31 May 2019
10 Federal announced on May 20th, 2019 that it sold the first property from its 10-property portfolio, located in Wilmington, North Carolina for $4.3 million. It acquired the asset 13 months earlier in April 2018 for $3,328,000 generating a 65 percent IRR for that individual investment.
Further, 10 Federal also announced it has launched it's second offering, the 10 Federal Self Storage Acquisition Company 2, LLC offering. This new company is seeking to raise $30 million in equity to acquire assets in a larger geographical footprint and to convert inefficiently managed properties over to 10 Federal's automated management platform. The offering formally launched on May 13 and has received $4,476,000 in equity commitments to date.
The goal of the two funds is to acquire, renovate and convert self storage properties to 10 Federal's unmanned, automated platform. Once converted, 10 Federal can efficiently and effectively operate the facilities using technology and remote support.
10 Federal is a commercial real estate firm that leverages technology and vertical integration to create superior risk-adjusted returns. Founded in 2010, 10 Federal is headquartered in Raleigh, North Carolina with properties located predominantly within the Southeast, however its technology, centralized back office and call center allows the company to own and operate properties across the country.
