10 Federal is pleased to announce the acquisition of the Superior Self Storage facility located in Asheboro, NC. The closing occurred on October 31, 2017 and marks the third acquisition of 10 Federal's Self-Storage Acquisition Company.
10 Federal will deploy its suite of technologies to support unmanned operations, which includes the installation of a rental center, a kiosk, and expanding our call center services to our Asheboro customers.
10 Federal has nearly completed the renovations of the Chapel Hill South self storage facility (formerly Green Cube) located in Chapel Hill, NC. Since acquiring the facility on September 7, 2017 10 Federal has paved the drive aisles, installed a rental center, a kiosk and is working steadily to convert the facility to fully unmanned operations.
In addition, 10 Federal is pleased to announce that at the close of first quarter operations the company distributed an annualized 8.0% preferred return to its investors, capping an exciting start to the company's operations. The company is also finalizing the Purchase and Sale Agreements for the 4th and 5th facilities, both off-market transactions.
The goal of the company is to acquire, rehab and renovate self storage properties within the southeast, and implement best practices including 10 Federal's suite of technologies that allow the properties to operate efficiently in an unmanned status.