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EBS Sees Opportunity in Storage Units

Equity Based Services of San Diego said April 14 that it acquired two self-storage properties owned by Storage One in Las Vegas and Henderson, Nev., for $12 million.

The two properties will be renamed American Mini Storage properties.

The deal brings EBS’ holdings in the southern Nevada market up to six properties totaling 378,000 net rentable square feet and 3,255 storage units.

EBS has total holdings of 50 self-storage properties in nine states with a total of 3.1 million net rentable square feet and 25,252 total storage units with a market value exceeding $200 million, the company says.

“The self-storage industry thrives on volatility, which perfectly describes Las Vegas,” said Stephen Kaplan, chief executive of Equity Based Services LLC. “People are constantly moving in, moving out, going into business, going out of business, going to school, graduating, getting married, and getting divorced.”

EBS obtained a loan for $9.6 million with a 30-month interest only period. It says it also relied on 300 private client investors and a closed private equity fund, EBS Income and Growth Fund II, to close the deal.

All portfolio properties are managed by All American Property Management, Inc., an EBS company.

, Ned Randolph

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