Diversified real estate firm 10 Federal has opened a new location in Raleigh, N.C. The five-story property at 1515 Sunrise Ave. is in the historic Five Points neighborhood, a cluster of suburban developments that were built in the early 1920s, near the intersection of Glenwood Avenue and Fairview and Whitaker Mill Roads.
The facility comprises 61,000 net rentable square feet in 660 climate-controlled units. It’ll be managed by CubeSmart, a self-storage real estate investment trust and management company, according to a press release.
In February, 10 Federal acquired two properties in Durham and Lowell, N.C. They were the third and fourth transactions completed through the company’s acquisition fund, which launched last year. The purchase included The StoreRoom Self Storage Center in Durham, and Minnie’s Mini Storage in Lowell. Both will be converted to unmanned, automated locations, per the company’s business model.
Based in Raleigh, N.C., 10 Federal acquires, develops and manages multi-family
and self-storage properties in North Carolina. It now has 11 self-storage facilities in its portfolio. Integrating technology into its operation is a core tenet of the business, according to the company website.