10 Federal raises $25 million in first close on opportunistic offering, expands curbside rentals and strategic acquisitions

RALEIGH, North Carolina, September 12, 2024 /PRNewswire/ — 10 Federal, a leading innovator in the self-storage industry, is proud to announce key milestones that underscore the company’s continued growth and leadership in the industry.

In the first close of its Opportunistic Offering, 10 Federal raised $25 million in equity, capital commitments and mezz capital in Q3 2024. The financing was led by Essentia Capital Partners, an investment advisory firm serving HNWIs and RIAs. This offering focuses on ground-up development transactions, primarily targeting high-rise, Class A properties. The proceeds from this first close will be allocated to two primary seed assets: one in a fast-growing Dripping Springs, Texasand the second one in a dynamic market Charlotte, North Carolina.

“We are thrilled to have been able to collect $25 million in the first close of our opportunistic offering. This achievement reflects the strong confidence of our investors in both our history 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 MinsleyCo-founder of 10 Federal.

“We are proud to partner with an innovator like 10 Federal to provide our investors with access to compelling investment opportunities,” he said. David ScaccoCo-founder and managing partner of Essentia.

To enhance customer convenience, 10 Federal has introduced an innovative curbside rental option across its portfolio, allowing customers to rent storage units directly from their vehicles by scanning a QR code in designated parking spaces. This initiative has been met with great interest and positive feedback from customers who appreciate the added convenience and efficiency. The implementation not only addresses the changing preferences of today’s consumers, but also sets a new standard of service in the self-storage industry.

In August, 10 Federal acquired four properties in Carrollton, GAin its fourth value-added offering. These acquisitions are in 10 Federal’s existing market where the company has already had significant success, allowing it to leverage established operating efficiencies and economies of scale. It is located just west of Atlantathis Carrollton The submarket remains an area of ​​strategic importance, further strengthening 10 Federal’s presence in the region.

“Our recent milestones reflect our strategic vision and the unique capabilities of our team,” he said. Andrew CapranosPresident of 10 Federal. “By implementing innovative solutions like curbside rental and making strategic acquisitions, we are positioning 10 Federal to lead the industry while delivering value to both our customers and investors.”

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About 10 federal:
10 Federal is 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 leverages advanced technology and data analytics to deliver superior risk-adjusted returns.

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SOURCE 10 Federal