10 Federal Secures $25 Million to Drive Innovations in Storage

Author: Lucas Young Updated: 09-12-2024 06:11 AM

10 Federal Secures $25 Million to Drive Innovations in Storage

10 Federal, a leading innovator in the self-storage sector, has recently achieved remarkable milestones that underscore its continuous growth and leadership in the industry. They raised a substantial $25 million during the first closing of their Opportunistic Offering, reflecting strong investor confidence in their strategic direction.

Successful Fundraising Efforts

In the third quarter of 2024, the company garnered this sum through equity commitments and mezzanine equity, primarily led by Essentia Capital Partners, who specializes in catering to high-net-worth individuals and registered investment advisors. This funding will primarily focus on ground-up development projects, specifically targeting multi-story, Class-A storage facilities.

Investment Allocation

The capital raised from this effort is set to be allocated toward two exceptional seeded assets located in rapidly developing regions. The first asset is situated in Dripping Springs, a thriving area in Texas, while the second is in the dynamic market of Charlotte, showcasing the company's commitment to identifying high-potential growth markets.

Leadership Commitment

Brad Minsley, Co-Founder of 10 Federal, expressed enthusiasm regarding the funding, stating, "We are thrilled to have raised $25 million in this closing, reflecting our investor's trust in our proven track record and our data-focused approach in selecting lucrative markets and investment opportunities. By utilizing data science, we can make well-informed decisions that align with our long-term growth objectives." Additionally, David Scacco, co-founder and managing partner at Essentia, highlighted the partnership with 10 Federal as a significant opportunity for investors looking to access compelling investment avenues.

Innovative Curbside Rentals

To enhance customer experience, 10 Federal has introduced a groundbreaking curbside rental option throughout its locations. This convenient feature allows customers to rent storage units directly from their vehicles by simply scanning a QR code positioned at designated parking areas. Feedback from customers has been overwhelmingly positive, praising the newfound convenience and efficiency this service brings. This innovative approach not only meets the evolving demands of modern consumers but also sets a new benchmark for service excellence in the self-storage industry.

Strategic Acquisitions

Furthering its growth strategy, in August, 10 Federal acquired four properties to strengthen its fourth value-add offering in an existing market where it has already seen notable success. The properties are located in Carrollton, Georgia, near Atlanta, which remains a strategic area for the company. Capitalizing on established operational efficiencies, these acquisitions will allow 10 Federal to scale operations and optimize service offerings.

Company Vision

Andrew Capranos, President of 10 Federal, shared insights regarding these milestones, stating, "Our recent accomplishments are a testament to our strategic vision and the exceptional capabilities of our team. By adopting innovative solutions like curbside rentals and pursuing strategic acquisitions, we are positioning 10 Federal as a frontrunner in the self-storage sector while providing tangible value to both our customers and investors."

About 10 Federal

10 Federal stands as a preeminent force in the self-storage industry. As one of the largest operators of fully automated storage facilities in the nation, they leverage advanced technologies and data analytics to provide superior risk-adjusted investment returns. The company's commitment to innovation is reflected in all their operations, ensuring they remain at the forefront of industry advancements.

Frequently Asked Questions

What was the amount raised by 10 Federal in its recent funding?

10 Federal successfully raised $25 million in the first closing of its Opportunistic Offering.

Who led the fundraising for 10 Federal?

Essentia Capital Partners led the fundraising effort for 10 Federal.

What is the focus of 10 Federal's investment strategy?

The company primarily focuses on ground-up development, targeting multi-story Class-A storage facilities.

What innovative service has 10 Federal introduced?

10 Federal has rolled out a curbside rental option, allowing customers to rent units directly from their vehicles.

Where are the newly acquired properties located?

The newly acquired properties are located in Carrollton, Georgia, near Atlanta, and are part of the company's fourth value-add offering.

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10 Federal Secures $25 Million to Drive Innovations in Storage