This is not your imagination: Imagine School in Coral Springs sells for $19M

The 71,935-square-foot school in Coral Springs sold for $268 psf

Jul.July 01, 2019 03:30 PM
Stuart Ellis, CEO of Charter School Capital and Imagine School at Broward

Stuart Ellis, CEO of Charter School Capital and Imagine School at Broward

The school may be called Imagine, but the sales price is real.

Portland-based Charter School Capital sold the Imagine School at Broward for $19.3 million to Imagine at Broward, which is managed by MBAF principal Brian Schlang. The school sold for 15 percent more than its last trade in 2016.

The 71,935-square-foot campus at 9001 Westview Drive in Coral Springs sold for $268 per square foot, records show. The school was built in 2001.

The buyer secured a $19.1 million loan from Zions Bancorp to acquire the school.

Imagine Schools is a national nonprofit network of 63 public charter campuses with more than 30,000 students in 11 states and the District of Columbia, according to its website. The tuition-free Broward school ranges from kindergarten through eighth grade.

Charter School Capital funds and finances charter schools throughout the country. In the past 10 years, Charter School Capital has invested more than $1.8 billion into more than 600 charter schools, according to its website.

Investors and developers are betting big on charter schools across South Florida.

In May, Aventura-based ESJ Capital Partners sold the Sunshine Elementary Charter School & Paragon Academy of Technology at 502 North 28th Avenue in Hollywood for $6.7 million. At that time, the firm had 23 charter and privately-owned schools within its portfolio, with a value of more than $350 million.

Last summer, Jeffrey Miller, the brother of Stuart Miller, the executive chairman of Lennar, bought a charter school in Opa-locka for $8.45 million.

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