The dynamic properties of hot excitons near the effective excitonic mobility edge are investigated in a CdSe/ZnSe superlattice structure where thermalized luminescence of localized excitons is strongly suppressed due to tunneling towards the attached deeper ZnCdSe quantum well. Time-resolved selective-excitation luminescence measurements reveal a rather complicated relaxation behavior involving fast (20–30 ps) acoustical–phonon-assisted selective occupation of states located close to the mobility edge.