RALEIGH – 10 Federal, through its 10 Federal Self Storage Acquisition Company 3, LLC, raised $7.4 million in 18 days from 178 investors, and used those funds to acquire two self-storage facilities in Georgia. The deals add about 400 units to its portfolio with an additional 92 units planned to be constructed at one of the locations.
The company isn’t done acquiring property, noting in a statement that additional facilities are undergoing the acquisition process.
10 Federal applies technology and automation to manage self-storage facilities, and has national aspirations. Once an acquisition is made, 10 Federal renovates and converts existing storage facilities to unmanned operations, instead choosing to use technology on-site and a centralized support center to assist its customers.
Raleigh based 10 Federal raises $7.4M from 178 investors for new acquisition company
The company uses a locking mechanism that allows for remote access or remote reset from its centralized call center, allowing the company to provide 24/7 service for each of its storage units. About 8,000 units are managed by 10 Federal, at this time.
The company also announced that between January 2021 and June 2021, its first acquisition company, abbreviated as 10FSSAC1, increased store for store average revenue by 21.91%, and for its second acquisition company, abbreviated as 10FSSAC2, by 24.63% across the portfolio.
