Andover Properties, Heitman expand self-storage portfolio through JV acquisitions

Andover Properties and Heitman have set up joint ventures to acquire self-storage facilities nationwide. At launch, the ventures hold over 106 properties spread over 16 states, and they pursue value-add as well as core-plus strategies.

Both firms intend to add more assets in markets around the country. They say present conditions let them buy good-quality properties at discounted valuations. Andover's Brian Cohen (president and CEO) and Zach Harding (CIO) commented on the ventures, as did Heitman's Doug Gurr, head of U.S. self-storage acquisitions.