Andover Properties, Heitman Form JV to Grow Self-Storage Portfolio
The two real estate firms announced a series of joint ventures aimed at building a diversified self-storage asset portfolio.
Andover Properties and Heitman have entered into a series of joint ventures targeting the self-storage sector, the companies announced Wednesday, marking a combined push by two established real estate investment firms to expand holdings in one of commercial real estate's more resilient alternative asset classes.
Andover Properties, which describes itself as a vertically integrated alternative real estate investment firm based in New York, is partnering with Heitman, a global real estate investment management firm, on the acquisitions. The joint ventures are structured around growing a diversified portfolio of self-storage facilities, though specific financial terms, target markets, and total capital commitments were not disclosed in the announcement.
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The self-storage sector has attracted sustained institutional interest in recent years, driven by consistent demand from both residential and commercial tenants navigating housing transitions, downsizing, and business storage needs. Joint ventures of this type allow firms to pool capital and operational expertise while distributing risk across a shared portfolio.
Andover's vertically integrated model — encompassing acquisition, management, and operations under one platform — positions the firm to handle day-to-day asset management within the partnership, while Heitman contributes its global investment management reach and capital relationships.
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