Andover Properties Closes on a Five-Property DFW Portfolio
Andover Properties, LLC (dba Storage King USA) has recently acquired a five-property portfolio located in the Dallas-Fort Worth metro area in an off-market transaction. Andover’s portfolio includes nine facilities in this market and nineteen in the state.
The five-property, single-story portfolio is over 372,500 NRSF and 2,045 units, comprising a mix of drive-up, climate-controlled, covered RV, commercial, and open parking spaces. All five properties are generally newer product, with one first built in 2004 and further expanded in 2021, while the others were built between 2014-2017. “We are excited to have acquired this portfolio, bringing us immediate scale in one of the fastest-growing markets in the country. Four out of the five properties are in North Dallas, which more than one million people have moved to since 2010 and will see 18% population growth and an additional 1.4 million jobs over the next decade. All five properties have expansion potential, which we plan to fully utilize to meet this rising demand,” states Brian Cohen, Andover’s President. Also included in the purchase, directly behind one of the properties, was a 7.2-acre parcel on which Andover plans on building an RV expansion.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “Now that the portfolio is under the Storage King USA umbrella, we are able to integrate them into our comprehensive marketing program, which should enable the facilities to achieve stabilized occupancy and then allow us to mark rents to market levels. With favorable demographics, including high median household income averaging nearly $100,000 across the portfolio, and numerous residential communities under construction as well as a robust existing population, we are confident in our ability to execute on our business plan.”
About Andover Properties, LLC
Andover Properties, LLC, is an investor, owner, operator, and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development, and management of industrial, retail and self-storage facilities. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, conversion, development, and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals.
Since its inception in 2003, Andover Properties, LLC has owned or managed self-storage assets totaling 8.2 million rentable square feet across 62,150 units. Currently, the firm owns and manages 89 self-storage facilities in 16 states totaling over 6.85 million rentable square feet and 50,200 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).