Harrison Street & Morningstar Acquire 21-Property Storage Portfolio

Harrison Street Asset Management, a leading global investment management firm with over $100 billion in assets under management, has announced the acquisition of this 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, a long-standing operating partner with whom Harrison Street began investing in 2007.

The portfolio spans markets that showcase strong growth fundamentals across 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. Harrison Street and Morningstar have an established history of collaboration, having previously completed 41 self storage investments across five Sun Belt states.

“The acquisition of this 21 property portfolio underscores Harrison Street’s ongoing commitment to investing in attractive opportunities across the self storage sector,” said Mike Gordon, Global Chief Investment Officer at Harrison Street. “These assets are located in some of the nation’s most dynamic, high-growth markets with strong demographics. We believe the sector is at a compelling inflection point as demand fundamentals continue to improve against the backdrop of a limited supply pipeline. We are excited to have closed on this transformative investment alongside Morningstar, marking the next chapter in our nearly 20-year relationship.”

"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. “It demonstrates Morningstar’s ability to assemble enduring real estate portfolios, operate them with discipline, and deliver continued investment performance for our partners through multiple cycles. We are pleased to extend our long-standing relationship with Harrison Street as we position this portfolio for its next phase of growth and value creation.”

Since its inception in 2005, Harrison Street has successfully invested over $3.6 billion in gross costs across 323 storage assets, comprising more than 215,000 units across 27 states in the US and three provinces in Canada. The firm has realized investments on more than 195 self storage properties for a gross cost of $2.4 billion.

About Harrison Street Asset Management

Harrison Street Asset Management is a leading global alternative investment management firm with over $100 billion in assets under management through highly differentiated assets across infrastructure, real estate and credit strategies. Headquartered in Chicago, Toronto and London with approximately 520 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of 900 institutional and over 300 Registered Investment Advisors.¹

Harrison Street Real Estate Capital has been recognized as one of the Best Places to Work by Pensions & Investments for ten years (2014-2020, 2022-2024) and has received 16 PERE awards since 2019, including the 2024 Alternatives Investor of the Year – Global award. Harrison Street paid no compensation in exchange for these awards; however, a submission fee was required for “Best Places to Work.” For more information, visit www.harrisonst.com.

About Morningstar Properties

Morningstar Properties is a vertically integrated self-storage owner/operator with in-house expertise in acquisitions, development, property management, asset management and capital management. Since its inception in 1981, Morningstar has developed, acquired, and operated self-storage facilities across the country. Morningstar currently owns and manages a network of 12 million square feet across 117 assets under the brand name Morningstar Storage. Investments are focused on high-growth, high household income markets primarily across the Mid-Atlantic, Sunbelt and Southwestern US. www.mstarproperties.com