Equity Based Services Adds 2 Properties to Growing Self-Storage Portfolio
- Aug 04, 2008
With the addition of two self-storage facilities in one of the hottest markets in the country, San Diego-based Equity Based Services Inc. (EBS) brings its portfolio of self-storage properties to 55 across 10 states, totaling more than $250 million. “We found a quality product in a quality market,” Stephen Kaplan, CEO of EBS, told CPN. “We foresee Houston’s strong performace will continue well into the future.” Kaplan said EBS has aggressively added eight to 12 properties annually over the last 24 months to the self storage portfolio, which was created in 2000.EBS purchased two self-storage facilities in the Houston area, Gladstell Self Storage Center at 810 Gladstell Road in Conroe and the West 34th Street Self Storage Center on 34th Street in Houston. These properties add an additional 1,082 units of both climate controlled and non-climate controlled storage units and 74 RV parking spaces to the EBS portfolio. Equity for the purchases of EBS portfolio properties comes from EBS’s closed private equity funds, its nearly 400 private client cash investors, and “IRS rule 1031 Exchange” investors. These two properties were financed through a large European bank facilitated by Tavernier Capital Partners. EBS will re-brand both of the facilities with their American Mini Storage brand. All EBS portfolio properties are managed by an in-house management company, All American Property Management Inc. On June 30, EBS acquired Silo Self Storage at 425 Swiss Avenue in Nashville. That facility has seven storage buildings with 414 climate and non-climate controlled storage units and 122 covered and non-covered parking spaces. The current occupancy is near 70 percent. And on May 22, the firm added to its Self Storage Commercial Property Portfolio with the purchase of Desert Country Club Storage in Palm Desert, Calif., the firm’s first acquisition in the state. After the May acquisition, EBS had more than 50 self-storage properties with the portfolio’s market value above $210 million. EBS is a private real estate company specializing in the opportunistic acquisition and management of self-storage commercial property. The firm currently owns and operates nearly 60 self-storage properties in 10 states with a market value exceeding $250 million.