10 Federal Expands NC Self-Storage Footprint
- Sep 15, 2017
The Green Cube in Chapel Hill, N.C., was acquired by 10 Federal, a company specializing in acquiring, developing and managing self-storage properties in North Carolina. This is the second transaction the firm closed on behalf of its Self-Storage Acquisition Fund, launched in May. The company will rehabilitate and convert the new asset to automated operations and add several other improvements such as painting the storage unit doors and paving the drive aisles.
The same process was implemented at the Fund’s first acquisition, a property located in Belmont, N.C., which is now 96 percent occupied. 10 Federal’s strategy involves converting traditional self-storage facilities to unmanned operations to increase the properties’ efficiency and value as well as to reduce operating expenses. To achieve this, the company announced in July that it plans to raise $10 million on behalf of its Self-Storage Acquisition Fund.
More transactions are underway. 10 Federal has executed a purchase agreement for its third self-storage asset and a letter of intent for its fourth purchase. The company now owns six storage facilities in North Carolina—two in Durham and four in Graham, Hillsborough, Chapel Hill and Belmont.
The following before/after images are from 10 Federal’s first acquisition in Belmont:
Images courtesy of 10 Federal