Charter School Capital Acquires Five Florida Charter School Facilities for $71.74 Million
Acquisition secures facilities for five charter schools serving 4,065 students
PORTLAND, Ore., Dec. 12, 2016 /PRNewswire/ -- Charter School Capital, the nation's leading provider of growth capital and facilities financing to charter schools, announced today that its facilities arm, American Education Properties (AEP), has acquired five Florida charter school facilities for $71.74 million from ESJ Capital Partners and MG3 Developer Group. The transaction was funded in late November, 2016.
Five facilities operated by four charter management organizations (CMOs) are included in this deal, which encompasses a total of 295,992 square feet over 38 acres in Broward, Indian River and Hillsborough Counties. Charter schools operating in the facilities are Renaissance Charter School at Plantation, Imagine Charter and Middle School at Broward, Imagine School at South Vero, Championship Academy of Distinction–Davie Campus, and Kid's Community College Riverview South.
"It is immensely gratifying to positively impact the future of 4,065 students in a single transaction," said Stuart Ellis, president and CEO of Charter School Capital. "After months of due diligence, we were delighted to arrive at terms that provide five charter schools in Florida with the peace of mind that comes in knowing their facilities are securely theirs to operate with a partner willing to fund growth and expansion for years to come."
Gabriel Amiel and Arnaud Sitbon, principals of ESJ, stated, "A transaction of this magnitude represents ESJ's largest charter school sale to date, and confirms our early belief in Florida's charter school growth. We are pleased to work with the Charter School Capital team to collectively commit to the long term path of charter school education."
Renaissance Charter School is located at 6701 West Sunrise Blvd., in Plantation, Fla., in Broward County. The charter school opened in 2012 and currently serves 1,115 students for the 2016-17 school year. Operated by Charter Schools USA, one of the oldest and largest CMOs in the country, the K-8 charter school operates in three buildings on more than five acres. The original building on the property was constructed in 1970, with the two additional buildings constructed in 2013. Outdoor amenities include a green-space and playground.
Imagine Charter and Middle School at Broward is located at 9001 Westview Drive in Coral Springs, Fla., in Broward County, in a two-story building. Outdoor recreation spaces on the 10-acre property include a double basketball court, green space and two separate playgrounds with covered areas. The PK-8 charter school opened in 2008 and currently has 877 students enrolled for the 2016-17 school year. The A-rated school is operated by Imagine Schools, the sixth largest charter school operator in the United States.
Imagine School at South Vero, also operated by Imagine Schools, is located at 6000 4th Street in Vero Beach, Fla., in Indian River County. This K-8 charter school operates from nine pod-style buildings built in 2009 that are connected by covered walkways. Outdoor recreation spaces include a covered basketball court, a regulation-size soccer/football field and a playground. Opened in 2009, the A-rated Imagine School at South Vero currently serves 890 students for the 2016-17 school year.
Championship Academy of Distinction–Davie Campus, also in Broward County, is a K-8 charter school located at 3367 North University Drive in Davie, Fla. Built in 1999, the charter school's single two-story building on a two-plus acre property that includes a playground. The A-rated Championship Academy of Distinction–Davie Campus was established in 2011 and serves 615 students in the 2016-17 school year.
Kid's Community College Riverview South is located at 10030 Mathog Road in Riverview, Fla., in a single two-story building. Built in 2012, the facility's outdoor amenities include a basketball court, greenspace and a playground. Located in Hillsborough County, the PK-8 charter school was started in 2005 and currently serves 568 students in the 2016-17 school year. It is independently operated by Kid's Community College, a CMO that manages a total of eight charter schools serving Pre-K through high school.
Today, more than 1 million students find themselves on waiting lists for their local charter schools. The National Alliance for Public Charters schools continues to highlight the lack of facilities options available to charter schools as a major issue charter leaders face. To meet this demand, charter schools require facilities that address the unique growth needs of each school and community and require access to capital to expand. Charter School Capital focuses solely on charter school needs, providing customizable facilities financing options to charter schools. Charter leaders retain control of their buildings and are afforded the flexibility to make the modifications necessary to expand their enrollment and academic programs.
About Charter School Capital:
Launched in 2006, Charter School Capital delivers access to growth capital and facilities financing to charter schools nationwide, opening the funding options charter schools historically have not had. Charter School Capital has provided in excess of $1.2 billion in funding to 500+ charter schools providing high-quality education to more than 550,000 students across the United States. For more information, visit charterschoolcapital.org or email [email protected].
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SOURCE Charter School Capital
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