Harrison Street Real Estate Capital is expanding its core fund’s management team, PERE has learned. The Chicago-based firm hired three people to work on its open-ended core vehicle, Harrison Street Core Property Fund.
Chip George is taking over as portfolio manager after 11 years in that same position at Deutsche Bank's asset management platform, where he worked on RREEF America II, the firm's current open-ended fund.
Colleen McMillin, the former senior finance manager at Heitman, will be the assistant portfolio manager, and Ronald Miles, previously the vice president of portfolio management at Equity Office, has joined as a director of asset management.
“We are excited to welcome professionals of Chip, Colleen and Ron’s caliber to Harrison Street,” Joey Lansing, the fund’s senior portfolio manager, said. “Each brings distinct skill sets and significant experience in the areas of real estate investment management and, specifically, open-end fund management. We look forward to leveraging their deep and broad expertise as the core fund continues to grow in both assets and investors.”
Harrison Street’s open-ended core fund is currently capitalized with about $4.2 billion of equity from over 90 institutional investors, PERE understands. The fund, which was launched in 2011, currently holds 167 properties in self-storage, medical office, student housing and senior housing.
Last month, the firm bought 15 self-storage properties on behalf of the fund for more than $100 million, PERE previously reported. Harrison Street purchased the properties from Trojan Storage, a private self-storage company based in Redondo Beach, California. The portfolio comprises 10,900 units, with about 1.4 million net rentable square feet, in California, Arizona, Colorado and Minnesota.
Harrison Street oversees about $12.2 billion in assets