Heitman Launches $275M Core-Plus Self-Storage Strategy With 79-Asset Seed Portfolio Acquisition

Heitman LLC, a global real estate investment management firm, has launched a core-plus self-storage investment strategy backed by $275 million in investor commitments and an additional $200 million in co-investment capital, the firm announced. In connection with the launch, Heitman completed the acquisition of a seed portfolio comprising 79 self-storage assets across 16 states, totaling approximately 4.9 million rentable square feet.

Seed Portfolio and Acquisition Details

The seed portfolio represents what Heitman described as a diversified, large-scale acquisition intended to anchor the new strategy at launch. Select properties within the portfolio offer approximately 550,000 square feet of expansion potential, which the firm said is expected to support continued revenue growth through operational enhancements. No individual property addresses or seller identities were disclosed in the firm's announcement.

The strategy is structured as an open-end vehicle and will seek to generate cash flow and long-term growth through a mix of stabilized assets, lease-up properties, and selective development opportunities. Heitman said the portfolio targets markets characterized by high barriers to new supply and favorable demographic trends.

"We believe today represents an attractive entry point. Assets can be acquired well below replacement cost, new supply is declining, and market rents remain well below levels required to incentivize new construction," said Jen Boss, Head of Portfolio Management at Heitman and Portfolio Manager for the strategy. "The demographic outlook is also favorable, driven by the aging of Millennials and their Baby Boomer parents, both cohorts entering life stages that historically increase demand for self-storage. Our acquisition of a large, diversified seed portfolio at launch reflects this long-term conviction."

Capital Structure

The strategy has received $275 million in commitments to date, alongside $200 million in co-investment capital. Heitman did not disclose the total acquisition price of the seed portfolio, financing terms, or leverage details in its announcement. The open-end structure is designed to allow ongoing capital deployment as additional opportunities are identified.

"We are building on Heitman's long history in self-storage and intend to invest alongside best-in-class operating partners, some of whom we have known for 30 years," said Brian Pieracci, Head of North America Private Equity at Heitman. "Through the combination of our sector expertise, research platform, and disciplined underwriting, we believe we are well positioned to identify compelling opportunities on behalf of our clients."

Heitman's Self-Storage Track Record

Heitman began investing in self-storage properties in July 1996 and has since deployed more than $15 billion across 1,600 self-storage properties in 14 countries globally. The firm said it is currently one of the largest private owners of self-storage in North America, with more than 1,200 stores across over 140 U.S. markets.

The new strategy builds on a period of active capital deployment for Heitman. In January 2026, the firm closed its Value-Add Fund VI at $2 billion in commitments — exceeding its $1.75 billion target — with an additional $620 million in co-investment capital. In February 2025, Heitman closed its Real Estate Debt Partners III fund at $806 million, surpassing its $600 million fundraising goal. The firm has also been active internationally, completing the acquisition of an industrial property in Norfolk, Virginia in January 2025, and a logistics distribution center in Fukuoka, Japan in early 2026. Residential portfolio acquisitions were also completed in Osaka and Fukuoka, Japan.

Heitman's total assets under management were not disclosed in the firm's announcement.