Charlotte-based Morningstar Properties filed to raise $87.6 million through its investment fund, according to a Securities and Exchange Commission filing.

Blue Doors Storage Fund III L.P. filed a Form D with the SEC on Nov. 21. The filing listed a total offering amount of $87.6 million in equity and pooled investment fund interests, with $70 million remaining to be sold. Three investors participated in the offering.

The company didn’t specify what it intends to do with the proceeds, according to the filing.

Morningstar Properties is a real estate developer, owner and operator focused primarily on self-storage and marinas. The company manages 50 storage properties under the brand name of Morningstar Storage in 10 states, mostly concentrated in the South.

“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,” said Dave Benson, president of Morningstar Properties, in a release. The company said the fund will invest in the acquisition and development of self-storage properties.

Wesley Carter, chief financial officer of Morningstar Properties, signed off on the firm’s Form D on Monday.

Private companies similar to Blue Doors Storage Fund III, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

The form can be found here.