Graham Companies, led by the family that developed Miami Lakes, expanded its empire with a $69 million purchase of a 448-unit apartment complex.
The firm bought the ground lease for the Courtyards at Miami Lakes at 6431 Cow Pen Road from Village Oaks Associates, led by Ariel and Oded Meltzer, according to records and real estate database Vizzda.
The sale breaks down to $154,018 per unit.
Graham owned the 19.5 acres of land on which the complex was developed in 1974, and it signed a ground lease for the buildings with Village Oaks in the 1970s, records show. That lease is now terminated.
Graham also assumed the seller’s Fannie Mae loan with a balance of $40.7 million, records show. Village Oaks had originally taken out the $43 million loan from Santander Bank in 2021.
Courtyards at Miami Lakes consists of 22 one-story and two-story apartment buildings, a pool and tennis courts, according to records. Monthly rents range from $975 to $1,440, the property’s website shows.
The Graham family started their Miami-Dade County ventures in the early 20th century when the late Ernest R. Graham started Graham Dairy. His descendants expanded the company into real estate and developed the 3,000-acre master-planned Miami Lakes, according to Graham Companies’ website. Graham family members include the late Phil Graham, who was publisher and co-owner of The Washington Post, and the late Bob Graham, a politician.
Led by CEO Stuart Wyllie, Graham Companies’ portfolio includes over 2,200 apartments across 10 complexes in Miami Lakes, and more than 4.6 million square feet of industrial, office, retail and mixed-use properties, its website shows.
Last month, the firm proposed the 220-unit Lakeside apartment project with four four-story buildings on a 9.5-acre vacant site at 14610, 14620, 14640 and 14650 Oak Lane in Miami Lakes.
South Florida multifamily sales have somewhat thinned this year compared with the bonanza of the past four years. Previously, an influx of out-of-state residents and record rent growth created an investment frenzy. But elevated interest rates and skyrocketing insurance, as well as slimmer demand and rent growth, slowed the party.
Among this year’s deals, Integra Investments picked up the 317-unit Monaco Isles at 800 The Pointe Drive in West Palm Beach for $55.5 million, and Dermot Company paid $144.2 million for 350-unit The Quaye at Wellington at 1090 Quaye Lake Circle in Wellington.
Also, Kushner Companies is under a $190 million contract for the 28-story, 276-unit Hamilton apartment building at 555 Northeast 34th Street in Miami’s Edgewater. Seller Aimco renovated and leased up the tower last year.