This is quality, class-A construction, in a Class-A location and an already stabilized, cash-flowing occupancy.
Dallas, TX (PRWEB) December 7, 2009
Equity Based Services, Inc. ("EBS") announced today that they have purchased Advantage Self Storage in Plano, TX. Advantage Self Storage is located at 3900 McDermott Road, Plano, TX.
Advantage Self Storage, rebranded as American Mini Storage, adds 554 units and 71,435 Net Rentable Square Feet to the EBS portfolio of 64 Self Storage facilities.
Plano was designated the best place to live in the Western United States by CNN Money magazine and Forbes.com selected Plano as one of the three "Top Suburbs to Live Well". In addition, Plano schools consistently score among the highest in the nation and Plano has been rated as the wealthiest city in the United States by both CNN Money and the United States Census Bureau.
"This is EBS' first acquisition under its new aggressive acquisition model. In the next twelve months EBS expects to double its acquisition volume with high quality, cash flowing properties like Advantage Storage of Plano," states Eric Kaplan, COO, AAPMI
Equity for this transaction came from the EBS pool of Private Client Investors and the EBS Income Fund III. The debt for this facility was an assumed loan with a 72% LTV mortgage from Bank of America. This loan has a fixed rate of approximately 5.6%, non-recourse, and with an Interest-Only period that ends in 2012. The loan switches to a 30 year amortization after the I/O period.
"The debt that EBS assumed for this property simply doesn't exist in the current lending markets," states Troy Downing, Fund Manager, EBS Income Fund III. "The ability to assume such a strong loan was definitely a bonus with this deal."
"Advantage Self Storage in Plano is a great addition to the portfolio," states Stephen Kaplan, CEO, Equity Based Services, Inc. "This is quality, class-A construction, in a Class-A location and an already stabilized, cash-flowing occupancy."
This transaction was sourced through Angelo Tomasello, President of Locke Acquisition Group, LLC who specializes in Self Storage acquisitions.
About Equity Based Services, Inc
EBS is a Private Real Estate Company specializing in the acquisition and management of self-storage property. EBS is one of the top privately held owner/operators in the US. EBS currently owns and operates 64 Self-Storage properties in 11 States. For more information, contact Kurt Ambrosius at 619-220-6700. All EBS acquisitions are managed by All American Property Management, Inc. (AAPMI).
This press release is for informational purposes only and does not, in any way, constitute an offering to buy or sell securities.
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