CENTRAL & SOUTHWEST FL | February X, 2022 – Colliers is pleased to announce the sale of two education portfolios to Everglades College – Keiser University’s parent company for $238 million. Executive vice President Mark M. Rubin, Vice President Bastian Laggerbauer, and Associate Jake Stauber of the Colliers South Florida Investment Services Team collaborated with Senior Vice President Achikam Yogev of the Education Services Group in representing the seller, Keenan Development Group, in the transactions.

“Despite significant market headwinds in the first quarter of 2022, our team executed a multi-faceted marketing strategy that ultimately led to a successful transaction at aggressive pricing,” said Rubin. “The tenant, Keiser University, executed their right of first refusal and purchased the entire portfolio over the past eight months.”

Keiser University occupies the entire suburban office portfolio of eleven properties totaling 749,789 square feet throughout Florida. The two portfolios are comprised of eleven buildings including the Nineteen Hundred and Spectrum 1500 Buildings in Fort Lauderdale, Athena Vista Phases I and II in West Palm Beach, Demeter Pembroke Pines in Pembroke Pines, Delphi Fort Myers in Fort Myers, Venus Investment Property in Tampa, LWR Commons and University Commons in Sarasota, and Olympus Lakeland Phases I and II in Lakeland.

“Our team was presented with a distinct opportunity where current ownership was the original landlord/developer of the property and had worked hand-in-hand with the current tenant for over 30 years in establishing their Florida presence,” said Laggerbauer. “This was a win-win situation, in which Everglades College will now own essential and mission-critical real estate for their esteemed institution.”

In the last 45 years, Keiser University has quickly become Florida’s largest private, non-profit university. The institution serves approximately 20,000 students, 3,800 employees, and more than 66,000 alums across 21 campuses in Florida’s metropolitan areas. The school flourishes as its performance enhances due to its thriving hybrid learning model. The university has continued to experience substantial growth, even in the face of economic prosperity and downtown, due to the countercyclical nature of the education sector.

The accredited university offers students over 100 doctoral, specialist, master’s, bachelor’s, and associate degrees. Keiser’s academics also specialize in fundamentally critical areas such as nursing, nursing assistance, and home healthcare, as demand for these specialties remains strong across the U.S. The university’s dedication to providing students with the highest standard of career-focused education has been granted nearly $76 million in scholarship funds for academic and need-based students over the last two years, ensuring their commitment to educating and developing professionals to serve and compete globally.

Keenan Development Group, owned by Bill Keenan and Dale Chynoweth, has provided leading design and construction services throughout Florida for over 28 years. The property development and management company boast an extensive portfolio of commercial, residential, and resort properties throughout the United States and Canada.

Confidence in niche and income-producing assets has risen as a widespread return to normality across most sectors picked up momentum at the outset of 2022. The interest in stable assets like education facilities also returned, despite a market shift later in 2022, as institutional investors exercise caution due to uncertainties around inflation and rising interest rates. Desirable education and healthcare assets, particularly in the Sun Belt markets, are the most coveted at a time when supply is limited. As the fastest-growing state in the U.S. in 2022, Florida’s population growth and strong market fundamentals attract investors seeking recession-proof income-producing assets. Between new-to-market corporations and Florida’s growing population, education enrollment numbers are expected to climb, fueling the strength of education assets.