10 Federal acquires, develops and manages multi-family and self-storage properties in North Carolina
May 29, 2017: Based in Raleigh, NC., 10 Federal has started to raise the $10 million fund it will use to acquire traditional self-storage facilities and convert them to fully automated properties.
According to a press release, the company has converted three of its own assets and recently used the fund to purchase South Point Storage Inc. at 1308 S. Point Road in Belmont, NC.
10 Federal will implement its automated system at the Belmont property including controlled access, electronic locks, a kiosk and a roving camera. "South Point represented an ideal acquisition for the fund,” said Kris Bennett, director of acquisitions. “It was a mom-and-pop operated facility, with no website, no online advertising, a large property-manager salary and rents that trailed the market."
"We are excited to have the fund underway,” said co-founder Cliff Minsley. “Our teams have worked hard to fine tune our systems and technologies, and to see it succeed in the field has been rewarding. We look forward to now scaling the platform."
10 Federal has spent three years developing its automated system. The fund will target similar storage properties throughout the Southeast, with a concentration in North Carolina, the release stated.