Private equity real estate firm Harrison Street Real Estate Capital has acquired The Boathouse at Golden Isles in Georgia in a joint venture with North Carolina-based self-storage operator Morningstar Properties, according to local press reports. Terms of the transaction were not disclosed.
The duo also formed a $200-million joint venture in March to acquire and develop self-storage facilities primarily in the Carolinas.
“We are pleased to announce the Boathouse at Golden Isles as the newest member of the Morningstar marina family,” Dave Benson, president of Morningstar, said in a statement. “This is an exciting opportunity for us to expand our presence in Georgia,” he added.
Morningstar, based in Charlotte, currently owns self-storage facilities in North Carolina, South Carolina and Georgia. The company also owns and operates a portfolio of marinas, operating under the Morningstar Marinas brand. The Georgia acquisition is the sixth marina in Morningstar’s waterfront portfolio.
Harrison Street was founded in 2005 by Christopher Merrill, formerly a partner at Chicago-based private equity real estate firm Heitman, and the Galvin family of Chicago, the founding family of Motorola.
The firm currently owns approximately $300 million in real estate assets including investments in self-storage, student housing and senior housing/assisted living.