Andover Properties and Heitman Expand Self-Storage Portfolio Through Joint Venture Acquisitions
Andover Properties, an alternative real estate investment firm, has formed joint ventures with Heitman to expand a self-storage portfolio across the United States. The partnership begins with over 106 properties in 16 states and aims to grow further by acquiring high-quality assets at discounted valuations amid favorable market conditions. Both firms believe current conditions present an attractive entry point for investment, citing declining new supply and strengthening demand as potential drivers of rent recovery and occupancy growth. Andover's vertically integrated operating platform is expected to enhance value creation through operational improvements across the portfolio. Heitman has extensive experience in self-storage investing since 1996 and currently owns over 1,200 stores nationally. The partnership combines Heitman’s expertise with Andover’s sourcing capabilities and property-level operations.
Topics: joint venture real estate investment self-storage assets