10 Federal Leases Up Fully Automated Self Storage Facility in Six Months, Announces Fund

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Nov 29, 2016, 02:29 ET

RALEIGH, N.C., Nov. 29, 2016 /PRNewswire/ -- 10 Federal announced today that it completed the lease up of its first fully-automated, unmanned self-storage facility. The lease up took six months and averaged one new lease per day. The facility is located in Graham, NC and has 155-units.

The fully automated facility handles all of the leasing functions that would traditionally be conducted by an on-site property manager. It is able to do so through the use of a combination of various technologies including the Janus International SecurGuard™ Electronic Lock, an Advanced Kiosks kiosk, a PTI Security System Access Control Solution, the StorEdge FMS management software system and other proprietary systems.

10 Federal attributes the high velocity lease up to the fully-automated system providing both a better customer experience and broader 'office hours' which are 24 hours a day, 7 days a week versus the typical office hours of a staffed location.

10 Federal also recently converted a traditionally staffed facility in Durham, NC to the same fully automated, unmanned system used on the newly constructed Graham facility. 10 Federal operated the Durham facility with a staff for 12 months prior to the conversion. During that period, the best single leasing month the staff produced was 35 leases. By comparison, the facility leased 48 units in its very first month following the conversion to the fully-automated, unmanned system.

Based upon the success of the Graham development and the Durham conversion, 10 Federal will be launching an acquisition fund in early 2017 to acquire and convert facilities throughout the Southeast.

Regarding the lease up of the fully automated self-storage facility and announcement of an acquisition fund, Terry Bagley, Vice President of Business Development for Janus International stated "we are excited, but not surprised with 10 Federal's success and timely lease up of their Graham, NC self-storage facility. 10 Federal's founders are forward-thinking entrepreneurs that envision the 'big picture', while at the same time putting together detailed, well thought-out, tested and executed plans. They have utilized their success and innovation in multi-family automation to be early adopters and successful users of multi-vendor, vertically integrated technology in the self-storage industry.

We congratulate them on their vision, success and leadership in automated unattended facilities and expect they will continue that pattern with their plans to acquire and convert facilities with the launch of their acquisition fund."

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10 Federal is a diversified real estate company headquartered in Raleigh, NC. Through a combination of vertical integration and leveraging technology to improve performance, it is 10 Federal's mission to deliver a superior product to its customers at a superior value to the competition. 10 Federal acquires, develops, constructs and manages multifamily and self-storage properties in North Carolina.

SOURCE 10 Federal