Andover Properties, Heitman Form Joint Venture to Grow Self-Storage Portfolio
The two real estate firms are partnering to acquire a diversified self-storage portfolio through a series of joint venture deals.
Andover Properties and Heitman have entered into a series of joint ventures aimed at expanding a diversified self-storage real estate 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 reflects continued institutional interest in the self-storage sector, which has drawn investment capital in recent years as demand for flexible storage solutions has remained resilient across varied economic conditions. Joint ventures between specialized operators and larger investment managers have become a common vehicle for scaling portfolios in the asset class.
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Andover Properties brings operational expertise as a vertically integrated platform, meaning it manages acquisitions, development, and property management under one roof — a structure that can appeal to capital partners seeking streamlined execution. Heitman, with its global footprint, provides the financial backing and asset management experience typical of institutional co-investment arrangements.
Details on the specific properties acquired, total capital deployed, or geographic markets targeted were not disclosed in the announcement. The structure of the deal as a series of joint ventures suggests the partnership is designed to allow for multiple sequential acquisitions rather than a single transaction.
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