Morningstar Properties Launches $90 Million Blue Doors Storage Fund III

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Charlotte-based Morningstar Properties secures $90 million fund through its private equity real estate affiliate Blue Doors Capital Partners. Blue Doors Storage Fund III to invest in the acquisition, re-development and development of self-storage properties in major metropolitan markets and strategic secondary markets across the United States under the Morningstar Storage brand.

Morningstar Storage Property in Mount Pleasant, SC

Morningstar Redeveloped Storage Property in Charleston, SC

With our latest Blue Doors Fund, Morningstar is well positioned to continue its 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.

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.

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 and Western United States. Since 1981, Morningstar has developed, acquired and operated over 170 self-storage properties across the country totaling in excess of 11.5 million square feet. Currently the company manages a network of 50 storage properties under the brand name of Morningstar Storage in ten states, mostly concentrated in the South. In addition to storage centers, Morningstar owns and operates marinas across the Southeast. The corporate headquarters are located in Charlotte, NC. The company’s growth is funded through Blue Doors Capital Partners, Morningstar’s proprietary private equity firm investing in the acquisition and development of self-storage centers.

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. Blue Doors Storage Fund I, Blue Doors Storage Fund II and Blue Doors Storage Fund III are affiliate partners of Morningstar Properties, a vertically integrated real estate developer, owner and operator of specialty real estate products across the United States.

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Billy Stephens
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