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Andover Properties and Heitman launch joint ventures for self-storage expansion

The ventures begin with a portfolio of more than 106 self-storage properties across 16 states, with no financial terms disclosed.

Reported · Written up by our desk · Industry

Andover Properties has formed a series of joint ventures with Heitman to expand a diversified self-storage portfolio across the United States, according to ConnectCRE.

The JVs were launched with a portfolio of more than 106 self-storage properties spread across 16 states, and they cover both value-add and core-plus strategies.

ConnectCRE reports that financial terms were not disclosed.

Brian Cohen, Andover Properties president and CEO, said the self-storage sector is at an inflection point and described a potential recovery in rents and occupancy supported by declining new supply and strengthening demand.

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