EBS acquired its 63rd property with the closing of Advantage Storage in Rockwall, Texas
Dallas, TX – September 17, 2009 – (RealEstateRama) — Equity Based Services, Inc. (“EBS”) announced today that they have purchased Advantage Storage in Rockwall, TX. Rockwall is a suburb of Dallas approximately 23 miles to the northeast. According to the US Census Bureau Rockwall County is one of the fastest growing counties in the USA.
“Advantage Storage develops the highest quality facilities in the Self Storage Industry. The Rockwall Facility, a Class-A project, is a strong and natural addition to the EBS portfolio.” States Eric Kaplan, COO Equity Based Services, Inc.
Advantage is a Class-A facility with excellent frontage on the corners of Justin Road and S. Goliad Street, a main thoroughfare that was recently expanded. The facility has 311 non-climate controlled units and 247 climate controlled units with a total of 68,075 Net Rentable Square Feet. This facility is being acquired with a stabilized physical occupancy of approximately 90%.
“The quality of the build-out, the location, local demographics, and the strong existing debt on this project are all indications of a strong performer” States Stephen Kaplan, CEO, EBS.
The existing debt on this facility was assumed by EBS. The existing loan is a 10-year, non-recourse loan. It has a fixed rate of 5.32% and a 30 year amortization. There are 6 years remaining with this very strong debt facility. The combination of a 6 year maturity horizon, low interest rate, and reasonable leverage make this not only a strong cash flow performer, but, also a relatively safe Real Estate investment.
“Texas has been a great market for us and we will continue to pursue opportunities around the large population areas in the State. Strong, safe, cash flow projects like this one in Rockwall should continue to be strong performers in terms of not only cash flow but also in terms of all-in returns.” States Troy Downing, Principal EBS.
Advantage Storage will be rebranded under the American Mini Storage brand name and managed by All American Property Management, Inc., a wholly owned subsidiary of EBS.
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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 63 Self-Storage properties in 11 States. For more information, contact Kurt Ambrosius at 619-220-6700.
