Andover Properties Acquires Four Property Portfolio in Texas
NEW YORK, NY – Andover Properties is pleased to announce its acquisition of a four property portfolio in the Houston, Texas MSA. The properties, two of which are in Houston with the others in Baytown and Magnolia, comprise 478,400 net rentable square feet across 2,200 units and will be rebranded under Andover’s Storage King USA brand. They offer a mix of climate controlled and drive-up units, covered and enclosed RV parking, and commercial units.
“These are all assets with good real estate fundamentals: a sizable population, strong population growth, good occupancy, and on roads with a high vehicle traffic count,” said Brian Cohen, Andover’s President and CEO. “They fit nicely into our portfolio footprint, as we have existing stores in all of these locations.”
Zach Harding, Andover’s Chief Investment Officer, adds, “We expect to achieve operational upside in the portfolio from bringing the stores into our brand and marketing system, and applying our operational best practices. In addition, we expect to realize additional value from converting non-climate units into climate-controlled units. We are excited to add these properties to our portfolio.”
The Storage King USA portfolio now totals 145 facilities in 18 states across the country, with 48 in Texas and 16 in Houston.
About Andover Properties, LLC
Andover Properties, LLC is an investment firm that owns, operates, and develops commercial property throughout the United States, with a focus on alternative real estate asset classes such as self storage, manufactured housing, RV parks, and car washes. We are one of the largest private owner-operators of self storage facilities in the United States. Our current portfolio totals 11.6 million rentable square feet across 145 facilities in 18 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.