This paper seeks to elucidate a specific type of charter school. While much has been written about school choice and the expanding charter school segment, a growing and important number of charter schools do not fit in to the common understanding of these schools. Distinct from many of their counterparts, "prestige charter schools" have the following two features: "elements" which foster a reputation similar to that of elite "private schools" and a student population "demographically distinct" from local public district schools--whereby the prestige charters serve a disproportionate number of advantaged families. The "prestige elements" include: founding by advantaged community members; parental involvement; wait lists; popularity with advantaged professionals; high test scores; and niche themes. The authors will show through two in-depth case studies that prestige charter schools work hand-in-hand with gentrification in urban neighborhoods, and result in racial and class segregation and inequality. This paper examines how these charter schools struggle when a rise in prestige coincides with a decline in access for low-income students. The authors recommend that given the current system of school choice, prestige charter schools must use tools and mechanisms to maintain demographic diversity and educational equity which is in the best interest of "all" children.