Developer buys Residence Inn near newly renovated upscale lifestyle center CocoWalk

Miami – Avison Young’s Florida Capital Markets Group closed the sale of the Residence Inn Coconut Grove, a three-building, 140-unit hotel at 2835 Tigertail Avenue in Miami’s vibrant Coconut Grove area. 

Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Hersha Hospitality Trust. The buyer was AB Asset Management LLC, managed by Getzy Fellig and Sam Zalmanov.

“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.

Situated at the intersection of Tigertail Avenue and Mary Street, the property sits on over two acres at the entry-point of the Grove’s business district, just a few minutes walking distance from shopping, dining venues, and multiple parks overlooking Biscayne Bay. The neighborhood has proven itself as a destination for high-end condominium use, with recent high-rise developments Park Grove, Grove at Grand Bay, and Mr. C Residences.