RALEIGH,
N.C., July 24, 2024 /PRNewswire/ -- 10 Federal,
a leading self-storage owner and operator, is excited to announce
several significant achievements and its upcoming offering that
highlight its continued growth and success in the industry.
The company has successfully completed capital raising for its
fourth value-add offering, securing $115
million in just 18 months and oversubscribing the initial
goal of $100 million. This
achievement reflects strong investor confidence and positions the
company for further expansion and innovation.
Construction has officially commenced on a new Class-A
development in Georgetown, Texas.
This premier project is anticipated to be delivered in August 2025, bringing over 100,000 square feet of
climate-controlled self-storage to the thriving Georgetown market. This expansion underscores
the company's commitment to meeting the growing demand for
high-quality storage solutions in dynamic markets.
In addition, 10 Federal's third self-storage offering, launched
in 2021, has experienced its most successful quarter to date,
boasting a remarkable 31.1% year-over-year increase in net
operating income despite current market turbulence. This
outstanding performance underscores the resilience and strategic
management of the company's assets, highlighting unique
value-creation through its autonomous management platform, advanced
automation, and innovative use of technology.
Looking ahead, 10 Federal is excited to announce the launch of
its first opportunistic offering in September 2024, with a target equity raise of
$25 million. This new initiative aims
to capitalize on emerging market opportunities and deliver strong
returns for investors.
Andrew Capranos, President of 10
Federal, commented on the recent successes: "We are thrilled with
the progress we have made across our existing portfolio. Completing
the capital raise for our 4th offering and starting construction on
our Georgetown project are
significant milestones. Our team's hard work and dedication are
evident in the outstanding performance of our 3rd Self Storage
Offering, and we look forward to the opportunities that our new
offering will bring."
Cliff Minsley, Co-Founder of 10
Federal, added: "The continued support from our investors and
partners has been instrumental in our achievements. We are
committed to delivering high-quality projects and generating strong
returns. The launch of our first opportunistic offering marks an
exciting new chapter, and we are confident it will be a great
success."
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, the company harnesses advanced
technology and data analytics to deliver superior risk-adjusted
returns.
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SOURCE 10 Federal