Chicago, October 16, 2025
News Summary
Harrison Street Asset Management and Morningstar Properties have formed a joint venture to acquire a significant portfolio of 21 self-storage properties across seven states. The portfolio spans over 10,800 storage units and covers more than 1.3 million square feet, with a strong occupancy rate of 90%. The partnership reflects growing demand in the self-storage market, evidenced by a 21% year-over-year increase in move-ins for 2025. Harrison Street has taken the majority stake, with Morningstar managing the facilities.
Chicago – Harrison Street Asset Management, based in Chicago, and Morningstar Properties, located in Matthews, have entered into a joint venture to acquire a significant portfolio of self-storage properties. The partnership has successfully acquired 21 self-storage properties that encompass over 10,800 storage units and cover a total area of more than 1.3 million square feet.
The newly acquired properties are spread across seven states: Texas, North Carolina, South Carolina, Florida, Georgia, Virginia, and Arkansas. Notably, approximately 71% of the portfolio’s assets are positioned in major metropolitan areas, which include urban centers such as Houston, Austin, Charlotte, and Atlanta. At the time of the sale, the portfolio boasted a strong occupancy rate of 90%.
This acquisition reflects a robust trend in demand, as there has been a 21% year-over-year increase in move-ins for the portfolio so far in 2025. The majority of the storage units in this extensive portfolio are climate-controlled, providing valuable services to potential renters concerned about temperature-sensitive items.
As part of the agreement, Harrison Street has become the majority stakeholder by buying out its former partner. Meanwhile, Morningstar Properties will maintain its role as the operator and manager of the self-storage facilities. Among the prime properties included in the deal is a 76,052-square-foot Morningstar Storage facility located in Charlotte, North Carolina, which features RV and boat parking and stands five stories tall. Additionally, the portfolio includes a 68,651-square-foot facility in North Austin, Texas, positioned four stories high with gated access.
The Austin area, in particular, is notable as five storage properties within the portfolio are located within a mere 3-mile radius of the Austin facility. These strategic locations showcase both companies’ approach to investing in strong, high-growth markets characterized by limited supply and robust demand dynamics.
Despite the overall decrease of 0.2% in the national average advertised street rate for 10×10 non-climate and climate-controlled units month-over-month as of August, the portfolio’s strong occupancy and increasing move-in rates indicate a favorable landscape for self-storage investments.
Harrison Street and Morningstar Properties have a proven track record of success in the self-storage sector. Since 2007, they have completed 41 self-storage investments together in five Sun Belt states, highlighting a long-standing partnership dedicated to capitalizing on high-growth investment opportunities.
Key Features of the Acquisition
- Portfolio Size: 21 self-storage properties
- Total Storage Units: Over 10,800
- Total Area: More than 1.3 million square feet
- States Involved: Texas, North Carolina, South Carolina, Florida, Georgia, Virginia, Arkansas
- Occupancy Rate: 90%
- Year-over-year Increase in Move-ins: 21% in 2025
- Majority Stakeholder: Harrison Street
- Climate-Controlled Units: Majority of storage units
Background Context
This acquisition is positioned within a broader context of self-storage market growth, where demand continues to rise amidst changing consumer behaviors and market dynamics. The trend of utilizing self-storage as a logistical solution for individual and business needs points to a bright future for investment in this sector.
FAQ
- Who are the partners involved in the joint venture?
- The joint venture is between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties.
- How many self-storage properties were acquired?
- The partnership has acquired a portfolio of 21 self-storage properties.
- What is the total area of the acquired properties?
- The total area of the acquired properties is over 1.3 million square feet.
- What states are the properties located in?
- The properties are located across seven states: Texas, North Carolina, South Carolina, Florida, Georgia, Virginia, and Arkansas.
- What percentage of the portfolio’s assets are in major metropolitan areas?
- Approximately 71% of the portfolio’s assets are situated in major metropolitan areas, including Houston, Austin, Charlotte, and Atlanta.
- What was the occupancy rate at the time of the sale?
- The portfolio had a 90% occupancy rate at the time of the sale.
- What was the year-over-year increase in move-ins for the portfolio?
- There has been a 21% year-over-year increase in move-ins for the portfolio thus far in 2025.
- Who will manage the self-storage facilities?
- Morningstar Properties will continue to operate and manage the self-storage facilities.
- What notable properties are included in the portfolio?
- Among the properties is a 76,052-square-foot Morningstar Storage facility in Charlotte, N.C., and a 68,651-square-foot facility in North Austin, Texas.
Key Features Chart
| Feature | Details |
|---|---|
| Portfolio Size | 21 self-storage properties |
| Total Storage Units | Over 10,800 |
| Total Area | More than 1.3 million square feet |
| States Involved | Texas, North Carolina, South Carolina, Florida, Georgia, Virginia, Arkansas |
| Occupancy Rate | 90% |
| Year-over-year Increase in Move-ins | 21% in 2025 |
| Majority Stakeholder | Harrison Street |
| Climate-Controlled Units | Majority of storage units |
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- MultiHousing News: Harrison Street & Morningstar on 21 Asset Portfolio
- Wikipedia: Self Storage
- REBusiness Online: Harrison Street & Morningstar Acquire Self Storage Portfolio
- Google Search: Self Storage Investment
- Connect CRE: Harrison Street & Morningstar Acquisition
- Encyclopedia Britannica: Self Storage
- IREI: Harrison Street & Morningstar Self Storage Acquisition
- Google News: Harrison Street and Morningstar
Author: HERE Charlotte
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