Cayce’s Tremont apartment complex is sold
The Tremont apartments in Cayce have been sold for $39.2 million.
The Treemont is a 224-unit apartment complex at 111 Knox-Abbott Drive, just over the Blossom Street Bridge. It sits beside the Congaree River. The complex was sold to Florida-based Advenir.
The sale was announced on the website of Cushman and Wakefield’s Multifamily Advisory Group, which represented the seller. Greenville real estate developer Standard Capital Partners was the seller.
“We are excited to enter the diverse and expanding economy of Columbia with the acquisition of The Tremont, a premier Class A asset,” Advenir acquisitions associate Matt Zaverucha said in a press release. “The Tremont is a strong complement to our portfolio of properties.”
The Tremont, with access to the Cayce Riverwalk, was built in 2016 and boasts proximity to the University of South Carolina and downtown Columbia, which is an employment hub. The Tremont’s has an above-market average occupancy of 97 percent, according to Cushman and Wakefield.