RALEIGH – 10 Federal, the Raleigh-based firm focused on acquiring and mordernizing self-storage facilities, is continuing to grow both in terms of capital raised and properties bought.
The firm’s mission 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.”
The company disclosed early Tuesday it had raised $32 million in its latest round of fund raising. In fact, it was oversubscribed at nearly $3 million, 10 Federal said.
10 Federal’s co-founder Brad Minsley focuses on the operations and technologies of the company’s multifamily and self-storage portfolios. Before founding the company, Minsley was a partner at Phillips Development.
Co-founder Clifton Minsley focuses on the company’s real estate development, investor relations and construction division activities. Prior to founding the company, Clifton worked for Phillips Development.
Additionally, the company acquired three facilities in Georgia and two in Missouri, running its acquisition total to 26 properties which include some 7,500 storage units.
The latest deals were made through 10 Federal’s 10 Federal Self Storage Acquisition Company 2 LLC.
10 Federal operates 18 sites in North Carolina, Texas, Tennessee, South Carolina, Virginia, Illinois as well as Georgia and Missouri.
Raleigh startup 10 Federal Self Storage raises another $8.6M, has 260+ investors
