Harrison Street has expanded its self-storage portfolio with the acquisition of 10 Class-A self-storage properties comprised of 9,031 units across five U.S. states.
The 872,340 square foot portfolio will be managed by Harrison Street’s existing self-storage partners, Reliant Real Estate Management LLC (Reliant”), Trojan Storage (Trojan), and LifeStorage.
Located in Washington, Oregon, California, Colorado, and New York, the newly built properties are less than four years old and feature climate-controlled units, drive up units, and drive through interior access units.
Michael Gordon, Chief Investment Officer of Harrison Street, said, “Self-storage is at the core of Harrison Street’s demographically driven investment strategy, as demand for storage does not necessarily correlate with the economic environment and is typically driven by life changes. We are pleased to further our deep relationships with leading self-storage operators Reliant, Trojan, and LifeStorage to support a portfolio of modern self-storage facilities located in densely populated submarkets with strong demand drivers, including steadily growing and highly affluent populations.”
Since its inception in 2005, Harrison Street has invested over $2.9 billion in gross costs across approximately 280 storage assets, comprising more than 181,000 units in 25 U.S. states and two Canadian provinces.
The firm has realized investments on more than 170 self-storage properties for a gross transaction value of $1.3 billion.