Florida Capital Markets Group of Avison Young recently announced the sale of Residence Inn Coconut Grove to AB Asset Management LLC for $31 million.

“The Residence Inn received strong interest because of its Coconut Grove location near the newly renovated CocoWalk retail and dining destination, the 750,000-square-foot mixed-use Mayfair in the Grove development, and several other exciting new projects that contribute to the area’s live-work-play appeal,” said Crotty in a release.

The hotel is made up of 140 units and three buildings at 2835 Tigertail Ave. At the intersection of Tigertail Avenue and Mary Street, the Avison Young says it is the “entry-point of the Grove’s business district,” as it’s walking distance from several of the area’s attractions such as CocoWalk. The area is also seeing high-rise developments such as Grove at Grand Bay, Mr. C Residences and Park Grove.

AB Asset Management is managed by Getzy Fellig and Sam Zalmanov.