San Diego, CA (PRWEB) February 2, 2008
Equity Based Services, Inc. ("EBS"), a private real estate investment and management firm, announced today that it has closed The EBS Income and Growth Fund II with $10.9 Million in committed capital.
The EBS Income and Growth fund II is the third fund in the EBS family of funds. EBS private equity funds currently have contributions totaling more than $18 million and own in excess of $168 million in self storage commercial property.
The EBS Income and Growth Fund II quickly raised $3.0 million to break impound, began investing these funds, and exceeded its goal of $10 million before closing at $10.9 Million. The EBS Income and Growth fund II surpassed the EBS Income Fund I, which targeted $5 million and closed with $5.5 million in capital contributions.
The EBS Income and Growth Fund II is a 5 year close-ended fund with on option to extend 2 years for a maximum term of 7 years. The fund also targets a 10% preferred return to its 78 investors. The EBS Income and Growth Fund II invests 70% of its contributions into stabilized cash flow properties and 30% into value added opportunities. The blend allows for higher returns at a lower risk threshold. As of today, The Fund has invested a total of $3.8 million, purchasing the following 7 facilities, valued at more than $40.8 million:
- Noah's Ark Converse Converse, Texas $5.3 Million
- Lock and Latch Arlington, Tennessee $3.3 Million
- Storage Depot Shreveport, Louisiana $2.5 Million
- Hill Country Austin, Texas $9.7 Million
- New Braunfels New Braunfels, Texas $5.3 Million
- Friendly Self Storage Lake Worth, Texas $4.6 Million
- Central Self Storage Phoenix, Arizona $5.9 Million
- The Storage Place Tucson, Arizona $4.2 Million
EBS' experienced management team has historically lowered operating expenses and increased occupancy rates in order to maximize returns to its investors. The EBS Income and Growth Fund II will pay cash distributions quarterly and anticipates sending out initial distribution checks to investors in February of 2008.
Stephen Kaplan, CEO says, "We are very exited about the EBS Income and Growth Fund II's quick closing. The amount of capital raised exceeded our expectations and we are pleased to have many repeat investors re-investing in our new fund. I am also delighted with the amount of new investors that are now part of the EBS family."
Eric Kaplan, General Partner and Manager says, "The ability to close quickly combined with the excess in investment contributions, will allow us to increase our purchasing schedule for this year. We are now well on our way to purchase over $100 million in facilities for 2008."
Equity Based Services, Inc. (EBS) is a private equity real estate company specializing in the opportunistic acquisition and management of self-storage commercial property. EBS currently owns and operates 45 Self-Storage properties in 9 states worth more than $168,000,000.00. EBS also manages a family of equity funds for institutional and high net worth individual investors. EBS Funds invest in both stabilized income producing commercial property and value added, opportunistic commercial real estate. The EBS Income Fund, the EBS Income and Growth Fund II, and the Pilot Equity Value Added Fund all closed in 2007 and represent more than $18,000,000.00 in equity contributions. All American Property Management, Inc., an EBS Company, aggressively manages all portfolio properties to maximize returns to Investors. For more information, contact Katie Raden at 619-220-6700.