RALEIGH, N.C., Oct. 5, 2023 /PRNewswire/ — 10 Federal, a prominent and innovative leader in the self-storage sector, proudly announces a highly successful capital infusion of $21 million in equity during the third quarter for their Fourth Self Storage offering. This achievement has propelled 10 Federal’s total capital raised for its fourth offering to an impressive $80 million, approaching the company’s ambitious $100 million year-end target.
“We are excited to share that we have successfully secured an additional $20 million in equity funding during the third quarter, bringing our total capital raise to $80 million within just nine months since the inception of this offering,” stated Brad Minsley, Co-Founder of 10 Federal. “This substantial capital infusion empowers us to continue executing our growth strategy and expanding our presence and economies of scale in highly sought-after markets.”
Aligned with 10 Federal’s strategic expansion goals, the offering currently boasts 12 assets, including a recent acquisition of a prime development opportunity in Georgetown, TX, one of the nation’s fastest-growing cities. This strategic move reaffirms the company’s unwavering commitment to meeting the surging demand for self-storage solutions in dynamic markets.
“We are thrilled about acquiring this development opportunity,” said Andrew Capranos, President of 10 Federal Storage. “This addition further solidifies our presence in the state of Texas and enables us to deliver top-quality self-storage solutions to address the growing demand in Georgetown and its neighboring areas.”
Moreover, 10 Federal is pleased to report robust performance across its portfolio. The Fund 4 seeded assets in Georgia and Texas have experienced remarkable success this year, increasing market rates by over 44% since taking over these assets. Furthermore, the offering has seen a substantial 20% boost in total property revenue since assuming control of these sites in March 2023. This remarkable growth underscores 10 Federal’s commitment to optimizing asset value and delivering exceptional returns to investors.
As 10 Federal continues to expand its portfolio, the company remains steadfast in its commitment to delivering innovative storage solutions and providing frictionless customer experiences.
About 10 Federal:
10 Federal is a leading high-tech operator of self-storage facilities, specializing in fully automated properties. With a portfolio spanning 12 states and over 75 properties, 10 Federal leverages innovative technology and data-driven insights to provide exceptional self-storage experiences while delivering superior investor returns.
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SOURCE 10 Federal
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