In August of 2001, Copperline acquired Cedarbrook Hill Apartments, 996 units in three class B multifamily residential towers in Cheltenham Township, PA for $86,000,000. The subject is located in a suburb of Philadelphia, on mass transit routes, within immediate proximity to multiple universities, and minutes from the corporate centers in Ft. Washington, Abington, and Willow Grove. The subject had been underperforming for years, lacking in amenities, desperately needing upgrades, and a coordinated marketing effort. Developed in the mid to late 1960’s the apartment towers had fantastic physical characteristics: all of the units had balconies, large closets, 2 bedroom units had 2 bathrooms, there was a large empty ground floor commercial space, unused development rights and the site had significant land to develop a market-leading clubhouse and amenity center.
The project was re-branded Trilogy Apartments and a massive repositioning plan was implemented. That plan included renovating hundreds of apartments, common hallways, elevator cabs, mechanical systems and lobbies. The vacant ground-floor commercial space was filled with a locally well know salon & spa, restaurant, and fitness studio. Additional vacant or underutilized space was converted to apartments, increasing the total number of units on site to 1064. A market-leading 5,000 square foot clubhouse with a large party room and movie theater was constructed, as well as a separate 8,000 square foot sports center with full-court basketball courts, racquetball courts, and a strength training circuit. Expenses were reduced by constructing a massive new heating and cooling plant and the introduction of electric sub-metering for each apartment.
Over 5 years Copperline invested approximately $21,000,000 of capital into the project. A hugely successful marketing campaign along with the site and unit improvements allowed rents to increase by more than 30% over pre-renovation rates. In early 2007, the property was sold for $134,000,000, generating a profit of $27,000,000 for the company.