A Raleigh, N.C.-based firm has launched a fund that looks to acquire self storage facilities in the Southeast, and convert them to fully automated operations.
10 Federal said in a news release that it has begun fundraising for a $10 million fund that will target “Mom and Pop” facilities throughout the Southeast, particularly in North Carolina.
The company said it has acquired a self storage property called South Point, in Belmont, N.C., which is the first conversion acquisition for the new fund.
“South Point represented an ideal acquisition for the Fund,” Director of Acquisitions Kris Bennett said in the news release. “It was a ‘Mom & Pop’ operated facility with no website, no online advertising, a large property manager salary and rents that trailed the market.”
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