Morningstar Properties LLC, of Matthews, N.C., and 180 Development Services of Phoenix, in their joint venture with Harrison Street Real Estate Capital LLC of Chicago, have purchased a nine-facility self-storage portfolio in Texas. The sites, totaling 536,000 square feet and 5,300 units, are in Austin, Dallas, Houston, Plano and San Antonio. With this purchase, the joint venture now owns 16 self-storage properties in the state. The stores will be re- branded as Morningstar Mini-Storage and managed by 180 Management Services LLC.
Founded in Matthews, N.C., in 1981, Morningstar is a developer, builder and operator of specialty real estate types across the Southeast. The company owns or operates 46 self-storage projects totaling nearly 3 million square feet. The company continues to grow through development and acquisition.
Headquartered in Gilbert, Ariz., 180 Development Services is an operator and developer of self-storage properties. The company operates 18 storage properties in two states.
Based in Chicago, HSRE provides equity capital at the property level to developers and operators in the healthcare, education and storage sectors. With this investment, Harrison Street has a self-storage portfolio of 74 properties throughout 16 states.