Florida Charter School Investment Portfolio
2750 Hartwood Marsh Road, Clermont, FL 502 N 28th Avenue, Hollywood, FL
- 99,239 Square Feet
- Commercial-Specialty Institutional
- For Sale
Colliers International is pleased to exclusively offer for sale to qualified investors a portfolio of two top performing Florida charter schools. The offering contains NNN lease structures with a weighted average remaining term of 13.6 years. The year one net operating income of July 2017 through June 2018 is estimated at $1,905,397. The buildings total 99,239 square feet on 16.7 acres. The weighted average rent per square foot is $18.26 NNN.
The schools are located in highly desirable growth markets in Hollywood, FL and Clermont, FL. Florida is a national leader in school choice and the charter school environment shows no indication of slowing down. 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. Charter schools can be independent, single site schools or they can be part of a network of schools run by a management organization. These management organizations are referred to as charter management organizations (CMOs). Of the approximately 6,825 charter schools in operation this year, nearly 60 percent are independent schools. Of the remaining schools, about two-thirds are managed by CMOs and one-third are managed by EMOs.
At the national level during the 2016-2017 school year, more than 329 new charter schools opened. An estimated 250,000 additional students are attending charter schools in the 2016-17 school year compared with the previous year. With the addition of these new charter schools and students, there are now 6,939 charter public schools enrolling an estimated 3.1 million students throughout the country. Enrollment in charter public schools has grown sixfold in the past 15 years.
In Florida during the 2016-2017 school year, over 291,000 students were enrolled in 656 charter schools. Many charter schools in Florida have innovative missions. Some charter schools include themed learning approaches focusing on areas such as arts, sciences, and technologies. Other charter schools provide services to special populations such as students at risk of academic failure or students with disabilities.
Throughout the 2016-2017 school year, over 26 new charters were opened in Florida, which resulted in adding an additional 35,400 students. The Miami-Dade and Broward districts continue to be among the top 10 schools districts in the country in terms of the number of students enrolled in charter schools. Charter school enrollment in Florida grew by almost 8 percent between fall 2016 to fall 2017, demonstrating continued parental demand for high-quality educational options. Those options of charter schools are evaluated and assigned a school grade using the same standards and criteria as traditional public schools. Of the charter schools that received a letter grade from the Florida Department of Education in 2016, 42 percent of those schools received an A grade.
The average charter school student’s performance on state tests exceeded that of the average district school student in nearly every grade level and subject.
Enrollment in Florida’s charter school system is diverse. According to the DOE, 64 percent of charter school students are minorities. Enrollment is evenly split between male and female populations.
Property Status: Fully leased
Building Size: 99239 Square Feet
Area Available: 99,239 Square Feet
- Ownership will have direct dialogue with a variety of strong national, regional, and local operators providing deep and sustainable relationships into the charter school marketplace
- The leases require no landlord obligations
- The portfolio schools have waitlists, a strong indicator of performance and local demand
- The schools are located in high demand South Florida locations with substantial population growth
- The portfolio is offered in Florida, a tax-free state
- Established locations considering once a high performing school is established, it is very difficult to leave the existing facility