Andover and Heitman launch self-storage joint ventures covering more than 106 properties

Andover Properties and Heitman announced a series of self-storage joint ventures on October 7, 2026, according to Andover’s press release. The release says the ventures launched with more than 106 properties across 16 states, spanning value-add and core-plus strategies, and that the firms expect to add properties in markets across the United States.

Both firms describe the timing as an opening. Andover chief executive Brian Cohen said the sector is at an inflection point and pointed to a possible recovery in rents and occupancy as new supply declines and demand strengthens. Heitman’s Doug Gurr, head of U.S. self-storage acquisitions, said buyers can now acquire assets well below replacement cost. These are the companies’ own views, and the release publishes no data behind them.

The release describes Andover as one of the largest private owner-operators in the country, with more than 180 facilities in 20 states. Heitman says it has been investing in self-storage for clients since 1996.

The release gives no financial terms for the ventures. Bisnow, which also reported on the announcement, said Heitman launched a core-plus self-storage acquisition strategy in May, with commitments totaling $275 million and another $200 million in co-investment funds.