Andover Properties Expands Dallas Storage Footprint

Move-It Storage

Andover Properties has acquired Move-It Storage, a 50,250-rentable-square-foot storage facility in Dallas. According to Yardi Matrix data, the seller was National Storage Affiliates.

The same data provider shows the property previously changed hands in 2015, when it was purchased from Steelcreek Management.

Andover plans to make capital improvements, including unit conversions, according to Michael Wachsman, the company’s director of Acquisitions. The 322-unit storage facility will operate under the Storage King USA brand.

The property was built in two phases, between 1978 and 1979. The facility encompasses nine buildings across 3.5 acres and offers units ranging from 45 to 560 square feet. On-site amenities include video surveillance, gated access, keypad-controlled access, drive-up units, contactless renting, as well as RV and boat parking.

The facility is located at 8500 Lyndon B. Johnson Freeway, 11 miles from downtown Dallas, and has access to Interstate 635. The property is one of the 24 available within a 3-mile radius, offering residents 10.9 rentable square feet per capita. Dallas has a supply pipeline of 77 self storage properties in various stages of development, set to add roughly 5.2 million square feet to the existing inventory, Yardi Matrix data shows.

Andover Properties currently owns 153 facilities across 18 states, with 17 properties located in Dallas. In 2022, the company expanded its Dallas-Fort Worth footprint with the acquisition of a 76,000-square-foot storage facility in Garland, Texas, and a 197,000-square-foot property in Argyle, Texas.

Recently, Andover and Angelo Gordon and Co. landed $360 million in financing for a national self storage portfolio, totaling 3.9 million square feet.