Morningstar, Harrison Street Team Up on 21-Asset Portfolio
The self storage facilities are located across seven states.
Morningstar and Harrison Street have formed a joint venture for the ownership of 21 self storage assets across seven states and including several core markets. Morningstar was also part of the previous ownership structure, prior to the current shuffle of the capital stack, and will continue to operate the properties, with Harrison Street buying out the former partner and becoming majority stakeholder, according to sources familiar with the deal.
The portfolio comprises more than 10,800 units, the majority of which are climate-controlled, totaling 1.3 million square feet. The assets are located across Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with some 70 percent of the properties in major metropolitan cities such as Houston, Austin, Atlanta and Charlotte, N.C. The portfolio was 90 percent occupied at the time of the sale, registering a 21 percent increase in move-ins this year compared to 2024, according to Harrison Street.
Harrison expanding in growth markets
Among others, the portfolio includes a 76,052-square-foot Morningstar Storage in Charlotte, N.C., and a 68,651-square-foot facility, under the same brand name, in North Austin, Texas, according to Yardi Matrix information. Featuring RV and Boat parking, the five-story Charlotte property is one of the 21 storage facilities within a 3-mile radius. The four-story Austin property includes gated access and is one of the five storage properties within a 3-mile radius.
As of August, the national average advertised street rate per square foot for the 10×10 non-climate and climate-controlled units combined dropped by 0.2 percent month-over-month, according to the latest Yardi Matrix self storage report. Out of the top 30 metros tracked, Austin and Charlotte, along with other nine metros, registered an increase compared to July.
