February 25, 2022

2 Min Read
10 Federal Sells 13 Self-Storage Facilities, Expands 3rd Acquisition Fund

10 Federal Storage LLC, which operates more than 50 self-storage facilities in eight states, has sold 13 properties from its three acquisition funds, which aim to purchase and renovate properties and convert them to the company’s automated operational platform. The company also expanded its third fund from $30 million to $45 million, according to a press release.

Twelve of the traded assets were acquired by Frigatebird Investments, a venture founded by self-storage veteran Kurt O’Brien. Eight of them were from 10 Federal Self Storage Acquisition Company 1 LLC. Launched in 2017, the fund ultimately amassed 10 properties, which have all been sold. “With this final liquidation event, the offering realized a successful terminal point and a complete validation of the 10 Federal automated-management business plan,” company officials said.

The other four facilities in the Frigatebird deal were from 10 Federal Self Storage Acquisition Company 2 LLC. Those are all in Georgia.

O’Brien launched Frigatebird last March, along with an entity called My Place Self Storage, according to his LinkedIn profile. The entrepreneur has 30 years of industry experience as an investor, developer and operator. He founded Simply Self Storage and served as its CEO from 2004 to January 2021. He’s also president of OB Management Services Inc., which specializes in self-storage consulting as well as real estate development and management.

10 Federal Self Storage Acquisition Company 3 LLC sold one property to an undisclosed buyer. Launched last May, it was closed on Feb. 22 once it reached equity capacity. The company intends to deploy the full $45 million on acquisitions by June 30, the release stated.

Founded in 2010 and based in Raleigh, North Carolina, 10 Federal is a diversified real estate company that also operates multi-family properties. Its self-storage portfolio of owned and managed properties is primarily in the Southeast.

Source: PR Newswire, 10 Federal Self Storage Acquisition Company 1 LLC Sells Remaining 8 Properties, Represents Total Liquidation of Storage Assets

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