Three South Florida Charter Schools Trade for total of $25M
MIAMI (Dec. 27, 2019) – As interest in educational-based real estate continues to remain robust amongst investors and developers, Colliers International’s Education Services Group and Senior Vice President Achikam Yogev represented ASPIRA of Florida in the recent sale of ASPIRA Leadership & College Preparatory Academy to buyers 216 Corner LLC for $5.1 million, completing the sale of the comprehensive portfolio of three charter schools totaling $25 million. The buyer will be leasing out the property to a new Charter School Management Organization which will reopen what was once an “A” School in Homestead serving over 400 children.
Earlier this year, Colliers International arranged two additional sales for ASPIRA of Florida’s portfolio - ASPIRA Raul Arnaldo Martinez (RAM) Charter School to buyers YES Properties 13300 Memorial Inc., a Florida non-profit and parent company of Yeshiva Elementary School and ASPIRA Art Deco Charter School to buyers David and Leila Centner.
The portfolio is comprised of three charter schools totaling 117,700 square feet on more than 6.68 acres across South Florida:
- ASPIRA Leadership & College Preparatory Academy, a 3.52 acre, 26,596 square foot charter school located at 13330 S.W. 288 Street in Homestead
- ASPIRA RAM Charter School, a 2.34 acre, 53,685 square foot charter school located at 13300 Memorial Highway in North Miami, sold earlier this year
- ASPIRA Art Deco Charter School, a 35,909 square foot charter school located at 1911 N.E. Miami Court in an Opportunity Zone, sold earlier this year
“From the investor perspective to the consumer perspective, charter schools and this highly- specialized asset class continues to experience strong demand in the market, requiring a very high level of expertise to navigate through political and educational complexities and all phases of the process,” said Yogev. “Our team was uniquely equipped to represent ASPIRA of Florida to quickly negotiate these deals at satisfactory conditions for all parties involved and the transactions further solidify the value that educational-based real estate has in the market.”
Colliers International’s Education Services Group is comprised of veteran real estate professionals with specific education facilities experience both locally and throughout its platform of specialized teams across major U.S. markets. Yogev worked closely with additional Education Services Group members and implemented their successful strategy of educating prospective buyers on the intricacies of the educational-based asset class and charter schools. Additionally, they secured optimal prices that ensured the positive recovery of bonds.
Charter schools are tuition-free public schools created through an agreement or “charter” typically between the school and the local district school board. This agreement gives the charter school a measure of expanded freedom relative to traditional public schools in return for a commitment to higher standards of accountability. Since 1996, Florida charter schools have played a key role in increasing parental options in public education and providing innovative learning opportunities for students. The School Board of Miami-Dade County currently oversees 134 charter schools spread geographically across the district.
These schools enroll almost 68,500 students in Kindergarten through 12th grades, representing over 19 percent of the district’s student enrollment. Florida is a national leader in school choice and in the 2017-2018 school year, more than 302,000 students were enrolled in 661 charter schools, indicating continued demand from parents on educational options.
For more information on Colliers International’s Education Services Practice Group, please visithttps://www.colliers.com/en/Services/Education-Services-Practice-Group.
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