Morningstar Properties Launches $75 Million Blue Doors Storage Fund II

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Charlotte-based Morningstar Properties launches $75 million fund through its private equity real estate affiliate Blue Doors Capital Partners. The fund, Blue Doors Storage Fund II, will invest in the value-add acquisition, re-development and development of self-storage properties in major metropolitan markets and strategic secondary markets across the United States.

Self-sponsored $75M fund will enable Morningstar Properties to continue to grow its high quality storage portfolio.

Morningstar Properties has launched a $75 million fund through its private equity real estate affiliate Blue Doors Capital Partners. The fund, Blue Doors Storage Fund II, is the second private equity investment vehicle sponsored by Morningstar Properties. Blue Doors Storage Fund II will invest in the value-add 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, Blue Doors Storage Fund II immediately follows Blue Doors Storage Fund I, a fully committed $55 million investment vehicle that launched in February of 2013. Both funds are independently sponsored by Morningstar Properties.

“Morningstar has been extremely pleased with the assets it has acquired and developed through Blue Doors Storage Fund I.” Said Dave Benson, President of Morningstar Properties. “Even more importantly, so have our institutional partners, all of which are working toward another investment in our second fund. Blue Doors Storage Fund II will allow Morningstar to continue to grow its portfolio of high quality storage facilities, and create additional value by capitalizing on the continued strong underlying operating fundamentals coupled with our operational expertise and 30 plus years of experience in the sector.”

Since 1981, Morningstar has developed, acquired and operated over 150 self-storage projects across the country totaling in excess of 10 million square feet. Currently the company owns and operates a network of 35 storage properties under the brand name of Morningstar Mini-Storage, making Morningstar Properties one of the largest independent self-storage companies in the U.S.

About Morningstar Properties
Morningstar Properties is a vertically integrated real estate developer, owner and operator of specialty real estate products focused primarily on self-storage and marinas in the Southeast United States. Since 1981, Morningstar has developed, acquired and operated over 150 self-storage projects across the country totaling in excess of 10 million square feet. Currently the company manages a network of 35 storage properties under the brand name of Morningstar Mini-Storage in nine states, mostly concentrated in the South. In addition to storage centers, Morningstar owns and operates 12 marinas across the Southeast and Great Lakes. The corporate headquarters are located in Charlotte, NC. The company’s growth is funded through Blue Doors Capital Partners, Morningstar’s proprietary equity firm investing in the acquisition and development of self-storage centers. http://www.mstarproperties.com

About Blue Doors Capital Partners:
Blue Doors Capital Partners is a real estate private equity fund focused on acquiring and developing self-storage properties in major metropolitan markets and strategic secondary markets primarily in the Southeastern US. The fund is an affiliated partner of Morningstar Properties, a vertically integrated real estate developer, owner and operator of specialty real estate products in the Southeast US. http://www.bluedoorsfunds.com

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