The Tremont sells for $39.2 million

Listen to this article

The Tremont, a 224-unit apartment community in Cayce, has sold to Florida-headquartered Advenir for $39.2 million.

Tai Cohen, Jordan McCarley and Alex Brown of Cushman & Wakefield represented the seller, Greenville-based real estate developer Standard Capital Partners, in the transaction.

“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 news release. “The Tremont is a strong complement to our portfolio of properties.”

The Tremont, built in 2016, is close to employment centers as well as the University of South Carolina and downtown Columbia. Residents also have private access to the Cayce Riverwalk.

Advenir owns and operates 13,000 apartment units valued at more than $2.3 billion throughout the U.S.

In other area transactions:

• North Carolina Warehousing LLC has awarded CBRE the leasing of a 45,000-square-foot and a 70,000-square-foot speculative building at a 10-acre site it acquired at Shop Grove Commerce Park. Boyer Commercial Construction is the general contractor for both buildings, scheduled for a mid-2019 delivery. The property is located at 101 Sparkman Drive with proximity to Interstate 77 and I-26. CBRE’s Ben Brantley and Keith Moore will handle leasing. “With a lack of functional warehouse space in the market, we’re seeing high demand for state-of-the-art buildings like this,” Brantley, CBRE vice president, said in a news release.