A charter school in Palm Beach Gardens sold for $21.2 million amid a growing interest in non-traditional schools from out-of-state investors.
Kansas City, Missouri-based EPR Properties sold the 74,872-square-foot Franklin Academy at 5651 Hood Road for $283 per square foot, records show. A company tied to New York-based RM Charter Holdings bought the property.
Franklin Academy’s campus spans 10 acres and includes a gymnasium and athletic fields with jogging paths and fitness stations. It was built in 2014.
EPR Properties is a real estate investment trust based in the United States that has over $6.6 billion in total investments.
Charter schools are becoming a more popular investment as the supply of available locations narrows, financing becomes more readily available and the demand for non-traditional schools in Florida grows.
Demand for these schools could also be rising because real estate investors see charter schools as a hedge against an economic downturn.
In August, a company tied to real estate investors David and Leila Centner bought a shuttered charter school site in Wynwood for $12.8 million. 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.