September 25, 2023

Welcome to People and Properties, the Cohen-Esrey newsletter where we celebrate the successes of our team members and keep you informed about what is happening in the Cohen-Esrey world. If you have something you would like to share or an achievement that you would like to celebrate, please send it to Lee Harris at lharris@cohenesrey.com. If you are on a property, please print and distribute this newsletter to each member of your property team. You can also find People and Properties on KnowledgeNet. Click here to view previous editions.

Affordable Housing for a Growing Community

The Cohen-Esrey Development Group (CEDG) entered the Wisconsin market for the first time in 2019 with the completion of the Walnut Street Flats, a 33-unit affordable community in Reedsburg, WI. Since then, CEDG has added two more Wisconsin assets – Landing at 818 in Sun Prairie and Village on Main in Waunakee. Walnut Street Flats was built on a site formerly occupied by a vacant commercial building in downtown Reedsburg, a block south of East Main Street. The $6.7 million development is leased to families and offers one-bedroom units ranging from 644 to 680 square feet and renting for $356 to $925 per month. Two-bedroom units are 815 square feet and rent for $756 per month, and three-bedroom units range from 1,098 to 1,156 and rent from $900 to $1,125 per month. Amenities include a community room, elevator, restricted entry, a lovely rooftop space, and free parking. One of the most positive features about the property is its walkability in the middle of the central business district.

Reedsburg is located in southwest Wisconsin along the Baraboo River and was founded in 1868. Early settlers came to this area due to the abundance of natural resources, especially lumber. In 1844, the first cooper mine was established in the area. In the 1980s, the Wisconsin and Southern Railroad came to Reedsburg, having purchased the old C&NW railroad track. In 1996, Gerber Products Company sold Hankscraft Motors, which continues to operate in Reedsburg. Other important industries have included Grede Foundry, Seats, Inc., and the Columbia Par Car Corporation. In 1971, the first Butter Festival, now known as Butterfest, was held in Webb Park. It was a celebration of the farming and dairy industry. In 1984, together the Main Street Commercial Historic District and the Park Street Historic District were added to the National Register of Historic Places. In 1993, 22 miles of the C&NW rail line between Reedsburg and Elroy became the Wisconsin 400 State Trail, a hiking/biking trail named for the passenger rail line that was said to travel the 400 miles between Chicago and Minneapolis/St. Paul in 400 minutes. The town has a population of 10,000 people, up from 7,827 according to the 2000 census. Agnes Moorehead, an actress on the old 1970s television show, “Bewitched,” hailed from Reedsburg.

Sue Perez (2021), is the Property Manager and Rebecca Grimm (2019), is the Regional Manager. Leslie Whitney (2022), is the Property Accountant, Lana Frank (2022), is the Property Accounting Assistant, and Rodney Chmidling (2015), is the Accounts Payable Specialist.

We welcome the following new team members to Cohen-Esrey and the Nexus 5 Group.

Renee Korolczuk – Elmhurst Terrace, Elmhurst, IL – Leasing Agent
Edgar Bryant – Sullivan Place, St. Louis, MO – Maintenance Technician
Bianca Robinson – Hamptons at East Cobb – Marietta, GA – Property Manager
Christopher Torres – South Pointe, Dallas, TX – Lead Maintenance Technician
Donald Pointer – Bluejacket Lodge, Shawnee, KS – Maintenance Technician
Ryan Hazen – Nexus 5 Group – Project Engineer I
Stephen Hiracheta – Marshalltown Senior Residences, Marshalltown, IA – Property Manager
Paul Russell – Carlyle, Shawnee, KS – Lead Maintenance Technician
Madeline Rivera – Lofton Place, Fort Worth, TX – Property Manager
Sherry McGee – Corporate Office, Customer Fulfillment Advocate
Brian Easterling – Tall Oaks, Conyers, GA – Lead Maintenance Technician
April Davis – Andover Park, Kansas City, MO – Leasing Agent

Meet the Contree Manoir Team

Meet our team at Contree Manoir in Muscatine, IA. In the photo are Eric James (2021), Property Manager, and Jerry Eggers (2021), Maintenance Technician. Contree Manoir is a 66-unit market-rate community owned by a third-party client. Congratulations to this property team for delivering Customer Fulfillment at a high enough level to earn a spot on the NPS Leaderboard with a score of +53.19! That’s world class!!

CECP Closes First Fund Asset

Cohen-Esrey Capital Partners (CECP) has closed the Cotton Exchange building into the Heartland Historic Preservation Fund VI (HHPF-VI), a federal historic tax credit fund sponsored by CECP. Located in Galveston, TX, the 25,650 square foot building was initially constructed in 1941 as the third cotton exchange in the United States, a function it served until 1967. The developer, Goldman Investments, is preserving the most beautiful and essential parts of the building’s interior and exterior to create 21 luxury market-rate apartments. This is the second building in downtown Galveston for Goldman. Two penthouse units of 1,328 and 1,896 square feet are on the top floor that also include massive private terraces. Monthly rents range from $1,550 to $4,900. The project cost is more than $8 million and will receive a Certificate of Occupancy in late October or early November 2023.

HHPF-VI is a historic tax credit fund designed to invest in smaller historic projects for an allocation of federal tax credits. CECP expects to make investments in as many as 15 properties scattered across Missouri, Kansas, Texas, Florida, Arizona, New Mexico, and Nevada, generating approximately $19 million in tax credits. The company has sponsored several earlier historic funds and currently has a pipeline of projects generating more than $18 million in 2023 and 2024 historic tax credits. A second closing will be announced within the next few weeks.

Mike Marsh, CPA (2022) is the Director of Federal Credits and a partner in the fund; Carol Lowe (2011) is the Director of State Credits; Charity Trotter (2023) is the Fund Administrator; and Hayley Fisher (2023) is the Fund Accountant. Val Price (2016), was formerly in the Fund Administrator role before she moved to the Nexus 5 Group to become the Business Development Representative. She helped push the Cotton Exchange transaction across the finish line. Thanks, Val!

Transformational Construction!

Construction continues at several Cohen-Esrey Development Group (CEDG) future communities.

Almost ready for new residents at Sinclair Flats in Mankato, MN.

Work continues at the Lofts at Creekview in San Antonio, TX.

The renovation of the Lofts at the Grim in Texarkana, TX, is expected to be complete by December.

Roof decking is being installed on the second building at the Loma Vista Lofts in San Antonio, TX.

About to go vertical at Panorama Heights in Colorado Springs, CO.

Lots of windows at Trails at Lehow in Englewood, CO.

New Cohen-Esrey Website

By Mark Fletcher (2008), Chief Technology Officer

We are thrilled to announce the launch of two new websites!

CohenEsrey.com

Our corporate site, CohenEsrey.com, has been completely redesigned. The site continues to focus on attracting potential investors and future team members. Unlike our previous website, the new one is much more comprehensive. It focuses on Cohen-Esrey's four key functions: Acquisitions, Development, Tax Credit Syndication, and Property Management. The Careers section has been expanded to include more details on the benefits of working at Cohen-Esrey. The job listing section has also been expanded. Additionally, we have introduced a news section that ties into our LinkedIn and Facebook posts.

CECommunities.com

Since 2019, we have had a resident/prospect-facing website called LiveWellCE.com. That website is being discontinued and replaced with a new website called CECommunities.com. The new site is a simple web page that allows residents and prospects to explore the properties managed by Cohen-Esrey, as well as our Core Values and Standards of Excellence.

With the discontinuation of the LiveWellCE.com website, property team members will receive new email addresses and email signature lines. Email addresses will change from Name@LiveWellCE.com to Name@CohenEsrey.com. No worries, though; you will not lose any of your email history, and if anyone continues to send emails to your old LiveWell email address, they will still arrive in your inbox. This change will take several months to roll out, so please be patient as IT works through the conversion. We will let you know when it is time to update your signature line and order new business cards.

A special thanks to Lizzy Darby (2021), Level 1 Web Developer, for her efforts to develop the new websites, and to the Marketing Synerteam, who conducted the initial research and recommendations on the elements and branding of the new sites.

Way to go Lizzy!!

Tips for Having Difficult Conversations

By Jeanette Jayne (1996), Executive Vice-President & Managing Director

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We are all faced with having difficult conversations at one time or another – whether at work or at home. Here are some ideas to help make such conversations more positive and productive.

Prepare:
- Gather all pertinent information prior to the meeting.
- Know your goals and what you hope to achieve from the conversation.
Create a safe space:
- Choose the right time and place without interruptions.
- Listen, be totally present, don’t judge, take whatever time is needed – don’t rush off to your next meeting. Seek first to understand.
- Lead with empathy – start by acknowledging the other person’s perspective and feelings. Use “I” statements to express your feelings without blaming or accusing.
Find common ground:
- What is the thing everyone in the room wants? i.e., a well-run property that performs, or happy, fulfilled team members.
- Set expectations for the meeting. At the conclusion, ensure both parties leave with a clear understanding of what happens next.
Don’t let emotions get the best of you:
- Pay attention to your body language, voice tone, choice of words, and how you sit.
- Tough phrases like “I’m disappointed” or “you could have…” come across accusatory – choose your words carefully.
- Pause the meeting if emotions take over. Come back when everyone is calmer.
Change your mindset:
- Stay positive. Look at these conversations as opportunities to improve.
- Don’t shy away from hard conversations. Chances are things will get worse until they are addressed.
- Look at these conversations as catalysts for growth.

Congratulations Alisha!

It is with pleasure that we announce the promotion of Alisha Brooks (2017) from Operations Support Manager to that of Regional Manager in the Affordable Division of Cohen-Esrey Communities (CEC). Alisha joined Cohen-Esrey in June 2017 as Property Manager for two of our affordable tax credit properties, Rankin Mill and Willow Point. She had previously worked in property management for four years and was responsible for oversight of a large portfolio in Missouri as a Regional Manager. She was promoted to Area Manager in 2019 for the St. Louis region. With support from the Deputy Managing Director, Compliance Department, and with self-discipline she was able to excel in this position.

Alisha was promoted in 2021 to the role of Operations Support Manager. In that role she traveled to many properties and was responsible for overseeing the daily technical operations of their organization while ensuring overall efficiency and operations. She takes pride in teaching and training the Cohen-Esrey Way, along with federal and state regulations. With her compliance knowledge, she also assists in the Compliance Department as well as helps with distressed properties to establish successful management of productivity, maintenance, revenue, team building, and leadership to meet operational achievement with strategic planning.

A 2012 graduate with an associate degree in science, Alisha has recently taken her Housing Credit Certified Professional (HCCP) course and is working to get her HCCP destination by the end of 2023. Congratulations to Alisha Brooks for this well-deserved promotion to Regional Manager!

The Benefits of “Horizontal Integration”

By Matthew R. von Ende (2017), Vice-President, Acquisitions

Cohen-Esrey Apartment Investors (CEAI) routinely highlights the benefits of Cohen-Esrey’s vertically integrated structure. This is one of those key components of our company that we make sure to address in conversations with prospective capital partners, in all the buyer questionnaires submitted for investment properties, and during final interview calls with sellers during the last stages of the bidding process.

Awhile back it occurred to me that while we’ve pretty much mastered vertical integration, we ought to prioritize integrating horizontally with the same enthusiasm. I know that “horizontal integration” sounds like one of those trendy phrases that companies are tripping over themselves to claim these days to appear more cultured, but I really think it’s more than that. Allow me to explain.

If vertical integration describes the cooperative and supportive relationship between the various Cohen-Esrey companies, then horizontal integration can describe the substantive and personal connections between individual team members within and across those companies. Both vertical and horizontal integration offer material benefits to our company, but the latter is far simpler to achieve. It is obviously less complicated to trek over to a nearby restaurant for lunch with a colleague than it is to form a new corporate entity or establish new reporting protocols between two or more business units. There are a number of formal studies that describe the manifold benefits derived from team members simply eating together occasionally, not that one needs a peer-reviewed article to understand how the fundamentally humanizing act of sharing a meal could lead to enhanced team unity.

A few years ago, I made a commitment to have lunch with at least one team member from each company under the Cohen-Esrey corporate umbrella. There were no “rules” I set for this. These lunches could be one-on-one or in group settings, outside the office or with whomever happened to be near me at the end of the table during one of our potlucks or baby showers. As time went on, it didn’t even matter if they were lunches. Grabbing coffee or engaging a new face at one of our Annual Leadership Conferences worked just as well. My goal was very straightforward. I wanted to get to know more of you on a personal level, and I definitely did. To pretend that spending time with colleagues outside the normal scope of our formal roles and accountabilities doesn’t organically translate to a more enjoyable work experience and more collaborative and productive professional environment would be nonsensical- of course it does.

One of the lessons stressed repeatedly during the earliest days of my career is that relationships matter. That can sound calculating, even potentially manipulative, but it isn’t. The fundamental thing about relationships is that they are inherently valuable. To relate is to live, and to relate meaningfully is to live well.

We spend about one third of our lives sleeping, one third working, and the other third we spend with friends and family . . . or sitting in traffic, or waiting in the doctor’s office, or buying groceries, or whatever else life demands of us. Wouldn’t it benefit each of us individually and our entire company collectively if we were to focus even just a bit more on reinforcing that middle third? I firmly believe it would. We can start by taking the time for the occasional conversation, or by celebrating KPI successes and “big wins” with team dinners, or by committing your department to an annual team-building retreat. Or just start with lunch.

In my experience, making time to break bread together with colleagues goes a long way to increasing familiarity between team members, strengthening unit cohesion, and reinforcing notions of shared goals and common purpose. Prioritizing horizontal integration will truly help us engender the culture of professional stimulation, personal connectedness, and individual fulfillment that will surely empower each of us to thrive even more.

It’s Budget Season!

Several Property Managers from Kansas City-area market-rate apartment communities gathered in the Corporate Office for a “Budget Camp” where they worked with Regional Managers James Huss (2013) and Sarah Cranford (2022) to prepare 2024 property budgets.

Another Empowerment Story

By Heidi Hess (2021), Property Manager, Park Edge

Heidi Hess (2021), is the Property Manager for Park Edge in Lenexa, KS. Here is what she has to say about her Empowerment:

I have worked at Cohen-Esrey on and off for the last three years, and am currently the Property Manager at Park Edge Apartments, where we have faced numerous challenges due to being short-staffed. When I started at Park Edge in June 2023, we did not have any maintenance staff, so Sarah Cranford (2022), Regional Manager, Empowered me to figure out a way to move forward, by using contractors and temps, YouTube videos, etc., until we found the best candidates for our open positions. When I am struggling to find the right direction or solution to solve the problems that we face on the property daily, I reach out to our other property managers in our area. Our community is still struggling with staffing, but we are heading in the right direction.

We have begun to host monthly resident functions at Park Edge. Our first was a Meet & Greet, where we had 60 residents attend and take notice of the changes to the property. Their feedback is that they enjoy the positive atmosphere, being waved at by team members when driving by on the golf cart, the friendly overall attitude from the entire team in addition to all the improvements being made to the community. I love being Empowered to make decisions for the community and residents that make a positive difference in their daily lives.

Calling All Tipsters!

In our Calling All Tipsters series we offer a subject and ask all team members to give their advice, tips, or experiences that may prove helpful to other team members. Here are answers to our current question.

What specific ideas do you have about how we can deliver Community Impact?

Thanks to everyone who responded to this critical question. We have some great thoughts for you.

Brighton Creek has done a couple of things to deliver Community Impact. Every time we have a resident event, we choose a Fire Station of our choice, and take all leftovers to the station!

We have also started donating (40 meals) per quarter to Full Table KC in Independence/Kansas City. This will be our second quarter in a row. We are enjoying bonding as a team at Brighton Creek to make a difference in the lives of the city’s homeless. Laureen Woods (2022), Property Manager, Brighton Creek

I have an idea that we’re still workshopping through if it’s something practical that we could do or not but offering basic skills classes once a month to help teach and grow the community in skills that have been dissolving through the technology age. i.e oil changes, changing a spare, unclogging a toilet, etc. Cameron Sasnett (2019), Assistant Superintendent, Nexus 5 Group

Here are a few of ways that I deliver Community Impact on a long-term basis.

Giving blood – my blood type is O negative. This blood type is a universal donor, so I am considered a first responder with the Red Cross. They come after my blood regularly.
I am in a "How does Parkinson's affect memory and aging and the brain" study group. Every three years I go to Washington University and undergo an MRI, two different CAT scans, a spinal tap, muscle tests, walking test, and an extensive memory test. These procedures take about two days to complete. Also, when I die, my brain is donated to Wash U to study. Here's how I got involved in this study. My husband was diagnosed with Parkinson's, and decided to participate in this study group. When they examined him, they determined that he had "multiple systems atrophy;" it is under the Parkinson's umbrella but is a faster progressing disease. So, he did not qualify for the study group. In talking with the nurse in charge of the group she mentioned that they needed "Normal's" (people who did not have Parkinson's) to participate. The study that they did on my husband helped me get him the help, become his advocate and find the right doctor. I said I would see if I qualified which basically meant someone who did not have Parkinson's would qualify. I qualified and signed the paperwork in July 2012, and am a participant in this study. They have amended the original study a little bit as progress has been made. My husband passed in April of 2016. I saw him die an agonizing death and if my participation in this study helps medical science to aid Parkinson's patients live a higher quality of life or even helps to prevent this disease, then it is worth it.
I also help out at church and with a group called "inExcelsis" (this groups serves the homeless folks in the St Louis Area).

Pam Weatherford (2016), Property Manager, Freedom Place

As a member of the Community Impact Team, I have been in contact with Habitat for Humanity discussing possible volunteer opportunities. They offer two options.

First they have “build days” throughout the year. With this option the volunteers help build single family homes for families in need.
The second option is for the volunteer to work at one of their Re-Store locations. Usually for a one four-hour shift.

Habitat For Humanity has offices in most major metropolitan areas across the country. I think this would be a great fit because most of our team members would have access to the program and because both Cohen-Esrey and Habitat For Humanity are in the business of ensuring that community members have access to affordable housing. Brent Phillips (2021), Director of Maintenance and Safety, Cohen-Esrey Communities

I personally don’t think there is one true way to deliver Community Impact. I have learned over the years that each person sees Community Impact differently. We have different passions and hold different things close to our heart. For some, helping children will get them motivated and for another person it may be individuals in poverty. I think its important to learn what motivates your team and try to provide different types of events or volunteer opportunities for them to get involved in. Jessica Bell (2014), Senior Project Engineer, Nexus 5 Group

Everyone talks about something that needs changed. Say you are in the Clubhouse/Office area and you overhear several residents talking about how their kitchen lights are too dim or not bright enough. We can start taking what we hear into consideration more quickly rather than waiting for all the residents to come to us directly. Be one step ahead of the game and the game comes to you. Gavin Garton (2023), Maintenance Technician, Sundance-Tonganoxie

Community Impact is one of my favorite Core Values. I like to involve our residents on the property to help us support our community. Following are a few of our successful projects.

Every fall our residents donate non-perishable food items, and we work with a local high school for their Student Hunger Drive. This is a fun project because the high school students are so full of energy.
One of the more unique donation projects our property has been involved with is gathering items from a list supplied to us by our local zoo. It’s so interesting to see some of the things needed by the zoo for the animals. We had a drawing for the residents who donated and gave them a free family pass for a day at the zoo.
We have adopted a family from Big Brothers Big Sisters for Christmas. This was the Community Impact that was so amazing. The residents on this property were so kind and generous to make our adopted family’s Christmas special. The family received everything on their list and more. I’ll never forget the little girl in this family wanted an American Girl Doll and I was not sure how we were going to pull that off and meet the needs of the other items on their list. We were getting cash donations and I was hoping we would get enough to purchase the doll. We were able to give the family all the cash donated because one morning a resident came into the office with an American Girl Doll. I was so excited for that little girl!

Community Impact is so rewarding for everyone involved! Kathy Cogdill (2004), Property Manager, Old Orchard Estates

I have an idea for how we can deliver Community Impact. We could put together a care package for the officers at the Fairway Police Department in light of the fallen officer, Johah Oswald, who was killed in the line of duty in August. Just something so that the officers and staff know that they have our support. Sarah Dawson (2021), Accounts Receivable Specialist, Nexus 5 Group

Contact the local food bank and have a drive at your community for all of your local area. Trisha Dillon (2018), Property Manager, The Boulevard

I often hear from folks . . . “We don’t just want affordable housing. We don’t want to live in apartments all our life. We want to own our home and build wealth.” So, maybe we offer financial counseling, connect to resources, help set long-term goals, and direct people to education/training opportunities to increase earning potential to build wealth and help people move out of our apartments!

NPS Leaderboards

The three NPS Leaderboards have been updated as of September 22, 2023, and the leaders remain the same from the previous month. In the 50-Units or Less category Clay Hall (Enid, OK) still leads with a score of +96.00. In the Properties 51 to 120-Units category, Orchard View (Farmington, MO) remains in the top spot with an NPS of +95.12. And in the Properties of More than 120-Units category, The Boulevard (Springfield, IL), has a lock on first place, with an NPS of +91.44. There are 41 properties on Leaderboards – one more than last month, and we are pleased that that SIX properties on Leaderboards with an NPS of +90 or higher. They include Clay Hall, Orchard View, Orchard View II, The Boulevard, Mills Crossing and Summit at Osage.

We continue to recognize those properties with a Maintenance Survey NPS that is equal to or exceeds our Overall NPS of +39. To qualify a property must have surveys from the equivalent of 40% of its units or more. We continue to emphasize the importance of providing improved maintenance service to deliver Customer Fulfillment. There are 24 properties this month, one less than the previous month.

Maintenance Ticket Surveys