Morningstar Properties LLC, which operates self-storage facilities under the Morningstar Mini-Storage brand, has acquired Blue Llama Storage at 6826 Alamo Parkway in the Alamo Ranch neighborhood of San Antonio. Built this year, the three-story property comprises 95,000 total square feet, 50,000 of which are climate-controlled, and 575 storage units. It has been rebranded under the Morningstar name.
The acquisition was made through Morningstar’s proprietary investment vehicle Blue Doors Storage Fund II. The property had been owned by ACSTORAGE LLC, according to the release. Morningstar has now made five acquisitions through its self-managed fund and plans to purchase several more assets this year in the Austin, Texas, and San Antonio markets, officials said. The Alamo Ranch asset is the company’s fifth location in the San Antonio metro market.
The Alamo Ranch area has more than 55,000 residents living in an estimated 18,500 households within a 3-mile radius of the property. The region is forecast to grow more than 15 percent during the next five years, compared to the national population growth rate of less than 4 percent, according to the release. The neighborhood is the sixth fastest-growing master-planned community in the United States, company officials said.
“This brand-new and very crisp facility, fittingly named Morningstar of Alamo Ranch, is well situated to serve this very dynamic growth area anchored by the Alamo Ranch master-planned development,” said Dave Benson, president of Morningstar Properties. “As we look to expand our footprint in Texas, the San Antonio [metropolitan statistical area] is a strategic focus."
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 acquired, developed and operated more than 135 self-storage projects across the country, totaling more than 8.8 million square feet. It currently owns and operates 36 self-storage centers in nine states, with most concentrated in the South.
