Equity Based Services Inc. (EBS) purchased Advantage Self Storage in Plano, Texas. The facility has 554 units and 71,435 net rentable square feet. It will be rebranded as American Mini Storage.
This is the first acquisition under the company’s new aggressive acquisition model. EBS plans to double its acquisition volume in the next year.
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 percent loan-to-value mortgage from Bank of America with a fixed rate of approximately 5.6 percent, non-recourse, and with an interest-only period that ends in 2012. The loan switches to a 30-year amortization after the interest-only period.
This transaction was sourced through Angelo Tomasello, president of Locke Acquisition Group LLC, which specializes in self-storage acquisitions.
EBS is a private real estate company specializing in the acquisition and management of self-storage property. The company currently owns and operates 64 properties in 11 states.