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Florida Charter Schools Sell in $45M Transaction

Florida Charter Schools Sell in $45M Transaction
Renaissance charter school in Wellington, Fla.

Two South Florida real estate investment companies, ESJ Capital Partners and MG3 Developer Group, have sold two charter school properties in Florida to their operator for a combined $45M. 

The schools — Renaissance Charter School at Goldenrod in Orlando and Renaissance Charter School in Wellington — were sold to Red Apple at Orange-Goldenrod LLC and Red Apple at Wellington, LLC, affiliates of Charter Schools USA, for $21.9M and $23M, respectively.

"[ESJ Capital Partners] has become a nationwide leader on investing in alternative assets within the educational arena, providing a bridge for charter school management organizations to eventually own the properties they operate in," an ESJ spokesperson wrote in an email.

ESJ's current portfolio consists of 25 schools worth more than $350M, the spokesperson said.

“The transaction was an opportunity for a seasoned operator to take ownership of two established assets and further each of the school’s contributions to their respective communities,” ESJ CEO and President Arnaud Sitbon said in a statement. “We applaud Charter Schools USA for capitalizing on this visionary approach to funding educational infrastructure, and look forward to both school’s ongoing success.”

The Orlando property is located at 6112 South Goldenrod Road and is an 80K SF, two-story K-8 school on 10-plus acres. The Wellington property at 3200 South State Road 7 is a K-8 school on 66K SF.

In 2017, Bisnow reported on ESJ Capital Partners' sale of seven charter schools in a $100M deal.