Agassi scores again with $61M charter school sale

Company tied to Scott Sznitken of Florida Charter Foundation bought the property

Miami /
Feb.February 03, 2020 01:30 PM
Andre Agassi and Franklin Academy at 5000 Southwest 207th Terrace (Credit: Getty Images)

Andre Agassi and Franklin Academy at 5000 Southwest 207th Terrace (Credit: Getty Images)

Andre Agassi, the world’s former No. 1 tennis player, had a punishing backhand that led to points against his opponents. Now, as a charter school developer, his company has found a way to get in and out of deals quickly and turn a profit.

Turner-Agassi Charter School Facilities sold the Franklin Academy at 5000 Southwest 207th Terrace in Pembroke Pines for $60.5 million to Erudite Properties, led by Scott Sznitken, Executive Director of Florida Charter Foundation, records show.

The property totals 162,672 square feet, equating to a price of $372 per square foot.

Turner-Agassi bought the property in 2015 for $10.1 million. The K-12 school was constructed in 2016. In total, the campus spans 40 acres, according to its website.

Turner-Agassi’s strategy is to act as a “bridge developer” for charter schools, fronting the cost for site selection and construction and then leasing the property to a charter school operator. The group then sells the property to the charter operator once it reaches its enrollment goal, according to Turner-Agassi’s website.

The strategy has proven successful in the past. In 2016, Turner-Agassi sold a Boynton Beach charter school for $22.3 million. The same year it also sold Franklin Academy in Cooper City for $20 million.

Turner-Agassi has developed 96 schools serving 48,976 students across the country. The fund plans to invest an additional $500 million to develop 65 more schools serving another 25,000 students, according to its website.

Charter schools are becoming an increasingly popular real estate investment for developers, as the supply of available locations narrows, financing becomes more readily available and demand grows for non-traditional schools in Florida.


Related Articles

arrow_forward_ios
Derek Jeter and his Tampa mansion (Getty, Smith & Associates Real Estate/Luxury Portfolio International)
Home run: Jeter sells waterfront Tampa estate for record $23M
Home run: Jeter sells waterfront Tampa estate for record $23M
Shore Park building with Gloria and Emilio Estefan (Douglas Elliman, Getty)
Ocean Drive property owned by Gloria and Emilio Estefan lists for $45M
Ocean Drive property owned by Gloria and Emilio Estefan lists for $45M
Eric and Lara Trump with 502 Bald Eagle Drive in Jupiter (Getty, Google Maps)
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Trump town: Eric and Lara buy home near Don Jr. in Jupiter
Dave Portnoy with the Morningside home (Getty, 5811 North Bayshore Drive/Dora Puig)
Barstool Sports founder revealed as buyer of record $14M waterfront home in Miami’s Morningside
Barstool Sports founder revealed as buyer of record $14M waterfront home in Miami’s Morningside
Victor Oladipo joined the Miami Heat earlier this year. (Getty)
Miami Heat’s Victor Oladipo buys non-waterfront Miami Beach spec home for $8M
Miami Heat’s Victor Oladipo buys non-waterfront Miami Beach spec home for $8M
Tommy Hilfiger and Grant Cardone with 605 Ocean Boulevard (Getty)
Tommy Hilfiger selling waterfront South Florida mansion to Grant Cardone for $28M: sources
Tommy Hilfiger selling waterfront South Florida mansion to Grant Cardone for $28M: sources
Tomo Kipp, LeBron James, Jeff Conry and the Crystal View Court Mansion. (Getty, iAero, Compass)
Former Coconut Grove mansion of LeBron James sells for $13M
Former Coconut Grove mansion of LeBron James sells for $13M
MG3 Group executives (from top) Marcelo Saiegh, Hernan Leonoff and Gustavo Bogomolni with Everglades Preparatory Academy and Avant Garde Academy (MG3 Group)
MG3 Group sells Florida charter school portfolio for $242M
MG3 Group sells Florida charter school portfolio for $242M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...