Andover Properties, Heitman form joint ventures to expand US self-storage portfolio
XLRE•Andover Properties and Heitman formed joint ventures with more than 106 self-storage properties across 16 states, spanning value-add and core-plus strategies. The partnership targets acquisitions across U.S. markets.
1. Portfolio expansion
Andover Properties formed a series of joint ventures with Heitman to expand a diversified U.S. self-storage portfolio. The vehicles launched with more than 106 properties across 16 states, spanning value-add and core-plus strategies.
2. Acquisition strategy
The partnership targets acquisitions across U.S. markets, citing discounted valuations and entry points below replacement cost. Heitman said it has invested more than $15 billion in 1,600 self-storage properties globally since 1996.
