NEW YORK, Oct. 7, 2026 /PRNewswire/ -- Andover Properties, a vertically integrated alternative real estate investment firm, announced today a series of joint ventures with Heitman, a global real estate investment management firm, focused on growing a diversified portfolio of self-storage assets across the United States.

The joint ventures, launched with a portfolio of more than 106 self-storage properties across 16 states, span both value-add and core-plus strategies, and reinforce both firms' conviction in the self-storage sector. Andover and Heitman expect to expand the portfolio across markets throughout the United States.

The relationship comes at, what Andover and Heitman believe is, an attractive point in the self-storage cycle, where current market conditions are creating compelling opportunities to acquire high-quality assets at discounted valuations that will help build long-term value.

"We are excited to partner with Heitman, whose experience in self-storage investing dates back to 1996," said Brian Cohen, President and CEO of Andover Properties. "We believe the self-storage sector is at an inflection point and represents an attractive opportunity in commercial real estate today. Following a period of normalization in the wake of COVID-19, we believe a recovery in rents and occupancy may be driven by declining new supply and strengthening demand. Further, the sector's fragmented ownership presents an opportunity to create value through our vertically-integrated operating platform. We therefore believe the current market environment presents an exceptional buying opportunity. Our joint ventures with Heitman help position us for these opportunities."

Zach Harding, CIO of Andover Properties, added, "Our joint ventures with Heitman represent a significant milestone for our platform and enhances the strength of our operating capabilities, investment strategy, and portfolio. We believe that Heitman's long-standing expertise in the self-storage sector coupled with Andover's ability to source opportunities and drive operational improvements at the property-level will help maximize the value of the investments."

"We are focused on markets with strong fundamentals, which we believe, should benefit from demographically-driven demand and limited new supply," said Doug Gurr, Head of U.S. self-storage acquisitions at Heitman. "Today's entry point provides the opportunity to acquire assets well below replacement cost."

Heitman began investing in self-storage properties on behalf of its clients in July 1996. Since then, Heitman has invested over $15 billion in 1,600 self-storage properties across 14 countries globally. Today, Heitman is one of the largest private owners of self-storage in North America and has acquired more than 1,200 stores across over 140 markets nationally.

About Andover Properties

Andover Properties is an investment firm specializing in alternative real estate asset classes, including self-storage, manufactured housing, RV parks, small-bay industrial, and car washes. The firm is one of the largest private owner-operators of self-storage facilities in the United States, with a portfolio exceeding 15 million square feet across more than 180 facilities in 20 states. Founded in 2003 by Brian and William Cohen, Andover is headquartered in New York City with offices in Miami and San Francisco.

About Heitman

Heitman is a global real estate investment management firm with $48 billion in assets under management as of September 30, 2026. Founded in 1966 and globally headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly traded real estate securities.

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SOURCE Andover Properties