Self Storage News & Announcements | Modern Storage Media

10 Federal Raises $25M, Expands Curbside Rentals & Strategic Acquisitions

Written by Modern Storage Media | Sep 12, 2024 2:53:24 PM

10 Federal Storage has announced key milestones that highlight the company's continued growth and leadership in the sector.

 

In the first closing of its Opportunistic Offering, 10 Federal raised $25 million in equity, equity commitments, and mezz equity during the third quarter of 2024. The funding was led by Essentia Capital Partners, an investment advisory firm serving HNWIs and RIAs. This offering focuses on ground-up development deals, primarily targeting multi-story, Class-A properties. The funds from this first closing will be allocated to two prime seeded assets: one in the rapidly growing Dripping Springs, TX, and the other in the dynamic market of Charlotte, NC.

 

"We are thrilled to have raised $25 million in the first closing of our opportunistic offering. This achievement reflects the strong confidence our investors have in both our track record and our data-driven approach to identifying markets and opportunities where we can maximize returns. By leveraging data science, we continue to make informed, strategic decisions that position us for long-term growth," said Brad Minsley, Co-Founder of 10 Federal.

 

"We're proud to partner with an innovator like 10 Federal to offer our investors access to compelling investment opportunities," said David Scacco, Essentia cofounder & managing partner.

 

To enhance customer convenience, 10 Federal has rolled out an innovative curbside rental option across its portfolio, enabling customers to rent storage units directly from their vehicles by scanning a QR code at designated parking spots. This initiative has seen strong adoption and positive feedback from customers who appreciate the added convenience and efficiency. The rollout not only addresses the evolving preferences of today's consumers but also sets a new standard for service in the self-storage industry.

 

 

 

Read More:
Curb Appeal: 10 Federal Launches Curbside Rental & Service Center

 

 

 

 

In August, 10 Federal acquired four properties in Carrollton, GA, for its fourth value-add offering. These acquisitions are in an existing 10 Federal market where the company has already achieved strong success, allowing it to capitalize on established operational efficiencies and economies of scale. Located just west of Atlanta, the Carrollton submarket remains a strategic focus, further solidifying 10 Federal's presence in the region.

 

"Our recent milestones reflect our strategic vision and the exceptional capabilities of our team," said Andrew Capranos, President of 10 Federal. "By implementing innovative solutions like curbside rentals and making strategic acquisitions, we are positioning 10 Federal to lead the industry while delivering value to both our customers and investors."