EBS Acquires 1,563 Storage Units in Texas
Equity Based Services, Inc. purchases two additional "Central Self Storage" facilities in Austin and Corpus Christi, Texas.
Austin, TX (PRWEB) August 27, 2008 -- Equity Based Services, Inc. ("EBS") announced the purchase of a two-property Self Storage portfolio from Central Self Storage. This acquisition adds 1,563 storage units and 159,290 Net Rentable Square Feet ("NRSF") to the EBS portfolio of nearly 60 Self Storage facilities. The addition of Central Self Storage brings the EBS portfolio holdings up to 19 properties for the state of Texas.
Central Self Storage - Austin
EBS assumed a 5.75% conduit loan with a 10 year Interest Only ("I/O") period. The existing loan then amortizes for 30 years at the same interest rate. This is a fully non-recourse loan.
Central Self Storage-Austin is a 747 unit facility located in a high density residential area of Austin, Texas. The facility is located at 2201 Pleasant Valley Road. Current occupancy is reported at 73% and is expected to stabilize in less than 12 months.
"Central Self Storage in Austin is one of the best placed Self Storage facilities that I've seen. The facility is located in a neighborhood consisting of high-density multi-family complexes that expand as far as you can see with little to no competition. The application of professional management, cleanup, and a repair to an existing retaining wall is all that is needed to stabilize and maximize this great opportunity", states Troy Downing, Principal Equity Based Services.
Central Self Storage-Corpus Christi is located at 6218 South Padre Island Drive. This facility is made up of 814 storage units with 86,043 NRSF of space. Central Self Storage has excellent access and visibility due to its position along one of Corpus Christi's major freeways. Central Self Storage- Corpus Christi was built in two phases in 1980 and then in 2003.
"The acquisition of Central Self Storage of Corpus Christi signifies our entrance into Corpus Christi storage market, with the long-term objective of creating a dominant foothold in the area", states Eric Kaplan, COO of Equity Based Services.
"Texas continues to be a strong economy with huge opportunity for us. We will continue to identify, and pursue exceptional facilities in all of the major population centers in Texas." States Downing
EBS has closed nearly $60M worth of Self Storage properties in 2008 and expects to close another $20M by the end of the year. EBS is currently listed as one of the top 100 large operators of 2008 by the Mini Storage Messenger.
EBS is a private real estate company specializing in the opportunistic acquisition and management of self-storage commercial property. EBS currently owns and operates nearly 60 Self-Storage properties in 10 states worth more than $250 Million. EBS also manages Private Equity Funds. The EBS Income Fund, the EBS Income and Growth Fund II, and the Pilot Equity Value Added Fund all closed in 2007. For more information, contact Katie Raden at 619-220-6700.
For informational purposes only. Does not constitute an offering.
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