ASPIRA Finds Strong Interest for Charter School Portfolio Sale
“Since zoning is already in place for education and there is a high demand for school real estate in Miami, the interest was very strong by school users and investors with school tenants.”
MIAMI—ASPIRA of Florida, a non-profit educational organization, has completed the sale of its three charter schools totaling $25 million with the sale of ASPIRA Leadership & College Preparatory Academy to buyers 216 Corner LLC for $5.1 million. Colliers International’s Education Services Group and Senior Vice President Achikam Yogev represented ASPIRA of Florida in the sale.
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.
“Since zoning is already in place for education and there is a high demand for school real estate in Miami, the interest was very strong by school users and investors with school tenants,” Yogev tells GlobeSt.com. “The facilities were operating till last summer and were in good condition. Some cosmetic renovations only were needed.”
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.
Yogev worked closely with members of his team to educate 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.