**CalSTRS Partners with Nuveen for $166.6M Self-Storage Investment**
Nuveen, the investment manager of TIAA, has announced the launch of a separately managed account in partnership with the California State Teachers’ Retirement System (CalSTRS) aimed at investing in self-storage assets across the United States. The initiative includes an initial equity commitment of $150 million from CalSTRS, supplemented by a 10% equity contribution of $16.6 million from the TIAA General Account, bringing the total investment to $166.6 million.
The investment strategy will focus on acquiring and developing self-storage properties across a range of risk profiles. Target markets will be those with strong demographic growth, limited current supply, and low institutional ownership. MyPlace Self-Storage, a vertically integrated self-storage company, will serve as the operating partner and property manager for the portfolio.
“We are excited to start and scale this new venture with CalSTRS,” said Melissa Reagen, Portfolio Manager at Nuveen Real Estate. “Self-storage has proven to be a resilient asset class with strong fundamentals. Typically driven by life events—such as marriage, home moves, and growing families—demand remains consistent across economic cycles. With our strategic focus on undersupplied markets, this partnership with CalSTRS and MyPlace is well-positioned to deliver strong performance while expanding our presence in the self-storage sector.”
Pictured: A MyPlace Self-Storage facility in Fairfield, Alabama, near Birmingham.
