Starwood Real Estate Income Trust and self-storage owner and operator Morningstar Properties have formed a joint venture to focus on the self-storage sector.
The joint venture includes the recapitalization of 25 assets owned by Morningstar, as well as a commitment of capital to continue acquiring assets in the sector under the Morningstar brand. The joint venture will seek out both portfolios and one-off assets.
The seed portfolio for the newly formed venture includes 1.8 million square feet of storage space located throughout the Sun Belt region, which is experiencing significant population, employment and income growth.
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