Home›Real Estate›Industry›Heitman and Andover launch JV for 106 self-storage pro…

Heitman and Andover launch JV for 106 self-storage properties

The new joint venture covers assets in 16 states and plans to expand its self-storage portfolio nationwide as development slows.

Reported · Written up by our desk · Industry

Global investment firm Heitman is partnering with Andover Properties to acquire additional self-storage assets as development slows in the sector, according to a Wednesday press release.

The joint venture launched this week with a portfolio of 106 self-storage properties across 16 states, and it plans to expand that portfolio throughout the U.S.

Andover CEO Brian Cohen said the firms view the current sector environment as an opportunity as new supply declines and demand strengthens, after what he described as a normalization following COVID-19.

The companies have existing experience in the space, with Andover operating Storage King USA and Heitman investing in self-storage since 1996, the release said.

More like this

Sources