RALEIGH, N.C., Aug. 22, 2025 /PRNewswire/ — 10 Federal is pleased to announce the successful sale of the Mountaineer Village Apartments in Boone, NC, a student housing community serving Appalachian State University.
Since its initial acquisition in January of 2016 for $32,500,000, the property has played an integral role in 10 Federal’s portfolio, providing both stability and growth. On August 13th, 2025, after nearly a decade of ownership, Mountaineer Village was sold for $68,500,000, representing a highly successful conclusion to this investment.
Strategic Exit Yields Exceptional Returns
Over a holding period of more than nine and a half years, the project delivered remarkable financial performance and validated the firm’s long-term strategy. Mountaineer Village not only provided reliable cash flow but also offered an opportunity to implement 10 Federal’s value creation initiatives, including operational enhancements, capital improvements, and disciplined management practices.
Investors realized a net IRR of 21.1% and an equity multiple of 4.42x, while the project achieved a gross IRR of 25.60% and a staggering 6.03x equity multiple. These exceptional results underscore both the strength of the original acquisition thesis and the successful execution of a carefully designed business plan.
“This outcome is a testament to the dedication and expertise of our team,” said Cliff Minsley, Co-Founder of 10 Federal. “From acquisition through disposition, our staff demonstrated unwavering commitment to operational excellence and value creation.”
A Milestone Achievement Built on Teamwork & Technology
10 Federal extends special thanks to both onsite and offsite property management teams, whose stewardship and elevated standards were vital throughout the hold period. The firm’s broader success stems from its ability to pair operational expertise with a proprietary data science model that drives acquisitions and informs investment strategy. By leveraging technology, analytics, and disciplined execution, 10 Federal consistently delivers strong returns for investors while maintaining excellence in property operations.
The sale of Mountaineer Village further highlights how data-driven acquisitions, combined with innovative management practices and nearly a decade of proven execution, can create lasting value across a diversified real estate portfolio.
About 10 Federal
10 Federal is a leading commercial real estate investment firm with a focus on self-storage and multifamily assets. With over 100 properties in 13 states, the company combines data-driven technology and disciplined operations to deliver superior returns. 10 Federal has been recognized as a Top Performing Real Estate Fund by Preqin, a Top Fundraiser by Juniper Square, and ranked among the fastest-growing companies on the Inc. 5000. Learn more at 10Fed.com.
Media Contact:
Ian Levin, VP of Investments
[email protected]
SOURCE 10 Federal
