Andover Properties, Heitman Form Joint Ventures to Grow Self-Storage Portfolio

Andover Properties and Heitman have announced a series of joint venture agreements targeting the acquisition and growth of self-storage assets, the companies disclosed Oct. 7, 2026, in New York. Andover Properties describes itself as a vertically integrated alternative real estate investment firm, while Heitman operates as a global real estate investment management firm with broad institutional reach.

The partnership signals continued institutional appetite for self-storage as an alternative asset class, a sector that has attracted steady capital inflows in recent years due to its relatively recession-resistant demand profile and lower operational complexity compared with other commercial real estate categories.

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Details on the specific markets targeted, total capital committed, or the number of facilities involved were not disclosed in the initial announcement. Joint venture structures of this type typically allow both partners to share acquisition costs and risk while pooling complementary expertise — in this case, Andover's operational integration and Heitman's investment management capabilities.

The move reflects a broader trend among institutional investors to deepen exposure to niche real estate sectors beyond traditional office, retail, and multifamily assets. Self-storage has increasingly been viewed as a defensive play, capable of generating stable cash flows across varying economic conditions.

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