MIAMI—A 6.6-acre development site near Midtown Miami has traded hands. AMLI Residential, a Chicago-based developer of luxury multifamily, acquired the vacant land.

Alex Vadia, principal of Midtown Opportunities, sold the asset for $55 million. Vadia acquired the property for $11.5 million in 2011, and created value by assembling the lots and allowing AMLI Residential the time to entitle the property while under contract.   

Robert Given and Gerard Yetming of CBRE have arranged the sale as part of a 17-acre portfolio in Midtown Miami. The land is between 2900 to 3010 Northeast 2nd Avenue, formerly a banana shipping facility. The site will be positioned for low- to mid-rise development with preserving water views for the next wave of development in Midtown Proper in mind.

"The remaining two tracts within Midtown are the 'Entertainment Block' at 110 Northeast 36th Street and 'Midtown 1' at 3501 Northeast 1st Avenue, at the heart of Midtown," says Given, vice chairman of CBRE. "These remaining tracts are currently being positioned to be brought to the market soon."   

According to AMLI's plans, crafted by Zyscovich Architects, the site would be developed into two rental buildings. The north building would have 485 units in 12 stories. The south building would have 215 units in eight stories.

"We sought a buyer who would appreciate the opportunity to acquire such a large infill site at the crossroads of two of the trendiest neighborhoods," says Given. "This site will bridge the gap between Midtown Miami and the Edgewater-Biscayne Boulevard corridor, activating the neighborhood and creating value for residents and owner-investors in the nearby communities."

Midtown Miami, a highly successful 56-acre urban redevelopment, has become the social epicenter north of Downtown Miami, and is one of the city's few self-contained walkable communities. It's attractive to investors and developers because it's close to the high-end Design District, the artsy Wynwood neighborhood and many residential towers along Biscayne Boulevard in Edgewater.

"This area continues to mature and attract Miami's cultural elite, a dynamic mix of renters, owners, retailers and entrepreneurs," says Yetming, senior vice president of CBRE. "Wynwood, Edgewater, Midtown and the Design District have all experience phenomenal appreciation in real estate sales prices and rents over the last two years as the caché of these neighborhoods continues to rise."

But is multifamily overheating in the fourth quarter? Brad Capas, CEO of CapasGroup Realty Advisors, tells Glboest.com. real estate investment demand remains very strong across most property sectors such that we expect a very active fourth quarter in South Florida."

"Multifamily demand on the part of both private and institutionally-backed 'value-add' investors is as high as we have ever experienced, a condition we expect to continue into the foreseeable future," Capas says. "Interestingly, the institutional investment community has been energized in 2015 by the availability newly-built, class A apartment properties."