San Diego, CA- Equity Based Services, Inc. (“EBS”), a private real estate investment and management firm announced today that it has acquired a two property Storage One portfolio in Las Vegas and Henderson Nevada for $12 Million.

EBS closed a $12 Million acquisition in the Las Vegas market today, once again showing that it is one of the few players in self storage acquisitions that is still able to close deals in an uncertain credit market.

EBS has terminated the management and licensing agreement with Storage One and will re-brand these two properties as American Mini Storage (AMS) properties. The entire portfolio of AMS properties can be found online at http://www.ams-storage.com.

The Storage One portfolio consists of two properties. The first property is located at 4851 East Bonanza Road in Las Vegas, NV and consists of 58,125 Net Rentable Square Feet (NRSF) of storage space. This includes 543 storage units and 149 covered RV parking spaces. The second property is located at 733 South Racetrack Road in Henderson, NV and offers 60,675 Net Rentable Square Feet comprised of 453 storage units and 49 RV parking spaces.

This acquisition adds a total of 118,800 NRSF to the EBS portfolio, bringing EBS’ holdings in the southern Nevada market up to 6 properties totaling 378,600 NRSF and 3,255 total storage units. EBS now has total holdings of 50 self storage properties in 9 states with a total of 3,145,814 NRSF and 25,252 total storage units with a current market value exceeding $200,000,000.

EBS drew upon the strength of its more than 300 individual private client investors and cash from its fully subscribed, and closed private equity fund The EBS Income and Growth Fund II in order to close this deal.

“Experience, track record, cash on hand, and excellent banking relationships have enabled us to close this deal in a market where few organizations are able to find financing for value added self storage deals.” -Troy Downing, Manager, Equity Based Services, Inc.

EBS obtained a loan for $9.6M leveraging a $12M purchase price. The loan has very favorable terms including a 30 month Interest-Only period. Interest-Only periods allow value added income properties to maximize cash flow unburdened by amortization. This results in increased cash flow to the owners and investors of these properties.

An increasingly difficult and tumultuous lending market in the throws of a “Credit Crunch” has greatly slowed the acquisitions of commercial real estate. Only well qualified borrowers and experienced owner/operators are able to obtain cost effective financing for transactions in this environment. This has forced many small and inexperienced operators out of the market and has forced sellers to price their properties correctly for the current market. The net effect of the current real estate and lending markets is that well qualified buyers can acquire properties at values that make sense rather than the extremely exaggerated prices that cheap loan dollars and indiscriminate lending practices have afforded in the past.

“EBS continues to pursue great deals in the Las Vegas Market. We feel that this will continue to be a very strong market. The Self Storage Industry thrives on volatility, which perfectly describes Las Vegas. People are constantly moving in, moving out, going into business, going out of business, going to school, graduating, getting married, and getting divorced... These changes and an ever increasing population base propel people into self storage use. This very “Las Vegas” model allows us to maximize the potential income of every one of our properties in the Las Vegas market and this ultimately translates into superior returns for EBS, our Private Equity Funds, and our Private Client Investors.”
-Stephen Kaplan, CEO, Equity Based Services, Inc.

In addition to the Storage One portfolio, EBS owns and operates the following properties in the Las Vegas market:

About Equity Based Services, Inc.

EBS is a private real estate company specializing in the opportunistic acquisition and management of self-storage commercial property. EBS currently owns and operates 50 Self-Storage properties in 9 states worth approximately $200,000,000. EBS also manages a family of equity funds for institutional and high net worth individual investors. EBS funds invest in both stabilized income producing commercial property and value added, opportunistic commercial real estate. The EBS Income Fund, the EBS Income and Growth Fund II, and the Pilot Equity Value Added Fund all closed in 2007 and represent more than $16,000,000.00 in capital contributions. AAll portfolio properties are aggressively managed by All American Property Management, Inc., to maximize returns. For more information, contact Katie Raden at 619-220-6700.

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This Press Release is for general informational purposes only and does not, in any way, constitute an offering to purchase or sell securities.