LaTerra Development, a real estate investment and development company specializing in multi-family residential and self-storage, has hired Erik Svensson as chief operating officer (COO). He has more than 13 years of experience in the commercial real estate industry, according to a press release.
Most recently, Svensson was senior vice president of capital deployment for Prologis, a real estate investment trust (REIT) headquartered in San Francisco. Prior to that, he held chief financial officer (CFO) roles at BH Properties, RREEF America LLC and Watt Cos. Svensson was also employed for 10 years with self-storage REIT Public Storage Inc., where he oversaw the commercial real estate portfolio and closed more than $4 billion in assets.
“Erik is an incredibly capable and seasoned executive who will add significant expertise to our senior management team,” said LaTerra CEO Charles Tourtellotte. “Erik has diverse experience, having spent 12 years at RREEF most recently as deputy chief operating officer, being groomed to become the COO. He’s been the CFO at two notable real estate investment companies, and has experience in multiple asset classes and geographic regions. Erik will help propel LaTerra on our growth trajectory and geographic expansion in our two key verticals: residential and self-storage.”
Svensson earned a bachelor’s degree from California Polytechnic State University in San Luis Obispo, California, and a master’s degree from Saint Mary’s College in Moraga, California. He’s also a licensed CPA in the state.
“LaTerra’s track record, becoming one of the largest developers in the Southwest with an estimated $3 billion in project value at completion in just over a decade—while distinguishing itself in the market with its innovative design and branding—is a remarkable achievement in our industry,” Svensson said. “It’s a great opportunity to join LaTerra’s talented management team, and I look forward to contributing my skills to its next stage of growth.”
Headquartered in Los Angeles, LaTerra launched its self-storage development platform a year ago to pursue ground-up construction in Southern California. The company and its general contractor affiliate, LT Building Corp., are developing and constructing mixed-use projects, with more than 3,000 multi-family units and 1 million square feet of commercial and self-storage space.