Andover Properties, Heitman Form Joint Venture to Grow Self-Storage Portfolio
The two real estate investment firms announced a series of joint ventures targeting diversified self-storage acquisitions across the U.S.
Andover Properties and Heitman have entered into a series of joint ventures aimed at expanding a diversified self-storage portfolio, the firms announced Tuesday from New York. Andover Properties describes itself as a vertically integrated alternative real estate investment firm, while Heitman operates as a global real estate investment management company.
The partnership signals continued institutional appetite for the self-storage sector, which has drawn steady investor attention in recent years as demand for flexible storage solutions has remained resilient across varying economic conditions. Combining Andover's operational expertise with Heitman's capital management reach positions the venture to pursue acquisitions at scale.
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Details on specific target markets, deal sizes, or the number of properties to be acquired were not disclosed in the announcement. The joint venture structure suggests both firms intend to share risk and resources as they build out the portfolio over time.
The self-storage asset class has increasingly attracted institutional capital due to its relatively low operating costs, strong cash flow characteristics, and demonstrated durability through economic downturns. A vertically integrated operator like Andover — managing assets from acquisition through day-to-day operations — can offer a partner like Heitman tighter control over performance metrics and returns.
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