Andover Properties

What Andover Properties does

Andover Properties is a private, vertically integrated real estate investment firm founded in 2003 by Brian and William Cohen and headquartered in New York City, with regional offices in Miami and San Francisco. The firm acquires, develops, owns, and operates commercial properties concentrated in alternative real estate asset classes — primarily self-storage under the Storage King USA brand (170+ facilities, 14M+ square feet, 20 states), with additional positions in car washes, manufactured housing, RV communities, and small bay industrial. Total portfolio value is reported at $2.8B+, with an ITD Realized IRR of 58% and 2.7x MOIC on fully realized investments through June 30, 2025 (net of fees, prior to promote).

The firm's operating platform includes a proprietary revenue management system paired with a competitor database covering every self-storage asset in the country, real-time pricing tools, a 24/7 centralized customer care center, automated accounts receivable management, online payment processing, and an in-house digital marketing function (SEO/SEM, advertising, reputation management). Revenue is generated through three principal streams: rental income from owned facilities (recurring), a third-party property management platform charging a 6% management fee plus tenant insurance and marketing services for independent owners (managed services), and Andover Lending, which originates non-recourse bridge and construction loans (minimums of $4M and $10M respectively) across self-storage, car wash, and industrial assets (transaction fees and interest).

The customer base spans three distinct segments: residential and business self-storage tenants served via Storage King USA retail locations; accredited individual investors accessing alternative real estate deals directly through an investor portal; and institutional capital partners including Angelo Gordon, Ares, Blackstone, and TPG Angelo Gordon, which co-invest in portfolio acquisitions. The company is solely owned by the Cohen founders. In April 2026 Andover appointed its first VP of Data AI, and in May 2026 hired a VP of Real Estate Reporting from Atlas Capital Group, signaling a focus on data-driven decision-making and institutional-grade financial controls as the platform continues to scale.

Name

Andover Properties

Legal name

Andover Properties, LLC

Website

https://andoverprop.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Andover Properties is a private, vertically integrated real estate investment firm specializing in alternative asset classes — primarily self-storage under the Storage King USA brand, plus car washes, manufactured housing, RV communities, and industrial — owning 170+ properties across 20 states.

Ownership category

akta.pro rank

Product category

Self-Storage Real Estate Investment and Operations

NAICS

Lessors of Miniwarehouses and Self-Storage Units (53113), Lessors of Miniwarehouses and Self-Storage Units (531130), Real Estate Property Managers (53131), Nonresidential Property Managers (531312)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Self-Storage Property Management (BPAJAGAM)

Keywords

• Self storage facilities
• Real estate investment
• Property management services
• Commercial real estate lending
• Alternative real estate assets

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Self Storage Operations: Rental income from self-storage units including climate-controlled, drive-up, and RV/boat parking. Operates under Storage King USA brand across 170+ facilities.
2. Property Acquisitions and Development: Acquiring, developing, and managing commercial properties across self storage, car washes, manufactured housing, and RV communities for capital appreciation and operational returns.
3. Third-Party Management Fees: Storage King USA third party management platform charging 6% property management fee plus tenant insurance program split (40% to property owner) and marketing services.
4. Lending Operations: Andover Lending provides non-recourse bridge and construction financing for self storage, car wash, and industrial assets nationally. Generates origination fees and interest income.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Andover Properties is a privately held, vertically integrated real estate investment firm that owns, operates, develops, and acquires commercial properties focused on alternative asset classes — primarily self-storage (operated under the Storage King USA brand), as well as car washes, small bay industrial, manufactured housing, and RV communities. Through its wholly owned Andover Lending subsidiary it provides non-recourse bridge and construction financing, and through the Storage King USA platform it offers third-party property management services to independent self-storage owners.

Product overview

Andover Properties is a vertically integrated real estate investment firm specializing in alternative asset classes. The company's product portfolio includes self-storage facilities operated under the Storage King USA brand, car wash properties, small bay industrial, and manufactured housing and RV communities. Additionally, Andover Lending provides non-recourse financing for sponsors across these asset classes. The company also offers third-party management services through its Storage King USA platform for external self-storage property owners. With a portfolio spanning over 14 million square feet across 170+ properties in 20 states, Andover is one of the largest private owner-operators of self-storage facilities in the United States.

Differentiator

Problem solved

Functional benefit

Products and services

• Storage King USA Retail self-storage brand offering climate-controlled units, drive-up units, and RV/boat parking to residential and business customers across 170+ facilities in 20 states in the United States.
• Andover Lending Non-recourse bridge and construction financing for sponsors nationwide across self-storage, car wash, and small bay industrial assets. Bridge loans start at a $4M minimum up to 90% LTV with terms of 3+1+1 years; construction loans start at a $10M minimum.
• Third-Party Property Management Institutional-quality third-party management services for independent self-storage facility owners, including operations oversight, digital marketing, revenue management technology, 24/7 customer call center, automated A/R management, and online payment processing, at a 6% property management fee with a 40% tenant insurance revenue split to the property owner.
• Self Storage Investment Vertical Investment, ownership, operation, and development of self-storage facilities as Andover's primary asset class, with over 14 million square feet across 170+ facilities in 20 states.
• Car Wash Properties Investment Vertical Investment, ownership, and operation of car wash properties as part of Andover's alternative real estate asset class portfolio.
• Small Bay Industrial Investment Vertical Investment, ownership, and operation of small bay industrial properties as part of Andover's alternative real estate asset class portfolio.
• Manufactured Housing & RV Communities Investment Vertical Investment, ownership, and operation of manufactured housing and RV community properties as part of Andover's alternative real estate asset class portfolio.

Quantifiable outcome

• 58% ITD Realized IRR
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators8 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• National Storage Affiliates (NSA): Public self-storage REIT built around a network of participating regional operators and third-party managed facilities. Comparable to Andover in its partnership-oriented, decentralized operating model.
• SmartStop Self Storage: Public self-storage company combining owned assets and third-party management. Comparable to Andover across both owned operations and management fee revenue.
• Metro Storage LLC: Large private owner-operator of self-storage facilities in the US. Direct comparable to Andover as a non-REIT, vertically integrated self-storage platform competing for similar acquisitions and third-party management contracts.
• Devon Self Storage: Private self-storage owner-operator with multiple US facilities. Direct comparable to Andover in operating model, asset class focus, and target geography.
• Amsdell Companies / Compass Self Storage: Private owner-operator of self-storage facilities under the Compass Self Storage brand. Direct comparable to Storage King USA on owned operations and self-storage property management.
• Simply Self Storage: Private owner-operator of self-storage facilities with a focus on institutional-quality management. Closely comparable to Andover on operations, branding, and third-party management offerings.

Broad incumbents

• Public Storage: Largest publicly traded self-storage REIT in the US, operating thousands of facilities nationwide. Directly comparable to Andover's Storage King USA portfolio and self-storage investment thesis, but at materially greater scale and with public-market cost of capital.
• CubeSmart: Public self-storage REIT with significant owned assets and a sizable third-party management business. A direct strategic analog to Andover's vertically integrated self-storage model.
• Extra Space Storage: Major public self-storage REIT with a large owned portfolio and an industry-leading third-party management platform. Closely comparable to Andover on both the owned-asset and third-party management sides of the business.

Others

• Marcus & Millichap: Large commercial real estate investment sales and brokerage firm active in self-storage transactions. Comparable to Andover as an ecosystem participant facilitating the acquisitions and dispositions underlying Andover's investment strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles28 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Andover Properties