Blue Investment sells 112-unit Little River complex for $19M

Blue Investment sold its 112-unit apartment complex at 176 NE 68th Street in Miami’s Little River neighborhood for $19 million to three LLCs tied to Leo Delgado of ResiVest Realty, according to The Real Deal and Miami-Dade public records. The buyer is not an institutional fund. It is a local operator working through a family of single-purpose entities, and the price is a clean read on what stabilized, workforce-scale multifamily clears at right now.

Why it matters

Deals this size rarely get real underwriting scrutiny in coverage, but they set the comp every other small-building owner in Little River and the Upper Eastside will point to next. Blue Investment bought the site for $800,000 in a February 1995 deed and held it 31 years before selling, a long-hold owner cashing out rather than an institutional flip. That the buyer is Leo Delgado, whose ResiVest Realty brokers exactly this kind of income property, is a signal the smaller operators TAD tracks can still win stabilized assets against better-capitalized bidders, at least at this basis and in this submarket.

The numbers

Miami-Dade lists the building at 71,692 square feet across 15 structures on a 132,065-square-foot lot, built in 1947. Dividing the $19 million price by 112 units and by that square footage yields $169,643 per unit and roughly $265 per square foot. The county’s 2026 total value on the parcel is $15.5 million, so the sale closed about 23% above the assessed market value the appraiser carried into this tax year. The deed, recorded July 27 as Book 35415, Page 2218, names three grantees: FLM Condos LLC, New Little River Apartments LLC and FLM Brentwood LLC. FLM Condos LLC’s Sunbiz filing lists Leonardo Delgado Jr. as manager, and FLM Brentwood LLC shares its registered agent and Key Biscayne address.

What’s next

Watch the Property Appraiser’s roll for this deed to post and the parcel to show a new owner of record, and watch for renovation permits at the address, which would signal a value-add repositioning rather than a hold-as-is buy. It is another data point for the South Florida multifamily market on what a 1940s-vintage, unrenovated apartment asset trades for when small owners exchange it directly, rather than the way institutions price product like it.