ESJ Capital Partners has closed on the disposition of two Florida charter schools for a combined price of $33 million. The transaction includes a 105,002 square foot charter school located at 8399 N. University Drive in Tamarac, FL and a 48,298 square foot charter school located at 10030 Mathog Road in Riverview, FL. The assets were acquired by AEP Charter KCC II and AEP Charter Renaissance LLC. Colliers International Education Services Group represented the seller during the sale.
Charter schools, which are tuition-free public schools created through a “contract”or “charter” between the school and the local district school board have existed in Florida since 1996. According to the Florida Department of Education, the number of charter schools rose to 654 during the previous school year, with more than 282,000 students enrolled across the state, representing an enrollment surge of more than 50 percent during a five-year time frame.
“This is a highly-specialized asset class which inherently requires a longer and more thorough phase of due diligence,” said Colliers Senior Vice President and Education Services Group Member Achikam Yogev. “Because of the complexities, charter schools have traditionally sold individually and rarely as a portfolio, but the continued interest in this asset class has paved the way for more creative strategies and more complex deals being done on behalf of our clients.”
