New York – – October 07, 2026 -- Andover Properties and Heitman have formed joint ventures to acquire and operate a portfolio of more than 106 self-storage properties spanning 16 U.S. states, combining value-add and core-plus investment strategies.
Andover and Heitman target expansion across U.S. self-storage markets
The two firms plan to grow the portfolio further across additional markets nationwide, betting that current pricing allows acquisition of high-quality assets at discounted valuations.
Executives cite declining new supply and recovering demand as rationale
Brian Cohen, President and CEO of Andover Properties, said the self-storage sector is at an inflection point following a period of post-COVID-19 normalization, with a potential rent and occupancy recovery driven by shrinking new supply and strengthening demand. He added that fragmented ownership in the sector creates room for value creation through Andover's vertically integrated operating platform.
Zach Harding, CIO of Andover Properties, said the joint ventures mark a milestone for the firm's platform, combining Heitman's sector expertise with Andover's sourcing and property-level operational capabilities.
Heitman brings nearly three decades of self-storage investment experience
Doug Gurr, Head of U.S. self-storage acquisitions at Heitman, said the firms are focused on markets with strong fundamentals that should benefit from demographically driven demand and limited new supply, noting that current entry points allow asset acquisition well below replacement cost.
Heitman began investing in self-storage on behalf of clients in July 1996 and has since deployed more than $15 billion across 1,600 self-storage properties in 14 countries, acquiring over 1,200 stores across more than 140 U.S. markets. Andover operates a self-storage portfolio exceeding 15 million square feet across more than 180 facilities in 20 states.