December 12, 2016
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 4thStreet 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.