NC Charter School Commands $9M

By Timea Papp

Wayne Preparatory Academy

Charter School Capital has acquired Wayne Preparatory Academy, a charter school currently serving grades K-6 in Goldsboro, N.C. American Charter Development sold the property in a $9.2 million deal, while the buyer completed the purchase through its facilities arm, American Education Properties.

Located at 600 Tommy’s Road, the property is the first charter school facilities transaction by Charter School Capital in North Carolina. Wayne Preparatory Academy is a 31,461-square-foot complex constructed on a 50-acre site in 2014. The school has 17 years remaining on a 20-year lease, which the buyer will assume and reconfigure as part of the deal.

Expansion plans ahead

The company has plans to expand the facility for the 2018-2019 school year to accommodate the growth of the middle school population through the eighth grade. Furthermore, Wayne Preparatory Academy will add a high school to its program once the facility is built out.

“We are very pleased to empower Wayne Preparatory Academy with a permanent home, and fully intend to allow the school’s administrators complete access and full control of their building,” said Stuart Ellis, CEO of Charter School Capital and AEP, in prepared remarks. “With a student body that is at capacity, and a healthy waiting list, Wayne Preparatory Academy is by all accounts growing, and we look forward to expanding its facility to accommodate that growth,” he added.

Funded earlier this summer, Charter School Capital facilitated the acquisition through a $500 million pool of capital launched in 2014 and designed specifically for charter school properties. The company currently has 41 charter schools under management and a $450 million pool of available capital for charter school acquisition financing.

“There is more to this transaction than simply financing. It is Charter School Capital’s testament to support for the growth and future of Wayne Preparatory Academy,” added Taft Morley, COO of American Charter Development.

Image courtesy of Wayne Preparatory Academy