G
raham Companies, led by the family behind Miami Lakes, has expanded its portfolio with a $69 million purchase of Courtyards at Miami Lakes, a 448-unit apartment complex. The firm acquired the ground lease from Village Oaks Associates for $154,018 per unit, breaking down to a total of $69 million. Graham owned the land on which the complex was developed in 1974 and had signed a ground lease with Village Oaks in the 1970s, which has now been terminated.

    The purchase includes 22 one-story and two-story apartment buildings, a pool, and tennis courts, with monthly rents ranging from $975 to $1,440. Graham Companies' portfolio now comprises 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.

    The Graham family's real estate ventures date back to the early 20th century when Ernest R. Graham started Graham Dairy. His descendants expanded into real estate, developing the 3,000-acre master-planned Miami Lakes. The company is led by CEO Stuart Wyllie and has proposed a new apartment project in Miami Lakes.

    South Florida multifamily sales have slowed this year due to elevated interest rates, skyrocketing insurance costs, and reduced demand for rentals. Despite this, several deals have been made recently, including Integra Investments' purchase of the Monaco Isles at $55.5 million and Dermot Company's acquisition of The Quaye at Wellington for $144.2 million.