Charter School Capital Acquires North Carolina Theatre Arts School Facility

VASS, N.C., March 20, 2018 /PRNewswire/ -- Charter School Capital, the first national financial services provider exclusively focused on charter schools and the students they serve, announced today that its facilities arm, American Education Properties (AEP), has acquired the Sandhills Theatre Arts Renaissance School (STARS) facility, located at 140 Southern Dunes Drive, Vass, NC., for $2.2 million. The transaction was executed on March 14, 2018.

As part of the acquisition, Charter School Capital has assumed the existing 20-year lease on the four buildings on the property, built in 2006, with three five-year renewal options. The property encompasses a total of 16,171 square feet on 5.8 acres, as well as 3.26 acres of adjacent land. Development plans for an additional 51,000 square feet on the property launched this week.

"We are so pleased to offer financial strength and surety to a school dedicated to cultivating well-rounded students," said Stuart Ellis, president and CEO of Charter School Capital. "We believe strongly in the mission of STARS and are glad that this transaction expands our ability to help other innovative charter schools and their communities in North Carolina."

Following AEP's acquisition of the existing school building and adjacent land, STARS began on March 18, 2018, a two-phase plan to expand the school and add additional capacity to increase its enrollment. The first phase involves the construction of the first of three new buildings on 3.26 acres, a play area and parking, and is expected to be completed by August 1, 2018. It will add 31,000 square feet, including four new classrooms and administration space.

STARS opened in 1999 and operates grades K-10. Currently serving 509 students, its elementary and middle school curriculums focus on building a strong foundation of basic skills to prepare students for the rigors of STARS' high school college prep and performing arts programs. With a waiting list that exceeds 300, the four additional classrooms will allow the charter school to increase its student population in the 2018-19 school year. 

"At STARS, we are proud to foster a standard of excellence that emphasizes the whole student," said Wes Graner, executive director of STARS. "Our program places equal emphasis on the arts and academics, thereby preparing our student-artists for well-rounded lives. We are grateful for the peace of mind that comes in knowing that we can continue to grow and provide our unique curriculum in the long-term facility that we already call home."

According to the National Alliance for Public Charter Schools access to adequate facilities is one of the biggest challenges charter schools face today. With many charter schools operating in suboptimal buildings, the lack of facilities is a serious obstacle to growth. Charter School Capital focuses solely on charter school needs, providing customizable facilities financing options to charter schools. Charter leaders retain control of their buildings and are afforded the flexibility to make the modifications necessary to expand their enrollment and academic programs.

About Charter School Capital:
Launched in 2006, Charter School Capital delivers access to growth capital and facilities financing to charter schools nationwide, opening the funding options charter schools historically have not had. Charter School Capital has provided $1.6 billion in funding to 600+ charter schools, providing high-quality education to more than 800,000 students across the United States. For more information, visit charterschoolcapital.org or email [email protected].

SOURCE Charter School Capital