Andover Properties Acquires Two Properties in San Antonio & New Braunfels, Texas
Andover Properties (dba Storage King USA) has recently acquired two properties located in the high-growth Texas markets of San Antonio and New Braunfels. The two facilities total 57,000 square feet across 407 self storage units, and are located along the I-35 corridor that runs between San Antonio and Austin, which has experienced total population growth of 35%+ over the past decade, making it one of the fastest-growing areas in the country.
“These properties presented a highly attractive investment opportunity for us given the area’s explosive population growth, the operational upside as a result of non-institutional prior ownership, and our ability to acquire the assets at a compelling basis,” said Zach Harding, Andover’s Chief Investment Officer. “We look forward to re-investing in the portfolio to bring the assets up to the level of professional quality that customers have come to know and trust from Storage King USA.”
The Storage King USA portfolio now totals 127 facilities in 16 states across the country, with 39 in Texas.
About Andover Properties, LLC
Andover Properties, LLC is an investment firm that owns, operates, and develops commercial property throughout the United States. The firm focuses on self storage, RV, car wash, retail, and industrial assets. We are one of the largest private owner-operators of self storage facilities in the United States. Our current portfolio totals 9.6 million rentable square feet across 127 facilities in 16 states and operates under our Storage King USA brand (https://www.storagekingusa.com).
We are a best-in-class, vertically-integrated, owner-operator with entrepreneurial spirit and expertise in acquisitions, development, capital markets, investment structuring, property management, and asset management. Our senior leaders have over 200 years of combined real estate experience and our investors and partners include global institutional investors and high net worth individuals.
Andover was founded in 2003 by Brian and William Cohen and is headquartered in New York City with offices in Miami and San Francisco.