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10 Federal's Impressive Exit Strategy: A $68.5 Million Sale of Mountaineer Village Apartments

10 Federal, a prominent commercial real estate investment firm, recently made headlines with the lucrative sale of the Mountaineer Village Apartments for $68.5 million. This transaction, completed on August 13, 2025, represents a remarkable achievement in the field of student housing investment, especially given the property’s original acquisition price of $32.5 million back in January 2016.

The Mountaineer Village Apartments, strategically located near Appalachian State University in Boone, North Carolina, served as a critical asset in 10 Federal's portfolio over the years. This property not only provided stability but also an opportunity for substantial growth and development. The sale comes after nearly a decade of ownership, highlighting the firm's commitment to creating value through strategic management practices.

Financial Performance that Speaks Volumes

Throughout the holding period of just over nine and a half years, the Mountaineer Village project showcased impressive financial metrics, underscoring the effectiveness of 10 Federal’s long-term strategy. Investors enjoyed a net internal rate of return (IRR) of 21.1% and an equity multiple of 4.42x. Even more impressive, the project delivered a gross IRR of 25.60% and a staggering equity multiple of 6.03x. These metrics not only validate the firm’s original acquisition thesis but also affirm the successful execution of a meticulously crafted business plan.

Co-Founder Cliff Minsley expressed pride in these achievements, emphasizing that the outcome is a testament to the team's dedication and expertise throughout the investment lifecycle. He noted, “From acquisition through disposition, our staff demonstrated unwavering commitment to operational excellence and value creation.” This sentiment highlights the culture of quality and integrity that 10 Federal prides itself on.

Recognition for Team Efforts

The success of the Mountaineer Village sale can be attributed to the exceptional efforts of both onsite and offsite property management teams. These individuals played an essential role in maintaining elevated standards throughout the hold period. 10 Federal’s triumph also stems from its innovative approach, utilizing a proprietary data science model to drive acquisitions and inform investment strategies.

By integrating technology, analytical insights, and precise execution, 10 Federal has consistently achieved strong returns for its investors while ensuring excellence in property management. The sale of Mountaineer Village further emphasizes how data-driven decision-making and innovative management practices can create long-lasting value within diverse real estate portfolios.

About 10 Federal

10 Federal stands as a leader in the commercial real estate investment sector, primarily focusing on self-storage and multifamily assets. With a portfolio exceeding 100 properties across 13 states, the firm combines cutting-edge technology with disciplined operations to yield superior returns. The impressive track record has led 10 Federal to be recognized as a Top Performing Real Estate Fund by Preqin and as one of the fastest-growing companies on the Inc. 5000 list.

As the firm continues to explore new opportunities, the success of the Mountaineer Village Apartments sale serves as a powerful reminder of the importance of strategic planning, operational excellence, and innovative investment practices in achieving remarkable financial successes.