- Harrison Street and Morningstar acquired a 21-property self storage portfolio totaling 1.3M SF across Sunbelt states.
- 71% of the assets are located in top 30 US markets, including Austin, Atlanta, and Charlotte.
- The portfolio is 90% occupied, with move-ins up 21% year-over-year, reflecting strong demand.
- Morningstar will continue managing the properties, extending a nearly 20-year joint venture with Harrison.
Inside The Deal
Harrison Street and Morningstar Properties have expanded their longstanding partnership, reports GlobeSt. The firms acquired a 1.3M SF self-storage portfolio located across key Sunbelt growth markets.
The 21-asset portfolio spans seven states, including Texas, Florida, Georgia, and North Carolina, and covers more than 10,800 units. Notably, most properties are in top-tier metros, aligning with both firms’ focus on demographic and economic growth corridors.
While financial terms weren’t disclosed, Eastdil Secured arranged the deal’s financing.
Performance Snapshot
Morningstar has overseen operations at the properties since 2014, achieving consistent occupancy near 90%. The firm will stay on as manager, with recent activity showing a 21% increase in move-ins year-over-year.
Harrison’s Global CIO Mike Gordon described the investment as timely, pointing to favorable supply-demand dynamics across the storage sector.
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A Growing JV Footprint
The acquisition builds on a partnership that began in 2007, originally focused on the Carolinas. Since then, the duo has expanded across the country. Harrison has invested more than $3.6B in self-storage assets spanning 27 states.
Why It Matters
Investor appetite for storage assets has remained resilient even as broader real estate sectors face pressure. A recent Marcus & Millichap report notes increased sales activity in the first half of 2025. The uptick is partly driven by buyers looking to secure deals before further shifts in the capital markets.
Population growth and migration continue to favor Sunbelt metros. The Harrison–Morningstar move highlights how self-storage remains a defensive, high-occupancy asset class with long-term upside.
What’s Next
Market fundamentals remain strong. Expect continued portfolio expansion from institutional investors betting on storage, especially in regions with high demand and limited new development.
