Diversified real estate firm 10 Federal has acquired two self-storage facilities in Durham and Lowell, N.C. These are the third and fourth transactions completed through the company’s acquisition fund, which launched last year. The deals closed on Jan. 26, according to a press release.
The purchase includes The StoreRoom Self Storage Center at 3822 S. Alston Ave. in Durham, and Minnie's Mini Storage at 718 Robinson St. in Lowell. Both will be converted to unmanned, automated locations, per the company’s business model. The transformation will include the addition of a kiosk rental center, model unit, overlock system and call-center services, the release stated.
The company also announced that investors of 10 Federal Self Storage Acquisition Co. 1 LLC received an 8.45 percent annualized distribution during the fourth quarter of 2017. The acquisition fund admitted another $1.695 million on Jan. 1, bringing the total capital raised to $3.8 million, the release stated.
Based in Raleigh, N.C., 10 Federal acquires, develops and manages multi-family and self-storage properties in North Carolina. It now has 10 self-storage facilities in its portfolio. Integrating technology into its operation is a core tenet of the business, according to the company website.