Macquarie partners with L.A. apartment developer for $300m self-storage JV

LaTerra Development, a Los Angeles-based developer, has established a self-storage development platform and formed a joint venture with a fund managed by Macquarie Asset Management to deploy up to $300 million in self-storage developments initially concentrated in Los Angeles and other Southern California markets.

“Self-storage is complementary to our core apartment development business,” said Chris Tourtellotte, a managing director for LaTerra Development, one of the largest multifamily developers in the Los Angeles Metro Area with approximately 3,000 apartments currently in the pipeline. “Self-storage is part of the neighborhood ecosystem and supports housing density and small businesses, a primary goal for LaTerra.”

LaTerra plans to develop ground-up self-storage facilities. The company is underway with its first three projects: 55,000 square feet in Mar Vista, CA; 63,000 square feet in Van Nuys, CA; and 77,000 square feet in the North Hollywood/Burbank, Cal