Morningstar Properties LLC, which operates self-storage facilities under the Morningstar Mini-Storage brand, has expanded its Texas holdings by acquiring six new locations. The properties add 430,000 square feet of storage space and nearly 3,000 units to the company's portfolio.
They are:
- 10220 U.S. Highway 290 W., Austin
- 4221 Ranch Road 260 N., Austin
- 38835 IH 10 W., Boerne
- 1001 W. Goforth, Buda
- 3627 E. Evans Road, San Antonio
- 4715 U.S. Highway 281 N., Spring Branch
The acquisitions join Morningstar's two existing properties in Houston, expanding the company's assets in Texas to more than 550,000 square feet of storage space and nearly 4,000 units.
“These acquisitions quadrupled the number of properties Morningstar owns and operates in Texas, and are a good indication of how bullish we are about the opportunities and growth trends in the state," said Dave Benson, president. "Given their proximity to multi-family residential, growing commercial corridors and college campuses, we expect these new properties to do very well for us."
Morningstar funded these properties like its other purchases and developments since 2013: using its self-sponsored, private equity vehicle, Blue Doors Storage Fund I. The company recently launched a $75 million fund to invest in acquisitions as well as the renovation and development of storage properties in major U.S. metropolitan markets and strategic secondary markets.
Founded in North Carolina in 1981, Morningstar Properties is a vertically integrated developer, owner and operator of real estate products focused primarily on self-storage and marinas in the Southeast. The company has developed, acquired and operated more than 150 self-storage projects across the country, totaling more than 10 million square feet. It currently owns and operates 35 self-storage centers comprising more than 13,000 units in nine states, with most concentrated in the South. The company’s future growth is funded through Blue Doors Capital Partners, an affiliated private-equity fund designated for acquisition and development of self-storage centers.
