MIAMI—Multifamily assets are still trading like hotcakes in Miami—and emerging neighborhoods are getting their fair share of attention. At the same time, land sales are getting done as developers plan new apartment communities in 2016.

Aztec Group managing director Jim Fried closed on the sale of 2.54 acres of land in Miami for $11.5 million. The site is planned for Modera Riverhouse, a 292-unit multifamily development. The rental apartment project is set to rise in Spring Garden, an emerging neighborhood next to the Miami Health District and Little Havana.

"The site has terrific access and visibility," says Fried. "The property fronts directly on the Dolphin Expressway. A person living in this project can get to the Miami CBD, Brickell, Midtown, Edgewater, Wynwood, the Hospital District, Coconut Grove or Coral Gables without ever getting on the highway—a major benefit in today's urban environment."