WYNCOTE, Pa. – Stamford, Conn.-based Ceebraid-Signal Corp. and Chicago-based Transwestern Investment Co. LLC have purchased the 1,000-unit Cedarbrook Hill Apartment Homes in Wyncote, Pa., a suburb of Philadelphia. The property was purchased on behalf of Aslan Realty Partners LP, an investment fund of Transwestern Investment. Ceebraid-Signal will manage the property.
The 40-acre high-rise community encompasses two 15-story towers and one 14-story tower, and is situated near a golf course and country club. The property offers amenities such as a hair salon, a barber shop, doctors’ offices, dry-cleaning facilities, shoe repair, grocery store and a First Union Savings branch. The new owners plan $10 million in renovations to add a small theater, a sports center and more than 40 new apartments to the property.