Portland Group Buys Five South Florida Charter Schools
How much does a portfolio of Florida charter schools fetch today? More than $70M.
Colliers International has brokered the sale of five area charter schools—in Riverview, Vero Beach, Coral Springs, Davie and Plantation—to Portland-based Charter School Capital for $71.7M, or more than $240/SF.
ESJ Capital Partners and its JV partner, MG3 Development Group, sold the nearly 300k SF portfolio. Colliers International's Todd Noel and Achikam Yogev brokered the sale. While it's not unheard of for a portfolio of charter schools to trade hands, it's unusual in that all five schools were operated by different Charter School Management Organizations.
“Charter schools have historically sold individually, not in a portfolio," Achikam says. “So while the buyer was, naturally, very interested in a strong footprint of high-performing charter schools with a diversified roster of CMOs, it also required a much more thorough approach to due diligence and expertise in this highly specialized asset class.”
