Aug. 3, 2017 – 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 two Florida charter school facilities for $30.5 million from ESJ Capital Partners and MG3 Developer Group. The transaction was funded on July 29, 2017.
The charter schools operating in the two facilities are Renaissance Charter School at University in Tamarac, Fla. and Kid’s Community College Southeast Riverview in Riverview, Fla. The Renaissance property was acquired for $22,296,330, and the Kid’s Community College property was acquired for $8,208,100. As part of the acquisition, the company has assumed the existing 20-year leases on both properties, which expire in 2032 and 2033, respectively. The two properties encompass a total of 134,000 square feet on 11.81 acres.
This acquisition marks AEP’s second transaction with ESJ Capital Partners and MG3 Developer Group. In late November, 2016, AEP/Charter School Capital acquired five charter school facilities from the sellers.
“It is such an honor to positively impact the future of the nearly 2,000 students that attend these two impressive Floridacharter schools,” said Stuart Ellis, president and CEO of Charter School Capital. “We enjoyed working once again with ESJ and MG3 to arrive at terms that will give the charter school operators the peace of mind that comes in knowing their facilities are securely theirs to operate for years to come.”
Renaissance Charter School at University is located at 8399 North University Drive in Tamarac, Fla., and operates as part of Broward County Public Schools. Located about 10 miles northwest of the Fort Lauderdale business district, the charter school opened in 2012 and will serve 1,426 students in the 2017-18 school year. Managed by Charter Schools USA, one of the oldest and largest charter management organizations (CMO) in the country, the K-8 charter school operates in one 105,002 square foot building on 8.91 acres. The building was originally constructed in 1982 and renovated in 2015.
Kid’s Community College Southeast Riverview is located at 11515 and 11519 McMullen Road in Riverview, Fla., and operates under the Hillsborough County School District. Located about 15 miles southeast of the Tampa business district, the charter school opened in 2003 and is slated to serve 397 students in the 2017-18 school year. The K-8 charter school operates on a 2.9-acre parcel in a single two-story building built in 2013 that is comprised of 28,998 square feet. 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.