10 Federal Raises $25M in First Closing for Opportunistic Offering, Expands Curbside Rentals and Strategic Acquisitions

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Sep 12, 2024, 06:00 ET

RALEIGH, N.C., Sept. 12, 2024 /PRNewswire/ -- 10 Federal, a leading innovator in the self-storage industry, is proud to announce key milestones that highlight the company's continued growth and leadership in the sector.

10 Federal Raises $25M in First Closing for Opportunistic Offering, Expands Curbside Rentals and Strategic Acquisitions

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.

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."

About 10 Federal:
10 Federal stands as a leading innovator in the self-storage industry. As one of the largest owners and operators of fully automated facilities in the country, 10 Federal harnesses advanced technology and data analytics to deliver superior risk-adjusted returns.

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SOURCE 10 Federal