Commercial Real Estate
Brokerage and Investment Services
120 Joe Wimberley Blvd. Suite 104
Wimberley, TX, 78676

Who are we?


Accounting Challenges Related to the Exchange Program

2010 Forth Quarter

Executive Management Seriese


Teresa A. Shell, CCIM, Broker


Teresa A. Shell is the founding principal of T.A. Shell Group, LLC, which is a full-service real estate development consulting and commercial real estate brokerage firm. Ms. Shell began her commercial real estate career as a consultant with Ernst & Young, LLC’s Real Estate Advisory Services group, where she spent several years working on national and international real estate engagements. Prior to joining Ernst & Young, LLP, Ms. Shell traded futures and options contracts in the natural gas transportation market for Koch Industries. 


Over the years, Ms. Shell developed and managed real estate portfolios for governmental entities, private family trust funds, partnerships and joint ventures, consisting of primarily high net-worth individuals. Ms. Shell served as the Director of Fund Management for MMA Financial Advisory Services, an operating company for MuniMae (NYSE: MMA), In this role, she was responsible for managing approximately $3.5b of assets under management, consisting primarily of Low Income Housing Tax Credit multi-family commercial real estate investments. She managed and was a trustee for MMA’s REIT, Group Trust and a portfolio of Direct Placement investments. Ms. Shell previously served as MMA’s Asset Management Division Director and Loan Servicing Division Director, where she was responsible for the staff of both divisions and MuniMae’s asset-under-management.


Ms. Shell served as the Director of Portfolio Management for the Texas Permanent School Fund Real Estate Portfolio (“PSF”). As such, she was responsible for the design, implementation and execution of an institutional-quality, commercial real estate investment management policy and investment program. Included in the execution of this new business model for the PSF, Ms. Shell was charged with the investment of all available cash placed with external Fund Managers and internal investments made by PSF staff. Ms. Shell’s implementation of this policy and program was a new endeavor for the PSF and was intended to be similar to that of any like-type institutional quality real estate investment funds. Ms. Shell was responsible for the fiduciary oversight of approximately $600mm of assets-under-management and the investment of approximately $500mm annual income and placement of approximately $300mm of historical cash reserves with both external Fund Managers and commercial real estate investments sourced by internal staff.


Ms. Shell also served as the Low Income Housing Tax Credit Exchange Program Administrator for the Texas Department of Housing and Community Affairs, where she oversaw the administration of over $594,000,000 of Low Income Housing Tax Credit multi-family investments.


Most recently Ms. Shell worked with City Real Estate Advisors, a Low Income Housing Tax Credit syndicator assisting clients in sourcing and closing on Low Income Housing Tax Credit equity investments. She closed on numerous 9% and 4% equity investments throughout the United States.

Ms. Shell holds the Certified Commercial Investment Member (CCIM) designation, the Series 65 License and is a licensed Texas Real Estate Broker. Ms. Shell earned a BBS in Finance and Real Estate from Texas A&M University.  Additionally, she is a native of Central Texas, and has a son who recently completed a Graduate School program at Texas Tech University.