Andover Properties, Heitman Form JV to Grow Self-Storage Portfolio
The two real estate investment firms announced a series of joint ventures aimed at expanding a diversified self-storage property portfolio.
Andover Properties and Heitman have entered into a series of joint venture agreements targeting the acquisition and expansion of a diversified self-storage portfolio, the firms announced Tuesday from New York. The partnership brings together Andover's vertically integrated alternative real estate investment platform with Heitman's global real estate investment management capabilities.
Andover Properties describes itself as a vertically integrated firm, meaning it manages operations across the investment lifecycle — from acquisition and development to property management — a structure that can offer cost and efficiency advantages in fragmented sectors like self-storage. Heitman, for its part, operates as a global real estate investment management firm with broad institutional reach.
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The self-storage sector has drawn increasing institutional interest in recent years as the asset class has demonstrated resilience across economic cycles, driven by demand from consumers in transition — moving, downsizing, or managing estate situations. A joint venture structure allows both firms to share capital deployment risk while pooling operational expertise.
Details on the specific number of properties acquired, geographic targets, or total capital committed were not disclosed in the initial announcement. Further disclosures are expected as individual transactions within the joint venture framework close.
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