strategic collaboration includes an initial equity commitment of $150 million from CalSTRS, alongside a 10% equity commitment of $16.6 million from the TIAA General Account for a total allocation of $166.6 million.

The strategy will focus on acquiring and developing self-storage assets across the risk spectrum in U.S. markets characterized by strong demographic trends, low supply forecasts, and limited institutional ownership. The investment initiative seeks to generate attractive risk-adjusted returns through portfolio aggregation, implementing institutional-quality management, and strategic asset expansion.

MyPlace Self-Storage, a vertically integrated self-storage company will serve as the dedicated operating partner and property manager for the account. MyPlace was founded by Kurt O'Brien, a veteran of the industry with over 30 years of self-storage experience and a track record that includes developing two of the largest self-storage platforms in the U.S. and managing $7 billion in total transactions.

"We are excited to start and scale this new venture with CalSTRS," said Melissa Reagen, Portfolio Manager, Nuveen Real Estate. "Self-storage has proven to be a resilient asset class with strong fundamentals. Typically driven by life cycle events—such as getting married, moving homes, and having children—demand is consistent through economic cycles. With our strategic focus on undersupplied markets, our collaboration with CalSTRS and MyPlace is well-positioned to deliver strong performance while expanding our footprint in this space."

"This investment highlights the continued long-term growth potential of the self-storage sector," said Kurt O'Brien, Founder of MyPlace Self-Storage. "Combining our operational expertise with Nuveen's investment approach allows us to deliver significant value for our investors like CalSTRS."

"Since we began our partnership with MyPlace in 2022, together we have acquired over $300 million in AUM across more than a dozen states and we look forward to continuing this growth trajectory with CalSTRS, given our strong conviction in the self-storage sector," said Michael Hunter, Global Head of Housing and Alternatives, Nuveen Real Estate.

Nuveen Real Estate has been investing in self-storage since 2003 and currently manages $2.7 billion in self-storage assets across more than 170 facilities nationwide. With over 85 years of real estate investing experience and more than 750 employees located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers global reach, married with deep sector expertise.

Media Contact
Andrew Chironna | Andrew.Chironna@nuveen.com | 212.913.1015

About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 31 December, 2024 and operations in 32 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

To learn more about self-storage property management services please visit www.myplaceselfstorage.com 

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SOURCE Nuveen

FAQ

What is the total investment allocation for Nuveen's self-storage initiative in 2025?

The total allocation is $166.6 million, consisting of $150 million from CalSTRS and $16.6 million (10%) from the TIAA General Account.

How many self-storage facilities does Nuveen Real Estate currently manage?

Nuveen Real Estate manages more than 170 self-storage facilities nationwide, representing $2.7 billion in self-storage assets.

What is MyPlace Self-Storage's track record with Nuveen since 2022?

Since partnering in 2022, MyPlace and Nuveen have acquired over $300 million in assets across more than a dozen states.

What is Nuveen's investment strategy for the new self-storage allocation?

The strategy focuses on acquiring and developing self-storage assets in U.S. markets with strong demographic trends, low supply forecasts, and institutional ownership.

How long has Nuveen Real Estate been investing in the self-storage sector?

Nuveen Real Estate has been investing in self-storage since 2003.