March 25, 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.

Life in an Historic Factory

One of our properties offers an amazing history lesson. The Big Chair Lofts is in Thomasville, NC, and was once the factory that manufactured the Thomasville furniture line. In partnership with Richard Angino and his Third Wave Development Company, the Cohen-Esrey Development Group (CEDG) renovated and repurposed this sprawling complex of buildings into 139 affordable housing units. Originally constructed in 1911 with additions through 1948, the property is comprised of nearly 200,000 square feet. One-bedroom units average 750 square feet and rent for $675 per month. Two-bedroom units average 1,000 square feet and rent for $720 per month. Some of the most prominent features of the property are the beautiful hardwood floors and the exposed historic details. Residents enjoy a business center, game room, state-of-the-art fitness center, theater, bicycle storage, picnic area with grills, playground, and recreation space. Magnificent oversized windows, original shiplap, and tall ceilings with decorative beams are present in many unit interiors. Big Chair is in the heart of the historic Thomasville downtown shopping district. The proeprty was financed using affordable housing and historic tax credits.

Thomasville was established in 1852 and has a population of 27,183 as of the 2020 census. The city was once notable for its furniture industry including the Standard Chair Company, Lambeth Furniture, Queen Chair, and Thomasville Chair. Jewel Cotton Mills and Amazon Cotton Mills diversified Thomasville into the textile industry. Thomasville Furniture Industries closed its last two plants in the city in 2014 but still operates a plant in Lenoir, NC. Other companies based in Thomsville include flooring company Mohawk Industries, trucker Old Dominion Feight Line, and restaurant chain Cook Out. The city also has a rich railroad heritage and the Thomasville Railroad Passenger Depot is a key location for train watching. The Thomasville, NC Mural Walk is a public art initiative in Thomasville featuring a series of murals created to beautify the town and celebrate its history, culture, and community spirit. These murals, often painted on the sides of buildings in prominent locations throughout the town, are typically designed and executed by local artists or artist collectives.

Gina Dickerson (2024) is the Property Manager and Cassie Colston (2004), Assistant Vice-President, is the Regional Manager. Paige Bohling (2022), is the Property Accountant, Garrett Cook (2022), 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.

Myaida Guzman – South Pointe, Dallas, TX – Leasing Agent
Heather Giroir – Tiger Island Senior, Morgan City, LA – Property Manager
Jaylen Munden – Oneida Mill Lofts, Graham, NC – Assistant Property Manager
Frederick Williams – Jefferson on the Lake, Olathe, KS – Make Ready Technician
Franklin Moris – Lakes at North Port, North Port, FL – Lead Maintenance Technician
Guadalupe Camacho-Santiago – Carlyle, Shawnee, KS – Leasing Agent
Jacoby Seabourn – Pam, Pampa, TX – Maintenance Technician
Jonathan Williams – Preserve at Westover Hills, San Antonio, TX – Maintenance Technician
Travis Morgan – Sinclair Flats, Mankato, MN – Maintenance Technician
Tiffany McCarty – Corporate Office – Customer Fulfillment Advocate
Dominic Padilla – Corporate Office – Property Accountant

Meet the Andover Park Team

Meet the Andover Park team. L to R – Emanuel Burnette (2023), Leasing Agent; Nicholas Simmons (2024), Assistant Property Manager; Delon Mitchell (2023) Lead Maintenance Technician; Atleigh Woosley (2024), Property Manager; and Mark Denk (2021), Maintenance Technician. Not pictured is Francisco Gonzalez (2021), Groundskeeper. This 298-unit market-rate property in Kansas City, MO, is owned by a partnership sponsored by Cohen-Esrey Apartment Investors (CEAI).

The 2024 Cohen-Esrey Annual Leadership Conference is right around the corner. It is scheduled for April 23 – 25 at the Doubletree Hotel in Overland Park, KS. It will be an action-packed event with a focus on Leadership (just like in the name!). Courtney Thomas, President and CEO of Newhouse KC, will give a keynote presentation on the opening night, April 23, and will also lead two sessions on April 24. Numerous breakout sessions are scheduled including (but not limited to) Unlocking Success: The Communicative Leader in Property Management; Surviving to Thriving; Habits for Excellence; Revive!- Rebound to Thrive; and Navigating the Numbers: Maximizing Property Potential with Data Driven Leadership.

Ryan Huffman (2002), Chief Operating Officer, will lead another Couch Discussion with Bob Esrey (1970), Chairman, and Lee Harris (1975), President and CEO. This event is always popular as there are many witty anecdotes and stories developed over the years about Cohen-Esrey that they will share.

And of course, the moment everyone has been waiting for will occur after dinner on Wednesday, April 24, with the Annual Awards Ceremony. More information will be forthcoming shortly.

Transformational Construction!

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

Vertical construction will begin soon at The Launchpad in Colorado Springs, CO.

Panorama Heights in Colorado Springs, CO, is nearly fully enclosed.

Unit interiors at the Trails at Lehow in Englewood, CO, are nearly finished and ready for move-in.

Exterior building work is nearly complete at Loma Vista Lofts in San Antonio, TX.

Significant progress on stair tower construction at the Lofts at Creekview in San Antonio, TX.

Here is an aerial view of the hillside site for Overlook 157 in Asheville, NC. The apartments will border New Leicester Highway with parking behind and a walking trail on the leg toward the top of the site. With the recent partnership closing, construction will start in the next few weeks.

Welcome Tiffany and Dominic!

We are pleased to announce that Tiffany McCarty has joined the Cohen-Esrey team as the Customer Fulfillment Advocate in the Corporate Office. Tiffany brings valuable experience from the medical field, where she honed her skills and passion in patient care over many years. In addition, she formerly owned her own coffee shop where she enjoyed providing exceptional experiences for her customers and tapping into her entrepreneurial spirit. A proud native of the Kansas City metro area, she has nurtured both her family and her professional growth within the community.

Outside of the office, Tiffany enjoys immersing herself in the local music scene and indulging in occasional travel to destinations such as Nashville and Florida, where she reconnects with her adult children. For those who may have missed our recent introductions, Tiffany will be undergoing training at the front desk alongside Sherry McGee (2023), before Sherry joins the Cohen-Esrey Development Group (CEDG) as the Development Revenue Manager.

Welcome to the Cohen-Esrey team, Tiffany!

We also want to welcome Dominic Padilla to the Cohen-Esrey Accounting Team as a Property Accountant. Dominic comes to us having graduated from Central Methodist University with a bachelor’s degree in accounting. During his time at CMU, Dominic held various leadership roles in his fraternity. He was also a member of the soccer team.

Prior to joining our team, Dominic gained valuable experience in the finance industry, having worked in banks and most recently at a tax and accounting firm. His diverse experience and expertise will undoubtedly be valuable assets to our properties as we continue to grow and excel. Outside of work, Dominic enjoys spending quality time with his long-time friends.

Dominic, thanks for joining the Cohen-Esrey team!

How Do They Do It?

In this installment of our series, How Do They Do It, we are interviewing our Nexus 5 Project Managers. Here is the question we asked.

What’s your secret to delivering your projects on time and on budget?

Gather all the information to provide a realistic timeline starting from design, permitting, to construction.
Provide voluntary alternative options through value engineering to improve lead times and budget.
Ensuring we have all the information from the architects and engineers for a clear scope of work
Obtaining bids from multiple subcontractors for each scope of work for best pricing.
Scrubbing subcontractors’ bids and having conversations with them making sure entire scopes are covered.
Hold onsite coordination meetings with subcontractors.
Weekly or bi-weekly meetings with ownership and design team providing updates and to discuss any design issues with existing conditions.
Clear and consistent communication with ownership.
Being completely transparent with ownership.
Being good stewards with our client’s money by living by the Nexus 5 Group motto of “SERVE WELL” Brent Hastings (2018)

Communication, coordination, and adaptability. Proactive and constant communication set the project up for success. Ongoing coordination and collaboration keeps all parties aware of any situation and helps to avoid any confusion. Lastly, the ability to adapt and problem solve is crucial. As with nearly every construction project, unforeseen situations arise during construction and its critical to be able to diagnose an issue, find a resolution, and execute it. Brian Weber (2020)

It’s not a secret……it’s experience that makes that happen. And there is no substitute for it. Having the knowledge of how the different phases of construct works is the basis for all projects. Although I typically bid as a subcontractor and the project duration is generally determined by either the general contractor and/or owner, having a project meet the budget is the same. Having a good estimate to begin with is paramount. If you don’t estimate the project correctly it is tough to meet the budget. By that I mean the time it takes to perform each phase. If you underestimate the time it will take, it is hard to make that up without a cost. Whether it be adding days to complete or additional labor costs in terms of overtime to meet the agreed schedule. Making sure that you have the critical path items such as equipment and material deliveries in line with the expected phases of construction is imperative. To insure that happens you must make certain that material submissions are delivered in a timely manner to make sure approvals are received prior to releasing equipment for production. If the standard lead times do not meet the proposed schedule, getting expedited delivery dates and costs from the manufacturer may be required.

As for manpower, it is a different ballgame if you self-perform the work that you bid. As a general contractor you rely on your subcontractors to provide the labor required to get the job done within the timeframes agreed upon. As a sub-contractor, properly identifying the various phases and the length of duration of the work is critical. Making sure you have the right people and the correct number of them properly allocated for a project becomes the next challenge. In a perfect world we will have several projects lined up such that we can maneuver people in and out of jobs as they are needed. If a job needs a little more help to get one phase completed, we can pull from another project to assist in making that happen. Or if a project is delayed, we have the ability to put a guy or two on other projects to help out until their assigned job is ready. Maintaining that balance is very important to keeping a project on budget and on time. In my opinion, it is better to have one guy too few, than having one too many. Having too many guys puts you in a situation where you are merely throwing bodies at a job in order to make sure everyone has work regardless of the needs of the individual project. Maintaining a balance between the manpower you have and your work load you maintain can be a challenge. Keeping your guys with steady work helps you retain the help you have. Nobody wants to sit at home. This brings us to the age old question……do you go get the work and deal with the manpower situation after the fact and hope you can find the people to do the work or do you find the people first and then go find the work? This leaves you open to having people sitting at home or being non-productive until you find them a place to go.

Jim Hays (2019)

Planning, planning and more planning with a side of intestinal fortitude has helped me to deliver projects on time and on budget. My experience has helped me to develop processes to help with the details and foresight of a project to make sure everything comes in on time and on budget. My experience has also told me no matter how much you prepare; something will happen that you are not prepared for. That’s where the fortitude comes in to adapt and overcome. Never stop planning and never quit is my motto to help deliver projects onetime and on budget. Stan Phelps (2017)

Delivering projects on time and within budget can be challenging, but there is one key element that I can attribute to a project manager’s success, teamwork. Teamwork can provide a cohesive and collaborative environment where everyone understands their role and responsibilities but is willing to step in to help when needed. Effective teamwork includes clear communication with each other as well as your trades. Choosing the correct trade partners is also critical to success. Your trade partners are an extension of the team, helping us to complete projects on time and within budget. Tom Hoelting (2022)

In Case You Haven’t Seen This . . .

Here is a snip from the Cohen-Esrey website that provides a good perspective on our company. For those of you who have recently joined, Cohen-Esrey was founded in 1970. A lot has happened over the past 54 years!

Nexus 5 Building Second Aircraft Hangar

The Nexus 5 Group is getting ready to break ground at the north end of the New Century Air Center in Gardner, KS, on a new jet hangar for Team Aero. This company makes a market in more than 100,000 aircraft parts for most major aircraft manufacturers. The project consists of a 12,000 square foot hangar plus 2,500 square feet of office space and will cost $4.7 million to build.

This is the second jet hangar that Nexus 5 will have constructed – the first was also at the New Century Air Center which was a two-bay jet hangar that currently houses a Falcon 2000 and a Citation Ultra 560. Nexus 5 is targeting large jet hangars as a specialty offering especially considering the byzantine rules and regulations promulgated by the Federal Aviation Administration (FAA) as well as local building codes.

Brian Weber (2020) will be the Project Manager and Charlie Green (2021) will be the Superintendent. The New Century Air Center is one of the busiest airports in the state of Kansas with more than 88,000 takeoffs and landings each year. It is also home to a large industrial park that is being expanded and will eventually contain more than 11 million square feet of industrial space. The east side of the airfield is slated for more jet hangars and aviation supporting businesses. Nexus 5’s experience building hangars should bode well for more such work in the near future.

Val Price Assumes New Role

Val Price (2016) has assumed a new role as Director of Procurement for Cohen-Esrey. Our company has tremendous purchasing power as we acquire hundreds of millions of dollars each year for a wide range of building components. This includes water heaters, HVAC units, appliances, flooring, windows, plumbing fixtures, and the list goes on. Such items are purchased for our managed portfolio as well as through our development of affordable and workforce housing. As Director of Procurement, Val will be responsible for working with Stan Phelps (2017), Nexus 5 Senior Project Manager; Richard Williams (2020) CEAI Renovation Director; Brent Phillips (2021), CEC Maintenance and Safety Director, and Tim Minson (2019), CEDG Vice-President of Design and Construction, to standardize the components that are purchased and negotiate contracts with the manufacturers to deliver at discounted prices. This is a massive undertaking considering the multitude of components that are purchased annually.

Val was most recently the Business Development Representative for the Nexus 5 Group and worked in a Fund Administrator capacity for Cohen-Esrey Capital Partners (CECP) prior to that. She has extensive property management experience and is a champion at detailed research and building relationships – all of which will be critical in her new role.

Congratulations, Val!

Overlook 157 Has Closed!

Congratulations to the Cohen-Esrey Development Group (CEDG) on closing the partnership that will develop and construct the Overlook 157 Apartments in Asheville, NC! This project is being developed in an Opportunity Zone (OZ) located at 157 New Leicester Road and will be situated on a bluff providing magnificent views of the community. The property will consist of 141-units with one-bedrooms of 705 square feet renting for $1,275 to $1,650 per month, and two-bedrooms of 1,085 square feet renting for $1,530 to $1,995 per month. The lower rental amounts are for 72 units reserved for residents earning 80% of the Area Median Income (AMI). The building will have elevators, a swimming pool, scenic community room with kitchenette (on the fifth floor), fitness center, parcel locker system, business center, bicycle storage, nature trail and pavilion, and electric vehicle charging stations. There is also a city bus stop at the site. The total development cost is projected to be $41 million.

Known as an art colony, a healing resort, and a home to notable luminaries, statesmen and bohemians, Asheville is one of the most welcoming, vibrant cities in America. Nestled in the Blue Ridge Mountains, this thriving mountain city features an eclectic downtown featuring over 30 art galleries, many locally owned shops, a budding culinary scene, and one of the top-rated health spas in the country.

Located only 120 miles to the west of Charlotte, NC and 110 miles to the east of Knoxville, TN, Asheville is uniquely positioned to benefit from the changing work-from-home environment. Asheville experienced a near immediate recovery from the COVID pandemic. Working professionals from surrounding metros are choosing to make Asheville their home and making day trips to the corporate office as needed. In 2021, the Asheville MSA population was 486,000, a 14.6% increase from 2010. The population has grown by more than twice the national average over the past decade.

Clark Mills (2022), is the Development Director who secured the site and is leading the development team to move this project forward. Tim Minson (2019), Vice President-Design and Construction, played a major role in designing a difficult hillside site and will oversee the general contractor through construction. Phil Melton (2022), Managing Director for Cohen-Esrey Capital Partners (CECP), was instrumental in placing the debt and equity. Several other members of the team rolled up their sleeves and brought this deal across the finish line. They include Todd Sears (2023), Vice-President of Development; Jack Brenton (2018), Development Manager; Becky Trost (2006), Accountant; and Susan Belisle (2019), Development and Construction Administrator. Special thanks to Jon Atlas (2015), Managing Director, for his overall leadership. .

Exhilaration!

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

Here’s a simple test. Do you wake up in the morning and can’t wait to tackle the day ahead? Does your brain function in overdrive with an idea a minute? Are you ever bored? Are you able to stay in “the zone” from a productivity standpoint for long periods of time? Do you experience endorphin rushes at times other than when you are exercising? Are you almost always in an upbeat mood no matter what? If you answered “yes” to all these questions except for being bored (and answered it “no”) then you are experiencing the “E” Factor.

The E Factor is a major ingredient in the recipe for the success of an entrepreneur (and everyone else for that matter). The E Factor is . . . Exhilaration! This is the energizing excitement that puts an exclamation point on our lives. There’s no drudgery in Exhilaration. There’s no exhaustion in Exhilaration. There’s no negativity in Exhilaration. There’s nothing boring about Exhilaration. Exhilaration is all about positivity, optimism, the glass is overflowing (as opposed to half full), fireworks-on-the-4th-of-July, the sun is always shining and everything WOW!

From personal experience I can tell you that my life is so much richer and fuller because of reaching and staying in a state of Exhilaration. The little setbacks along the way that might throw others for a loop are mere speed bumps for me. My existence goes far beyond my vocation and has become totally holistic in nature. I know this may sound corny, but I truly am in love with life and life is in love with me.

How do we reach and stay in a state of Exhilaration? There are three steps that have worked for me. First, we must make serious choices about how we think. If you read my blogs regularly, you know that I constantly talk about how much of a difference our mindset can make. We all know this for the most part, but it’s not always easy to remember. Maintaining a positive state of mind is absolutely and totally critical to the E Factor. We must recognize when we are starting to veer into negative thinking; stop and release the negative thought and replace it with a positive thought. I have found that a positive affirmation said over and over is a perfect replacement for a negative thought.

Second, we deserve to live our passion. I realize that sometimes there needs to be a ramp-up process to reach this passion. My passion isn’t just what I do for a living. My passion is the way I live. It’s filled with many things for which I have a passion including my relationships, my philanthropy, my health, my creativity, my faith and many more elements. I’ve said numerous times that passion is what allows us to see in color. Just because we may not be totally passionate about our careers at the moment doesn’t mean that there aren’t many other aspects to our lives for which we can have passion. And with respect to our careers – we should have a step-by-step plan that provides the light at the end of the tunnel for when our career does become our passion.

Finally, we must practice intense gratitude. Being grateful for what we have and what we receive keeps the energy channel open for us to receive greater good in our lives. When I think back over the years about all the wonderful people who have done wonderful things for me, my gratitude needle explodes off the meter. Saying thank you isn’t enough. Doing good things for other people is an expression of our gratitude that recognizes what others have done for us. It’s a bit of a pay-it-forward mentality.

We can live in a state of Exhilaration if we choose to do so. It’s as simple as that. And to achieve the E Factor we must be positive, passionate, and grateful. Enjoy the fireworks show!

Fun Photos

We dug deep into the archives for this photo from 2007. For years, Ryan Huffman (2002), Chief Operating Officer, has pushed a cart around the Corporate Office handing out ice cream treats on warm summer days. Here he is in full costume. Who knows . . . maybe he’ll push the cart at the upcoming Annual Leadership Conference! 😊

Another Empowerment Story

By Aisha Robinson (2023), Property Manager

Aisha Robinson, (2023), is the Property Manager at Oneida Mill Lofts in Graham, NC. Here is what she has to say about her Empowerment:

Within the past year Cohen-Esrey and all my fellow teammates have certainly Empowered Me to Thrive as a Property Manager. Initially I began my journey as an Assistant Property Manager (APM) at Oneida Mill Lofts (Graham, NC) in March 2023. As an APM, I learned the current procedures and was given the opportunity to implement my own ideas that made the leasing process smoother and more productive for Oneida Mill. Our team was able to complete a few dozens of recertifications and new resident applications/move-ins within months. Less than six months after starting with Cohen-Esrey, I was given the honor of being promoted to Property Manager.

Along the way I have been given the chance to learn from several natural born leaders not only at the Corporate Office but also at other properties that take pride in helping others until they understand the tasks at hand. This has allowed me the chance to bring it all full circle and train my newly hired Assistant Property Manager with confidence.

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 generate high performing properties – and cost little to no money. Let’s talk about . . .

COLLECT THE RENT!

One of the most basic functions of property management is collecting the rent. Sitting in the office waiting for it to roll in doesn’t always work to get the last nickel in the bank. We all know there are stragglers who need a nudge to meet their obligations. What does it cost for a Property Manager or an Assistant Property Manager to knock on a few doors to collect from late-payers? ZERO! And yes, sometimes it’s necessary to knock on doors at 6:00 in the evening (when people are usually home for dinner). The point is that rent collection requires shoe leather but doesn’t cost the property anything. And the result can make a big difference in the success or failure of a property.

NPS Leaderboards

The three NPS Leaderboards have been updated as of March 22, 2024, and there are two new leaders. In the 50-Units or Less category Rankin Mills (Boonville, MO) has vaulted into the lead with a score of +95.24. In the Properties 51 to 120-Units category, Justin Place (Kansas City, MO) is Now in first place with an NPS of +92.31. And in the Properties of More than 120-Units category, The Boulevard (Springfield, IL), continues an amazing run in first place dating back to December 2021, with an NPS of +92.98. There are 25 properties on Leaderboards – the same as last month, and there are four properties on Leaderboards with an NPS of +90 or higher – two less than in February. They include Rankin Mills, The Boulevard, Summit at Osage, and Justin Place. The overall NPS has dropped to +26 and the Nexus 5 Group continues to hold steady at +88. There are ten large market-rate properties that are dragging down the overall score and while everyone needs to focus on delivering Customer Fulfillment – those ten properties are a top priority.