Self-Storage Innovator 10 Federal Raises $32mm, Adds Sixth Asset to Fund Portfolio, and Three Executive Leaders in Recent Expansion Move

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Apr 11, 2023, 06:00 ET

RALEIGH, N.C., April 11, 2023 /PRNewswire/ -- 10 Federal, a leading operator of self-storage facilities, is pleased to announce the acquisition of the ASAP Storage portfolio. The portfolio includes three properties located in Temple and Villa Rica, Georgia, offering a total of 70 parking spaces and 664 storage units, and totaling 96,000 net rentable square feet. The acquisition marks the sixth asset purchased by the 10FSSAC4 fund and further strengthens 10 Federal's presence in the high-growth corridor of the Atlanta area.

"High-tech, self storage innovator 10 Federal raises $32mm to expand unmanned property portfolio"

"The acquisition of the ASAP Storage portfolio is an exciting addition to our self-storage portfolio," said Cliff Minsley, Principal & Co-Founder of 10 Federal. "We are confident in our ability to create value by improving occupancy and rental rates through our proven technology-driven approach."

The blended acquisition price square foot basis was $78/sqft, compared to the $134/sqft at which a recent portfolio of properties 10 Federal sold in the same Atlanta, GA MSA in 2022. The portfolio presents an attractive acquisition opportunity with potential for expansion as the properties occupy nearly 15 acres collectively.

To support its continued growth and success, 10 Federal has added three key executives to its leadership team. Brian Oakley has been appointed Vice President of Technology, bringing over 15 years of experience in technology strategy, development, and operations. Trent Erickson has been appointed Vice President of Accounting, with over 20 years of experience in public accounting, financial reporting, and business operations. Kris Gunther has been appointed to Vice President of Human Resources, a seasoned HR executive with experience in talent management and organizational development.

Andrew Capranos, President of Self Storage, expressed his excitement for the addition of the three new executives, stating, "We are thrilled to welcome Brian, Trent, and Kris to our team. Their extensive knowledge and experience in their respective fields will be invaluable to 10 Federal as we continue to push the boundaries of innovation and elevate our position as a leader in the self-storage industry."

In addition to this latest acquisition, 10FSSAC4 has raised $32 million in equity between December 15th, 2022, and April 1st, 2023. This reinforces 10 Federal's position as a leader in the unmanned self-storage space and allows the company to continue expanding its portfolio.

For more information or to learn more about investing with 10 Federal, please visit our investor website.

SOURCE 10 Federal