Harrison Street is setting sail on a new investment fund targeting marinas, according to a Securities and Exchange Commission filing. 

The asset manager filed the disclosure Friday. A fundraising target for the equity fund wasn't disclosed. It is unclear if the fund will be backed by existing assets, but Harrison Street is no stranger to the marina market. 

In 2011, the firm entered into a joint venture with Suntex Marinas to buy Liberty Landing in Jersey City, New Jersey. Harrison Street Real Estate Partners III made the contribution. Suntex took full ownership of the 50-acre, full-service property in 2015.

Suntex and Harrison Street teamed up again in 2012 to purchase Bay Pointe Marina and Seacrest Marine Services in Quincy, Massachusetts. MarineMax acquired the property in 2018. It is now controlled by Blackstone-owned Safe Harbor, which acquired MarineMax and its 120 locations for $1.5B in August. 

Marina investment from institutional players has ramped up this year due to an influx in demand and, in turn, rent growth. Rent for public marinas in Miami has grown 23% from 2019 to $52 per foot, and more than half are boasting occupancy upward of 95%. 

The activity, also driven by comfortable lending terms and developers tacking on mixed-use components to waterfront projects, is expected to continue through 2027. 

Savills found that globally, the marina market could be worth $42B by 2034, up from $26B last year.

Harrison Street's move in the growing asset class is reminiscent of its early entry into student housing. Investment volume in the sector reached $6.3B over the last year, CoStar found, up 40% from 2023 and on pace with 2024.

Institutional investors have been active in the sector, and an influx of large investment deals occurred in the first half of the year, such as Ares and The Scion Group’s $910M, 12-property portfolio buy from Harrison Street in May. 

Harrison Street acquired Campus Crest Communities for $1.9B, which included a 79-property student housing portfolio, in 2015.

Harrison Street Global Chief Investment Officer Mike Gordon told CNBC in September that the firm is focusing on properties near Virginia Tech, Penn State and Auburn University for future transactions.