Agassi scores again with $61M charter school sale

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

TRD 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
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
Manny Machado & 9261 School House Road (Credit: Harry How/Getty Images)

Baseball player Manny Machado buys Coral Gables spec mansion for $7M

Baseball player Manny Machado buys Coral Gables spec mansion for $7M
12251 Tillinghast Circle and Elin Nordegren (Credit: Google Maps and Gustavo Caballero/Getty Images)

Tiger Woods’ ex-wife buys Palm Beach Gardens home

Tiger Woods’ ex-wife buys Palm Beach Gardens home
Hannah and Derek Jeter, Tom Brady and Gisele Bundchen (Credit: Leon Bennett/Getty Images, Jon Kopaloff/FilmMagic via Getty Images)

Derek Jeter’s Tampa mansion that Tom Brady is renting lists for $29M

Derek Jeter’s Tampa mansion that Tom Brady is renting lists for $29M
Elin Nordegren, Russell Weiner, and 12520 Seminole Beach Road (Credit: Ezra Shaw/Getty Images, Michael Bezjian/WireImage,a nd Google Maps)

Tiger Woods’ ex-wife sells North Palm Beach mansion for $29M

Tiger Woods’ ex-wife sells North Palm Beach mansion for $29M
Vladislav Doronin and Naomi Campbell (Credit: Eamonn McCormack/Getty Images)

Bad breakup? Developer Vlad Doronin sues ex Naomi Campbell

Bad breakup? Developer Vlad Doronin sues ex Naomi Campbell
Jennifer Lopez, Alex Rodriguez and 13 Star Island Drive (Getty, Realtor)

JLo and A-Rod close on Star Island mansion for $33M. The house next door also sells for $24M

JLo and A-Rod close on Star Island mansion for $33M. The house next door also sells for $24M
64 La Gorce Circle, Cher and Lourdes Alatriste (Credit: Bruce Glikas/Bruce Glikas/FilmMagic via Getty Images)

Life after Cher: Goddess of Pop’s former Miami Beach mansion to list for $22M

Life after Cher: Goddess of Pop’s former Miami Beach mansion to list for $22M
arrow_forward_ios

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

Loading...