Chris Tourtellotte serves as a Managing Director of LaTerra. Chris is responsible for overseeing the Development group, sourcing and closing new acquisitions, sourcing debt and equity for LaTerra’s projects, and growing LaTerra’s apartment and mixed-use development platform, which currently includes over 3,000 apartment units under construction or in the pipeline.

Before joining LaTerra, Mr. Tourtellotte spent 7 years at Prudential Global Investment Management (PGIM), a global real estate private equity investment fund manager with over $50 billion of gross assets under management. 

Links:

LaTerra: https://laterradev.com/

Chris on LinkedIn: https://www.linkedin.com/in/chris-tourtellotte-3257224/

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Topics:

(00:00:00) - Intro

(00:02:52) - Chris’ career and background

(00:10:58) - How are you dealing with institutions today?

(00:15:40) - Starting a self-storage vertical

(00:20:13) - What are institutional funds looking for from you?

(00:22:02) - How have you been able to get deals done in a reasonable timeline in a market like California?

(00:28:32) - How do you structure land deals and waterfalls?

(00:31:40) - What’s your hold period strategy?

(00:33:05) - Why is design so important to your deals?

(00:37:22) - What mistakes have you made in design or amenity?

(00:40:57) - Why did you add a construction component to your vertical?

(00:44:00) - What’s the best way to manage development and construction?

(00:51:21) - What’s surprised you most about your self-storage vertical?

(00:53:26) - What lessons from PE have you embedded into your business?

(00:58:17) - What are the biggest opportunities you’re seeing? 

(01:01:46) - Family dynamics in business

(01:06:04) - What would you like to be doing more of in 5 years?

(01:07:55) - What is your favorite hotel?