10 Federal’s third self-storage fund is up and running, raising $7.4 million in 18 days…
RALEIGH, N.C., Sept. 1, 2022 /PRNewswire/ -- 10 Federal is pleased to announce that on Wednesday, August 31, 2022 the firm's second equity offering, 10 Federal Self Storage Acquisition Company 2 ("10FSSAC2") sold 19 properties to a publicly traded investment firm. 10FSSAC2 sold 4 properties in February 2022 and presently has 5 properties remaining.
10 Federal has pioneered technologies and methods for operating self-storage facilities in an unmanned, autonomous manner. By leveraging this system, 10 Federal raised its first equity offering in 2018 in the amount of $10mm and achieved a successful liquidation in February 2022 with a fund level IRR of 31%.
10 Federal's second offering, 10FSSAC2 raised $32mm and has achieved a 2.0x multiple on the equity to date from the February and August property dispositions. There are 5 properties remaining in 10FSSAC2 to be liquidated.
10 Federal's third offering, 10FSSAC3 raised $45mm and is nearly fully deployed.
In Q4 2022, 10 Federal will launch 10FSSAC4 with the goal of raising $100mm.
10FSSAC1, 10FSSAC2 and 10FSSAC3's business plan is to acquire, renovate and convert self-storage properties to 10 Federal's unmanned, automated platform. Once converted, 10 Federal can efficiently and effectively operate the facilities using technology and remote support.
For more information on the offerings please visit- www.10federal.com