February 12, 2024

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.

Lexington, KY – Home of a Champion

In late 2021, Cohen-Esrey Apartment Investors (CEAI) acquired the Champion at Bluegrass in Lexington, KY. The 300-unit market-rate apartment community is in the southeast part of the city and is positioned off a major circumferential traffic artery. Built in 1970 and substantially renovated in 2014, Champion at Bluegrass is 15-minutes from the University of Kentucky and near the Baptist Healthcare System, Link-Belt Construction Equipment, Lockheed Martin, and a Toyota Motors manufacturing plant. Lexington has a metro population of more than 517,000 and is world-renowned for its Thoroughbred horse farms and two horse racing tracks. Lexington is a city of 517,000 people and is known for horse farms and thoroughbred racetracks like Keeneland. The Kentucky Horse Park features the International Museum of the Horse, the Hall of Champions, and many equine breeds. Ashland, the estate of 1800s politician Henry Clay, includes a mansion and formal garden. Clay is buried at the Lexington Cemetery, which has an arboretum, lakes, and a Romanesque gatehouse.

The 2014 renovation of the three-story buildings added brushed nickel lighting, gooseneck kitchen faucets, Silver Mist kitchen appliances, Maple Espresso finish cabinetry, wood style plank flooring, high-speed Internet access, and washer/dryer connections in all units. The property is laden with amenities including a clubhouse, lounge, two swimming pools, dog park, business center, multi-use room, breakfast/coffee concierge, conference room, fitness center, yoga studio, playground, and picnic area. Cohen-Esrey has spent upwards of $2.55 million on additional physical improvements. One-bedroom units are 625 to 725 square feet and rent from $900 to $1,017 per month. Two-bedroom units range from 875 to 955 square feet and rent from $938 to $1,178 per month. Three-bedroom units range from 1,091 to 1,180 square feet and rent for $1,172 to $1,451 per month.

The Property Manager position is open at the present time and Alyssa Garza (2022), is the Regional Manager. Mike Gioia (2020) is the Senior Property Accountant, Nancy Lewis (2021) is the 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.

Ericka Young- Greenwood Estates, Peoria, IL- Property Manager
Meagan Williams- Elmhurst Terrace, Elmhurst, IL- Leasing Agent
Nicholas Simmons- Andover Park, Kansas City, MO- Assistant Property Manager
Angela Bocquin- Corporate, Regional Manager
Martin Alvarado- Park at Forest Hill, Memphis, TN- Maintenance Technician
Shane Jenkins- Village on Main, Waunakee, WI- Maintenance Technician

Meet the Tower Village Team

Meet the Tower Village team. L to R – Edgar Bryant (2023), Maintenance Technician; Wilmar Kemp (2020) Maintenance Technician; LaTosha DeVould (2023), Property Manager; and Patricia Payne (2023), Assistant Property Manager. This 98-unit affordable property in St. Louis, MO is managed by CEC for a third-party client.

Welcome Kamari!

Welcome to Cohen-Esrey, Kamari!

We’re pleased to announce that Kamari Welch has joined Cohen-Esrey Communities (CEC) as an Affordable Housing Compliance Specialist in the Compliance Department. Kamari started her career in the affordable housing industry in 2002, landing a position with her local Housing Authority as a Section 8 Housing Clerk. In that role she was responsible for determining program eligibility and locating suitable housing for recipients of the Housing Choice Voucher (HCV) program. Within a year she was promoted to Occupancy Specialist in which she determined eligibility and completed initial housing inspections for over 800 public housing units. She went on to manage a troubled 102-unit project-based Section 8 property for over five years, and upon her success in turning every aspect of this property around, she was promoted to Compliance Manager. In this role she maintained oversight of over 4,000 units, with responsibilities including reviewing and approving move-in, interim, and annual recertification paperwork in accordance with all program regulations. She also conducted regular site visits in preparation for MOR reviews, LIHTC file audits, and provided on-site Section 8, LIHTC, EIV, and OneSite software training. Kamari implemented all changes mandated by HUD, updated all resident selection plans, when necessary, processed required paperwork for annual Section 8 contract renewals, submitted and processed HAP vouchers/TRACS submissions for all properties, and lead, assigned, trained, managed, and oversaw completion of duties and the overall success for all Compliance Specialist staff members. Furthermore, she has acquired and holds certifications as a Tax Credit Specialist, Blended Occupancy Specialist, Certified Professional of Occupancy, Housing Choice Voucher Specialist, and is a certified HQS Inspector.

Kamari is based in Lansing, MI, and holds certifications as a Tax Credit Specialist, Blended Occupancy Specialist (BOS), HCV Specialist (Housing Choice Voucher program), and Certified HQS Inspector (Housing Quality Standards program).

Transformational Construction!

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

Getting closer to pouring the concrete slabs at The Launchpad in Colorado Springs, CO.

Great weather is helping construction remain on track at Panorama Heights in Colorado Springs, CO.

The Trails at Lehow in Englewood, CO, has a striking profile. Completion is just around the corner!

This is the site where construction will soon begin on the 141-unit Overlook 157 in Asheville, NC.

Astoria Park is a 164-unit existing apartment community in Amarillo, TX, which CEDG will begin renovating in the next few months.

Here is the site for the 233-unit Heritage at Cottonwood Creek in San Marcos, TX. Construction to commence in the spring.

Roof joists are nearly complete on the second building at the Loma Vista Lofts in San Antonio, TX.

Torrential rains have delayed work at the Lofts at Creekview in San Antonio, TX. Here is a look at a rendering for the completed product.

How Do They Do It?

In this installment of our series, How Do They Do It, we are interviewing Property Accountants. Here is the question we asked.

How do you arrange your work to ensure you are able to get your financials (20+ each) done in the short window of time and ensure accuracy?

Mike Gioia (2020), Senior Property Accountant (right in photo)

I initiate my financial review process well before the month concludes, and attempt to meticulously examine the books and the financial backups associated with each balance sheet item. To facilitate these checks, I schedule recurring entries to post earlier in the month, ensuring tasks such as mortgage verification are completed before month-end. I extract reports from the top level, allowing me to compile comprehensive reports for all my properties simultaneously. I then organize these reports by property, streamlining my workflow. I strategically plan my day with specific goals, enabling me to manage my workload effectively. I adopt a proactive approach to reviewing financials, prioritizing this task over non-urgent emails. It's my aim to have all financials and financial reviews completed a day in advance of their due date. To enhance productivity, I continuously seeks ways to streamline tasks, such as mastering keyboard shortcuts for activities in Excel and File Explorer.

Paige Bohling (2022), Property Accountant (middle in photo)

I use a systematic approach to meet deadlines, relying on checklists to ensure thoroughness and prevent oversight. Proactively, I tackle tasks that can be addressed on the first day of the month when dealing with rolling properties. Throughout the month, I maintain updated backups. To optimize my workflow, I prioritize addressing emails early in the morning, allowing me to focus on financial matters for the remainder of the day with minimal disruptions. Additionally, I organize the properties I manage into cohesive groups based on commonalities, whether it's ownership groups or similarities in property types.

Leslie Whitney (2022), Property Accountant (left in photo)

I take a proactive approach by thoroughly reviewing recurring journal entries and mortgages before the month concludes. To stay on track, I rely on the financial tracker in K-Net. There's a sense of reassurance knowing that the Accounting Team collaborates and shares ideas, fostering a collective effort to enhance productivity. I appreciate the high standards set by the department and find encouragement in understanding the importance and expectations associated with meeting these standards. However, I emphasize the core principle of persevering until the work is successfully completed.

A Healthy Tip

By Jennifer Turner (2018), Director of Human Resources

Choose Healthy Habits to Prevent Heart Disease

February is American Heart Awareness Month, a time when everyone can take a moment to focus on their cardiovascular health. Below are strategies for keeping your heart health at the forefront of your lifestyle.

Develop healthy habits such as eating foods high in fiber and low in saturated fats, trans fat, and cholesterol to help prevent high cholesterol.
Limiting salt in your diet can also lower your blood pressure.
Limiting sugar in your diet can lower your blood sugar level to prevent or help control diabetes.
Get regular physical activity – Physical activity can help you maintain a healthy weight and lower your blood pressure, blood cholesterol and blood sugar levels.
Don’t smoke as smoking greatly increases your risk for heart disease.
Take medications as directed. If you take medicine to treat high cholesterol, high blood pressure, or diabetes, follow your doctor’s instructions carefully. Always ask questions if you don’t understand something. Never stop taking your medicine without first talking to your doctor, nurse, or pharmacist.

A Great Net Promoter Score Starts at Home

By John Hinman (2011), Managing Director

At the Nexus 5 Group our passion is simple; “Serve Well.” We talk about serving well at most of our meetings and discuss what it means. Basically, serving well is the byproduct of living out our Core Values. Also, we discuss that if you serve well at home, you bring your best self to work, if we serve each other well, we will have an unmatched culture and the bi-product of this culture will be serving our clients well. This if the main contributor to our NPS Score.

Additionally, as we strive to live out our Core Values with the Serve Well mentality, we strive to create the N5 Experience for our team members, customers, and subcontractor/vendors. Our belief is, “if we can create the N5 Experience for all we come into contact with, we will be a very successful company.”

Maintaining a high NPS score takes more than words on a wall. It takes action. The Serve Well mentality has to be an outpouring of every team member at the Nexus 5 Group.

Proactive Communications – This means anticipating our client’s needs and giving status updates prior to being asked. We anticipate their questions. And we communicate the project schedule and then follow through with updates prior to being asked.
Construction Excellence – Construction excellence is more than quality work. It is the refusal to do substandard work. We believe that a cheap price can make you happy, in the short term, but poor quality will last a lifetime. It is always the right time to do things right.
Work With the End User in Mind – Work as if you are the end user

The NPS measure the likelihood that our customers will refer us to someone else. In order for this to happen, they need to have an experience that is unmatched. If this happens, they will tell two or three other people. If we do a poor job, they will tell everyone they know. Our reputation is fragile and can get better or worse base on single decisions. We focus on the NPS as a leading indicator of how we are doing as a company.

In closing, NPS scores are a good measurement, but we don’t need to focus on these numbers. I believe, if we do all the little things right, the score will take care of itself. Also, start serving our family well and we will see results on our company NPS. I dare you, try it.😊

Core Values: Integrity, Commitment, Team Member Fulfillment, Customer Fulfillment, and Community Impact.
Winning Aspiration: Serve Well, Have Fun, Make Money.
Mission: Nexus 5 is a collaborative group embracing an unmatched culture and entrepreneurial spirit; remaining infectious to our clients. Nexus 5 is holding true to our story and remaining focused on perfecting our Core Values.
Vision: Building a legacy by serving our team and community through construction excellence.

Fun Photos

On Friday, January 26, 2024, the Fun Team held a Big-Wig Contest. The fun (and silliness) had Field and Corporate Office team members come to work wearing large wigs. The Justin Place team took First Place in the Field and Chasity Green-Rand from Geneva Tower took Second Place. In the Corporate Office, Debbie Van Dyne was the First-Place winner and Noelle Wilson won Second Place honors.

Justin Place, Kansas City, MO – L-R Anthoni Alexander (2021), Cynthia Cobbins (2016), and Randen Woods (2023).

Chasity Green-Rand (2023), Geneva Tower, Cedar Rapids, IA

Noelle Wilson (2022) – standing and

Debbie Van Dyne (1987)

Core Value of the Month

Congratulations to Brent Phillips!

Brent Phillips (2021), Director of Maintenance and Safety for Cohen-Esrey Communities (CEC) has completed all requirements and been awarded his Certified Property Manager (CPM®) designation from the Institute of Real Estate Management (IREM). Brent initially joined Cohen-Esrey in 2011 as a Maintenance Technician at Silverwood Apartments in Mission, KS. He left the company in 2014 but returned in 2021 to take on the newly created role of Director of Maintenance and Safety.

As the Director of Maintenance and Safety, Brent is responsible for supporting operations across the Cohen-Esrey portfolio. This includes creating and implementing new training programs, assisting with vendor procurement, mentoring team members and much more. Brent is a summa cum laude graduate of Pittsburg State University in Pittsburgh KS.

The CPM® designation is awarded by the Institute of Real Estate Management (IREM), the property management trade organization sponsored through the National Association of Realtors. Brent joins four other Cohen-Esrey CPMs® – Bob Esrey (1970), Lee Harris (1975), Ryan Huffman (2002), and Connie Riley (2012). According to IREM, owners, investors, and employers know that if one holds an IREM Certified Property Manager® designation, he or she has the knowledge to maximize the value of any property, in any asset class. This is a tremendous honor and to pass the exam two-and-a-half decades after taking his last course is an exceptional achievement. Nice work, Brent!

Another Empowerment Story

By Ashley Harper (2023), Executive Assistant, Corporate Office

Ashley Harper (2023), is an Executive Assistant in the Corporate Office. Here is what she has to say about her Empowerment:

Being a part of the Cohen-Esrey team for the past year has been nothing short of an honor. After having been in the military life as a stay-at-home mom for 10 years, I was unexpectedly propelled into the workforce about eight years ago. With two children and no plan on being a single mother, needless to say I was overwhelmed and diffident pursuing that “perfect” job. I knew I had the skills and passion for learning and was eager to tackle challenges. However, finding a career that fostered my growth was a challenge. After several setbacks, I found myself thriving as a single parent. I even had the opportunity to volunteer with Jackson County CASA for many years – an experience I would highly recommend.

Then in 2019, my life took a drastic change. I felt as though all my hard work was all for naught. It was a difficult time for my little family in many ways. Eventually, I gained back my confidence and found myself with multiple job offers in the legal field, which was my dream career at the time. Fast forward to last year about this time, as I was advancing in my career, I was offered a position with an Intellectual Property Rights (IPR) firm. Determined to procure a long-term career at this point, I explored several open positions in my area. By happenstance, I applied for my current position with Cohen-Esrey. Walking into the interview I had every intention to accept the IPR position – until I met Lee Harris (1975), Jeanette Jayne (1996), Marcie Teenor (2013), and Mark Fletcher (2008). After leaving each meeting, I became more and more aware that this is where I belong.

Our Executive Leadership Team and many teammates here at Cohen-Esrey have Empowered me from day one. The Core Values aren’t just an ornamental list of passive standards as with most companies. These standards are aligned with the everyday culture of Cohen-Esrey and our ardent leaders. I’m eager to see what the future holds!

Is the Grass Always Greener?

By R. Lee Harris (1975), President and CEO

The U.S. unemployment rate is at its lowest since 1969. As I’m writing this, unemployment is hovering around 3.5%. Companies are becoming more and more creative in their recruiting efforts. From an employee’s perspective, times have probably never been better. There’s certainly a temptation to job-hop the way up the compensation ladder in the belief that an employer is going to be much more generous than would have been the case during the Great Recession and for many years thereafter. But the question must be asked, is the grass really greener on the other side of the fence?

Everyone knows that there’s much more to a career than a paycheck. Those who blindly chase the dollars may get what they want – but there may be a whole lot more than they bargained for. I know many people who were thrilled with the amount of money they were going to make only to find out that their new boss was ridiculously difficult, the stress levels were off the charts and working conditions were abysmal. Yet, it’s very tempting to jump at the chance to make a lot more money and pick up a cool new title. So, how should we look at the “grass” on the other side of the fence?

Over the past 48+ years, I’ve had numerous opportunities to make the jump. I resisted every time. Why? Long ago I realized that 1) I was working for and with honorable people; 2) I was allowed incredible freedom to be creative and experiment, and 3) I was working in an industry that I loved and had dreamt about since I was in the 8th grade. You’ll notice that nowhere did I mention money. The reason is simple. I was allowed to continually figure out how to add value to whatever I was pursuing, and my compensation increased accordingly. This approach is my suggested template for viewing the “grass is greener” dilemma.

I’ve always believed that most people work a job. A few pursue a career. And then there are those of us who are lucky enough to live our passion. I don’t think I’ve felt at any point in time (after the first three months in the mid-1970s) that I was working a job. For a while I was pursuing a career. But for most of my adult life I’ve been able to live my passion. This is important to understand for it’s one of the three foundational elements to answering the “grass is greener” question. Each of us must find our own passion to pursue, and the sooner the better.

Let’s assume that we generally know that we are in the right industry – yes, I know – that’s a big assumption to make. But we must start somewhere. This brings us to the other two foundational elements. Am I working for and with honorable people? There’s much more to this question than its literal interpretation. What is the company’s culture? Is there a vision of where the organization is heading? Are there core values that are more than slogans in a fancy frame on the wall? Are employees valued and treated fairly? Do senior leaders express gratitude? Do they seek out feedback; listen to it, and act upon it? No situation is going to be perfect. But if the environment is comfortable and efforts are constantly being made to improve, that’s a good sign that we are amid honorable people.

Finally, we need to measure how likely we will be to succeed over the long haul. In my case, I was pretty much allowed to make my own way. Sure, I had specific roles and responsibilities, but I always wanted to do more and be more. I saw a myriad of opportunities and developed plans to exploit them. I made plenty of mistakes – more than I can count. But I was allowed to make them and learn valuable lessons in the process. I always figured that if my successes exponentially outweighed my failures, I was on solid ground. And that turned out to be true. You’ve likely heard the adage, “the cream rises to the top.” If we are working for and with honorable people, we can always know that we earn more trust and more latitude through our performance.

Ultimately there’s no need to look at the grass on the other side of the fence so long as we can grow a lush, green lawn on our side. When we do this, we’ll surely reap the benefits accordingly.

It’s the Little Things That Make a Big Difference

This is a continuing feature in People & Properties where we highlight small Property Management 101 types of things that should be done to deliver Customer Fulfillment – and cost little to no money. Let’s talk about . . .

KNOW RESIDENTS and GREET BY NAME.

It’s a proven fact that people respond favorably when called by name. It creates a bond of sorts. You know their name and they know yours. When a resident comes into the office every effort should be made to know their name and use it. Ditto for when you see them on the property. And this isn’t just something that a Property Manager should do. The entire property team should do their best to learn the names of the residents and recognize them on sight. Think how impressive this will be to our residents when every time they see a team member, they hear their name being used!

Many of us remember the American sitcom television series that ran on NBC from 1982 to 1993 called, Cheers. One of the most famous lines in the opening jingle that should be our mantra on every property was “a place where . . .”

Everybody Knows Your Name

The Revenue Growth Champions!

By Michele Rollo-Burns (2018), Director of Revenue

Each month we recognize communities that have realized stellar year-over-year (YOY) revenue growth. For the month of January 2024, here are the standouts with growth of 5% or more. Congratulations to each team for the progress made! Fourteen properties are on the list this month!

NPS Leaderboards

The three NPS Leaderboards have been updated as of February 9, 2024. In the "50 Units or Less" category, Mills Crossing (Salem, IL) is the leader with a perfect score of +100.00. In the "51 to 120 Units" category, Orchard View II (Farmington, MO) leads with an NPS of +96.15. And in the "More than 120 Units" category, The Boulevard (Springfield, IL) continues to lead with an NPS of +91.94. There are 23 properties on the Leaderboards, with six properties having an NPS of +90 or higher including: Mills Crossing, Rankin Mills, The Summit at Osage, Orchard View II, Justin Place, and The Boulevard. The overall NPS is +34 and the Nexus 5 Group logged in at +88.