Cleveland Arts and Social Sciences Academy Building Sells for $4M
- Feb 02, 2015
By Adrian Maties, Associate Editor
The Cleveland Arts and Social Sciences Academy’s building on the city’s East Side is now under new ownership. The property was recently acquired for $4 million by American Education Properties.
Portland-based Charter School Capital, one of the nation’s leading providers of growth capital and facilities financing to charter schools, teamed up with investment firm American Infrastructure MLP Funds last summer to form AEP. It is part of an innovative $500 million program designed to help charter schools all around the United States address one of the biggest challenges they currently face: securing facilities that meet the growing needs of charter schools.
The CASSA building is located at 10701 Shaker Blvd. It opened in 2005 and is currently supported by Atlanta-based Mosaica Education, a charter school management company, and the school’s authorizer, Ohio Council of Community Schools. In a news release, Charter School capital said that CASSA recently earned an “A” rating and the designation of Ohio’s highest-ranked community school for value added by Battelle for Kids.
The transaction will allow it to provide quality education to its 330 K-8 students today and into the future. In addition, school leaders will be able to retain control of their buildings and make all necessary modifications in order to expand both their enrollment and academic programs.
Photo credit: Charter School Capital