Highline’s joint venture with Heitman represents a unique and powerful new investment partnership in the self-storage industry,” said Key Foster, CEO of Highline Storage Partners. “We expect to accelerate our already active pace of investment significantly in the coming years.”
Highline Storage Partners (“Highline”), an affiliate of Highline Real Estate Partners, announced today the formation of a new strategic joint venture with Heitman and an institutional investor advised by Heitman to invest in self-storage development and acquisitions throughout the United States.
The partnership was seeded with a recapitalization of five existing Highline assets and will have access to additional equity capital to fund future investments throughout the fragmented self-storage market. The new venture marks a significant milestone for Highline and will accelerate its growth strategy by deepening investment in existing markets and expanding investment to new markets around the country.
“Highline’s joint venture with Heitman represents a unique and powerful new investment partnership in the self-storage industry,” said Key Foster, CEO of Highline Storage Partners. “We expect to accelerate our already active pace of investment significantly in the coming years.”
The Joint Venture will leverage respective strengths from the Partners. Highline contributes an institutional-quality, operations-oriented investment platform. Heitman contributes broad market perspectives derived from being the largest private owner of self-storage real estate in the world.
“The joint venture with Highline is another milestone in Heitman’s 30+ year history of investing in the self-storage sector,” said Doug Gurr, who leads U.S. self-storage acquisition efforts at Heitman. “We are thrilled to have formed this new partnership with Highline, a vertically integrated operator with an institutionally experienced team. We look forward to a long-term relationship with Highline.”
About Heitman LLC
Heitman is a global real estate investment management firm with $49 billion in assets under management as of September 30, 2024. Founded in 1966 and headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly-traded real estate securities.
About Highline Storage Partners
Highline Storage Partners (HSP) sponsors and makes investments to acquire, reposition, and develop self-storage properties in secondary and tertiary markets throughout the United States. HSP is run by an experienced, cycle-tested, principal investment team with deep self-storage property management and operating experience. HSP self-manages its properties using its USA Storage Centers brand (www.usastoragecenters.com).
HSP pursues investments where it can significantly impact value through the implementation of an operating agenda, or where its operational insights and execution capabilities give it unique market and asset-level advantages. HSP’s most distinguishing attribute—we combine the judgment and value creation of an experienced strategic buyer with the execution capabilities of an experienced financial buyer. For more information, please visit www.highlinesp.com, or contact Scott Levy, Chief Investment Officer (slevy@highlinesp.com).
About Highline Real Estate Partners
Highline Real Estate Partners (HREP) is an operations-oriented investment firm that sponsors and makes investments across a range of real estate asset classes throughout the United States. HREP’s organization is comprised of experienced and dedicated principal investment and asset management team members, many of whom possess particularly deep operations experience. The firm’s principals have executed over $17 billion of real estate and M&A transactions.
Highline Real Estate Partners was founded in conjunction with the McWane Family, owners of one of America’s largest privately owned businesses. HREP invests its own capital alongside that of select third-party investment partners. The combination of HREP’s investment philosophy and the long-term nature of its funding enables it to match any length of investment horizon that its investment partners might have, including infinite. For more information, please visit www.highlinerepartners.com.
