Morningstar Launches $90 Million Dollar Blue Doors Storage Fund III
CHARLOTTE, NC / September 6, 2016 —- Charlotte-based Morningstar Properties has secured a $90 million fund through its private equity real estate affiliate Blue Doors Capital Partners. Blue Doors Storage Fund III will invest in the acquisition, re-development and development of self-storage properties in major metropolitan markets and strategic secondary markets across the United States.
Backed by a handful of high profile institutional investors, the current Blue Doors Storage Fund is the latest in a series of vehicles focused specifically on the self-storage industry, which were first launched in February 2013. All Blue Doors Funds are independently sponsored by Morningstar Properties. The current fund will allow Morningstar to take advantage of selective development and acquisition as the Storage cycle wanes.
“After six years of clear growth, the landscape in the storage industry is changing, and changing quickly. Operating fundamentals are softening, and we are facing a glut of new supply in numbers we have never seen before. Not all of these new stores are going to make it. Few major markets will come through unscathed.” Said Dave Benson, President of Morningstar Properties. “With our latest Blue Doors Fund, we feel we are well positioned to continue our selective acquisition and development program, and will be well poised to take advantage of the displacement we expect in this next phase of the changing storage market.”
Since 1981, Morningstar has developed, acquired and operated self-storage projects across the country. Currently the company owns and operates a rapidly expanding network of 50 storage properties under the brand name of Morningstar Storage, making Morningstar Properties one of the largest independent self-storage companies in the U.S.