Harrison Street Asset Management has acquired a 21-property self storage portfolio totaling 1.3 million net rentable square feet and over 10,800 units through a joint venture with Morningstar Properties.
The portfolio spans markets including Texas, North Carolina, South Carolina, Florida, Georgia, Virginia, and Arkansas, with 71% of the assets located in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte, and Atlanta. The well-located, high-quality properties feature a majority of climate-controlled units in areas with limited supply under construction and strong population growth.
The portfolio is 90% occupied and has demonstrated strong lease-up momentum in recent months, with move-ins increasing by 21% year-over-year thus far in 2025. Morningstar, the current operator, will continue to provide operational and management expertise across the portfolio. “This recapitalization highlights the strength of a portfolio we have successfully owned and operated since 2014,” said David Benson, Chief Executive Officer of Morningstar Properties.
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