Equity Based Services (EBS) continues its investments in the US storage property market with its latest deal in Texas.
The San Diego, California-based private equity real estate firm acquired a two-property self-storage portfolio in the state from California-based Central Self Storage. Financial terms of the deal were not disclosed.
The deal comprised 1,563 storage units with a total of 159,290 net rentable square feet. The Central Self Storage-Austin property, totaling 747 units, is strategically located at 2201 Pleasant Valley Road, a high-density residential area of Austin, Texas. It is currently 73 percent occupied.
The Central Self Storage-Corpus Christi property, located at 6218 South Padre Island Drive, comprised 814 storage units. It totals 86,043 net rentable square feet of space. The property is located along one of the major freeways in the Corpus Christi area.
EBS, which focuses on the acquisition and management of self-storage property, currently has a portfolio of approximately 60 self-storage facilities located in 10 US states. The latest acquisition brings the firm’s properties in Texas to 19.
Last year, the firm closed its EBS Income and Growth Fund II with $10.9 million in committed capital. It also closed the Pilot Equity Partners Value Added Fund with $1.2 million in committed capital.