Equity Based Services, Inc. Acquires Another Class-A Self Storage Project in
EBS, a San Diego based Self Storage Operator, acquired its 64th property with the closing of
Advantage Storage in Plano, Texas. This is the 24th property that EBS has acquired and now
operates in the State of Texas.
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,
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 Ka