RALEIGH, N.C., May 29, 2019 /PRNewswire/ -- 10 Federal is pleased to announce that on May 20th, 2019 the 10 Federal Self Storage Acquisition Company 1, LLC ("10FSSAC1") sold the first property from its 10 property portfolio, the 10 Federal Self Storage – 5135 Market St asset located in Wilmington, NC for $4,300,000. 10FSSAC1 acquired the Wilmington, NC asset 13 months earlier in April 2018 for $3,328,000 generating a 65% IRR for that individual investment.
Further, 10 Federal is pleased to announce it has launched it's 2nd offering, the 10 Federal Self Storage Acquisition Company 2, LLC ("10FSSAC2") offering. This new company is seeking to raise $30 million in equity to acquire assets in a larger geographical footprint and to convert inefficiently managed properties over to 10 Federal's automated management platform. The offering formally launched on May 13th and has received $4,476,000 in equity commitments to date.
The goal of 10FSSAC1 & 10FSSAC2 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 https://invest.10federal.com/properties/