July 29, 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.

Move to the Mountains

Cohen-Esrey Communities (CEC) recently assumed management of The Residences at Franklin Park in Denver, CO. This assignment coincides with the recent opening of the Trails at Lehow, a new affordable community developed by the Cohen-Esrey Development Group (CEDG), in the Denver suburb of Englewood. Franklin Park is a 10-story high-rise building consisting of 92-units constructed in 1972. Studio units of 370 square feet renting for $1,504, and one-bedroom units of 512 to 740 square feet renting for $1,717 to $1,966 are available to seniors 62 and older. Water and heat are included in the rent and project-based Section 8 rental assistance is available. Franklin Park is a pet-friendly property and offers residents a community room, patio with barbeque area, high-speed Internet access, and is a smoke-free building. Private balconies offer amazing views of the downtown skyline (see photo). The walkable neighborhood is replete with restaurants, banks, dental offices, medical plazas, dry cleaners, fitness centers, pharmacies, and a bus stop is nearby. The Denver Zoo and City Park is 1.8 miles from the property. The heart of downtown Denver is 1.9 miles to the west. CEC is managing The Residences of Franklin Park for a third-party client.

Denver is a metropolitan area of 3.6 million people at the foot of the Rocky Mountains. It is known as the Mile High City based upon its elevation of 5,280 feet above sea level. It is the state capital of Colorado and is a rapidly growing city encompassing nearly 155 square miles. Denver was incorporated in 1861 and named for James W. Denver, an American politician, soldier, and lawyer. Denver's economy is based partially on its geographic position and its connection to some of the country's major transportation systems. Because Denver is the largest city within 500 miles, it has become a natural location for storage and distribution of goods and services to the Mountain States, Southwest states, as well as all western states. The largest employers in the city include Denver International Airport, HealthONE Corporation, Centura Health, SCL Health Systems, Century Link, Kaiser Permanente, Western Union, Comcast, and Wells Fargo.

Tammy Humphrey (2024) is the Property Manager and Dawn Boyer (2022), is the Regional Manager. Jennifer Fields (2024), is the Property Accountant and Garrett Cook (2022), is the Accounting Assistant.

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

Terrance Catron – Park at Forest Hill, Memphis, TN – Maintenance Technician
Claudia Baza – Preserve at Westover Hills – San Antonio, TX – Assistant Property Manager
Cameo Posada – Lakes at North Port, North Port, FL – Property Manager
Elizabeth Duey – Village Park, Amarillo, TX – Property Manager
William Reaves – Perry 81, Overland Park, KS – Maintenance Supervisor
Connie Wells – Bluejacket Lodge, Shawnee, KS – Property Manager
Tracy Powers – Brighton Creek, Kansas City, MO – Maintenance Supervisor
Adam Mendiola III – Loretto at Creekside, Live Oak, TX – Maintenance Technician
Pamela Kinworthy – Greenwood Estates, Peoria, IL – Property Manager
Kendrick Sams – Jefferson on the Lake, Olathe, KS – Assistant Property Manager
John Feliciano – Pam Apartments, Pampa, TX – Maintenance Technician

Meet the Hamptons at East Cobb Team

Meet the Hamptons at East Cobb team. (L to R) Tony Bailey (2024), Property Manager; Hassan Elfatine (2020), Lead Maintenance Technician; and Antonio Chapman (2024), Assistant Property Manager. Not pictured – Johnny Hambrick (2024), Groundskeeper. Hamptons at East Cobb is a 196-unit market-rate community in the Atlanta suburb of Marietta, GA, and is owned by a Cohen-Esrey Apartment Investors (CEAI) partnership.

Transformational Construction

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

The Launchpad continues its vertical climb in Colorado Springs, CO.

Parking lot paving commences at Panorama Heights in Colorado Springs, CO.

Unit interiors are taking shape at Panorama Heights.

Rooftop solar panels are being installed at Panorama Heights.

Most of the work has moved to the interior units at the Loma Vista Lofts in San Antonio, TX.

Trucks are lining up to remove the massive dirt piles at the Lofts at Creekview in San Antonio, TX.

Three stories are now framed at Lewis Lofts in Mankato, MN.

Concrete sidewalks are being poured at Village Park in Amarillo, TX – formerly called Astoria Park.

Lots of rain has created a quagmire at the Heritage at Cottonwood Creek in San Marcos, TX

The hillside carving continues to make way for new buildings at Overlook 157 in Asheville, NC.

How About a Pair of Grandsons?

Congratulations to Mark Fletcher (2008), Chief Technology Officer, and Marilee Scheid (2019), Director of Learning and Development, on the birth of their grandsons – literally hours apart!

Abby (Fletcher) Taylor was formerly a Cohen-Esrey team member and is the proud mother of Kaden, born on July 14, 2024, at 6 pounds 13 ounces and 22 inches long. We hope dad – Ryan Taylor – is ready to spend some time awake each night for a while. As you might imagine, Grandpa Mark is over the moon.

Not to be outdone, Abby and Connor Boyer welcomed their second child into the world on July 13, 2024. Keller Riggs Boyer clocked in at 9 pounds 1 ounce and was 20-1/2 inches long. His big brother Hudson will likely be doting on this bundle of joy for a long time as will maternal grandmother, Marilee!

iiM Has a Patient Investment Strategy

Innovation in Motion (iiM) is Cohen-Esrey’s venture capital unit. It is a funding platform for early-stage companies in animal health, agriculture, and human health. Many investors in iiM also invest in Cohen-Esrey apartment investment programs.

It's clear that the venture capital industry has experienced challenging market conditions in 2023 and into 2024. In an elevated interest rate environment, venture funding fell to its lowest level since 2017, US deal volume settled at a 10-year low, and less than 200 VC-backed global IPOs materialized, the fewest since 2013. Additionally, geopolitical tensions and macroeconomic uncertainties injected a degree of caution into the market, prompting investors to scrutinize their portfolios and adopt more selective investment strategies. While certain sectors thrived, others faced headwinds, particularly those heavily reliant on physical infrastructure or susceptible to supply chain disruptions. We remain confident that our investment thesis and industry focus can remain durable in a “down” market, as the agriculture, animal health, and human health markets are essential to the health and wellbeing of our planet. These industries remain poised for continued growth, albeit with evolving dynamics. As technology continues to reshape industries and disrupt traditional business models, investors like iiM must stay vigilant, identifying opportunities that offer sustainable growth prospects and tangible value creation.

At iiM, we have remained steadfast in our investment approach and demonstrated resilience and adaptability in the face of this uncertainty despite making only one new investment in the past year. Although reviewing over 1,000 new investment opportunities and reaching advanced diligence on over 20 early-stage companies over the past year and a half, the team was patient and spent time bolstering its due diligence efforts, placing a heightened focus on the active portfolio with involvement in board-level decisions and growth efforts, and strengthening relationships across the venture capital ecosystem. We could not be more excited to be focusing on three industries that are so critical to the health and wellbeing of a growing global population – agriculture, animal health and human health. Solving massive challenges such as reducing waste, producing enough high-quality food to feed both humans and animals and addressing varying types of healthcare crises are what energizes our portfolio company founders, and we are thrilled to be supporting them as they create businesses around innovative solutions. Technologies developed by companies we have most recently invested in include an approach to insect control using natural biochemicals, a software-enabled controlled indoor agriculture product, an epidural guidance system, a 3D-printed, software-enabled orthopedic bracing company, and a technology-enabled non-emergency medical transportation platform.

One company in our investment portfolio to highlight is Impetus Ag. iiM made a $500,000 investment into Impetus Ag in December 2022, and with that investment, obtained investor rights such as becoming an Observer on the Board of Directors. Impetus Ag has developed a novel platform to enhance the performance of Bt proteins, broadly recognized as among the safest and most widely used crop protection applications. The platform enables the company to create new biological insect control products that are safe, effective, and sustainable while seamlessly integrating with modern agricultural practices. Since our investment alongside other venture capital firms, Impetus Ag has built out its research and development team and capabilities, progressed its lab and field testing, collaborated with large multi-national partners, and remained cash efficient. We look forward to playing a role in Impetus Ag’s continued growth as well as in the success of the rest of iiM’s portfolio companies.

Is There Really Such a Thing as Luck?

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

I am sure you have heard the saying that even blind pigs find a truffle occasionally. Sometimes people will say that their luck has run out. Author Josephine Hart once wrote, “Lucky people should hide. Pray the days of wrath do not visit their home.” Theodore Roosevelt said, “As regards the extraordinary prizes, the element of luck is the determining factor.” Bill Watterson, creator of the comic strip Calvin and Hobbes once quoted Calvin as saying, “You know, Hobbes, some days even my lucky rocket ship underpants don’t help.” That one is my favorite.

So, how often do we chalk things that happen up to luck? There has always been a lot of talk about coincidence, destiny and fate. It is as if there are certain influences in our lives that are out of our control. And it is hard not to believe that this is totally true. But as the years have gone by, I have come to believe that we do control pretty much everything that happens, just not always at a conscious level. Once, I was talking with a friend who had been struggling with his job performance. He wasn’t hitting the sales goals his company had set and was on the firing line to improve. He had a breakthrough month and said this about it, “Basically, my team was down three points, and I got fouled shooting a half-court shot at the buzzer that happened to go in. I worked hard to get there, but it was purely coincidence that it all came together at one time for me.” But the reality of what transpired for him had nothing to do with coincidence or the serendipity that he describes.

What my friend did not realize is that he set an intention and then persevered to make it so. In the process, he created an energy that opened the door for him to win. We are such a tangible society. If we can’t touch it or see it, we often don’t believe it. Ah, ye of little faith, as the saying goes . . . right? But I have said many times how powerful our minds can be. Think about it. When we are in a negative frame of mind, how productive are we? How often do good things happen? Likewise, when we have a positive mindset how productive are we? How often do good things happen? I can’t think of a single time when I was in a sour mood and wallowing in negativity that anything good came of it. And I do know that everything good that has transpired occurred when I was in a positive place. Thus, I have reached a simplistic conclusion that if I stay positive, I will create the energy necessary to draw good things into my life.

Do you believe that NFL star Patrick Mahomes is the luckiest man alive because he has otherworldly talent and can dominate the game? Or do you believe that Patrick Mahomes maintains a positive mindset that propels him to work hard to take advantage of an opportunity given to him by his innate skills? In the offseason, he trains incessantly so that his body can withstand the rigors of 300-pound warrior beasts crashing into him during the regular season. He brings together members of his pass receiving corps during the offseason and throws an amazing assortment of passes to them. Mahomes has a tireless work ethic, preparing himself mentally and physically to be the best football player in the world. Is that luck?

We do not stumble into our success but will it to be so with our preparation and mindset. Keeping negativity at bay opens the door to the positive energy that is anything but luck.

Why We Do What We Do . . .

This is a new feature for People & Properties thanks to a suggestion by Dawn Boyer (2022), Regional Manager. From time to time, we’ll share inspirational stories about residents for whom Cohen-Esrey has made a difference in their lives by providing quality housing. Dawn has been assisting Chris Watkins (2023), Property Manager at the Trails at Lehow in Englewood, CO, with the lease-up. Here’s the rest of the story as told by Dawn.

“I was working with an applicant at the Trails at Lehow, and he returned with his three sons to show them where they were going to be living. The applicant is a single dad with three teen boys – middle school, high school, and an 18-year-old autistic son who just graduated. The father works three jobs and wanted to get his boys moved somewhere he felt they were safe. I took him and his boys on a tour of the property. I got to watch all the boys’ faces light up at every turn. They were so excited and couldn’t stop thanking me and telling me how excited they were to move in. The boys commented on how they had never had bedrooms that big. It was a reminder I needed and reinforced my feelings of why I love affordable housing.”

Trails at Lehow

Feeding America!

By Eric Kirk (2011), Corporate Accounting Manager

The Community Impact team has elected to partner with Feeding America! This is not a formal partnership, as in we don’t necessarily have anything in writing and/or we have not made any formal commitments. We have reached out to Feeding America to find out about opportunities to volunteer and they connected us with a regional representative that we can go to with questions, concerns, and volunteer advice on a go forward basis. Feeding America is the parent organization that has regional organizations across the country, as an example we would recognize their brand as Harvesters here locally in the Kansas City region.

There are a couple of reasons we elected to partner with Feeding America. First the administrative lift of Cohen-Esrey team members was probably less productive than the efficiency with which Feeding America could orchestra the administration of providing volunteer service and goods. Another reason the Community Impact team elected to partner with Feeding America was their national presence, meaning the same weekend that Kansas City team members are volunteering at

a local food bank and San Antonio team members could be volunteering at a similar event in their neighborhood. And maybe most importantly, Cohen-Esrey serves residents that could benefit from receiving food from Feeding America food banks. From a high level perspective, it feels like an organization that everyone can relate to and stand by, and one where we can all be connected to the same network at some part of the loop. We can have residents receive goods from their local food bank, we can have team members sign up to volunteer time at local food banks, and we can volunteer time at local warehouses for sort and repack opportunities to finish the loop.

For properties reading this, here is a link that can be provided to residents interested in learning more about their local food bank: https://www.feedingamerica.org/find-your-local-foodbank.

Currently, the Community Impact team is planning a Sort and Repack event sometime in August or September – we will be circulating a date soon, for the Kansas City region. For a similar time frame we will highlight similar volunteer opportunities in some of our other larger served regions. A Sort and Repack event entails meeting at a designated Feeding America warehouse at a predesignated time to sort through pallets of donated food and to repack that food into gift boxes that can be delivered to food banks and meals on wheels type programs. In November 2022, the Community Impact team had a successful Sort and Repack event at our local Harvesters warehouse where we re-packaged nine pallets of food weighing several TONS of food. Our previous Sort and Repack event was a tremendous team-building event and was an all-around positive and uplifting experience! More to come on this future opportunity soon.

The Community Impact is always looking for a friendly face to help us accomplish our mission of “Strengthening and enriching the communities and neighborhoods where we live and work!” If you have any questions or suggestions or want to join our efforts please do so by reaching to ekirk@cohenesrey.com.

Have You Seen Our Stats?

On the Cohen-Esrey website, we post cumulative statistics since the company was founded in 1970. Here are some key numbers that you might find interesting.

Restoring Trust

The 372-unit market-rate South Pointe Apartments in Dallas, TX, faced some serious challenges recently. The Texas Department of Transportation began rebuilding a highway overpass that was near the property. An encampment of homeless people was removed from that location and chose to break into vacant units at South Pointe and cause serious damage while terrorizing the residents at the same time. City authorities were initially slow to react, and the situation quickly got out of hand. Since then, most if not all the homeless squatters have been removed and order is being restored. The new Property Manager, Shuntia “Tia” Richardson (2024), has assembled a terrific property team and begun the process of restoring the trust of the residents. It all started with a Neighborhood Watch meeting that Tia sponsored with a large turnout of residents, city officials, and representatives of the police department. The event was a huge success. Simultaneously, vacant units were secured in such a way that prevented squatters from breaking into them. Two residents who were calling the city non-stop with complaints have now become the biggest advocates for the property. That’s Tia in the photo below standing between South Pointe’s newest resident “cheerleaders.”

Tia has experience with tough situations like this – perhaps even tougher. She was calm, cool, and collected and has provided terrific leadership throughout this ordeal. On July 12, Tia and the South Pointe team held a Resident Appreciation Donut Breakfast in the clubhouse that was well attended. Other members of the team who participated in the Appreciation event are (L- R): Juan Luis Sierra del Oso (2024) Groundskeeper; Julio Rivera Cabrera (2024) Maintenance Technician; Tiffany Hall (2024) Assistant Manager; Evian Blackwood (2024) Leasing Agent; and Aidee Morales (2024) Maintenance Technician (she is HVAC and CPO Certified).

Next up is an exciting back-to-school event planned for August 9th, to be funded by donations. Service Master Restoration has already ordered $1,000 worth of school supplies to support this event, with more contributions forthcoming. Tia anticipates it will be a major event, and the team is eager to see the residents' excitement.

We congratulate Tia, her property team, Alyssa Garza (2022), Regional Manager, and Connie Riley (2012), Senior Regional Vice-President, all of whom have worked tirelessly to restore the trust of the South Pointe residents and the neighborhood at large. By all accounts to date, South Pointe is roaring back. And it all started with a focus on Customer Fulfillment.

Another Historic Building for Tax Credit Fund

Cohen-Esrey Capital Partners (CECP), sponsor of the Heartland Historic Preservation Fund VI (HHPF-VI), has completed an investment by the fund in the Rathbone Boutique Hotel in Montrose, CO. Montrose is a small town of more than 20,000 between Grand Junction (62 miles to the northwest) and Telluride (67 miles to the south) near the Black Canyon of the Gunnison National Park. Built in 1909, the Rathbone consists of 12,500 square feet and the developer has spent approximately $8.2 million to restore the historic structure. HHPF-VI is investing in federal historic tax credits. Construction of the 17-room independent hotel is nearing completion. The building had been vacant since 2012 after a fire damaged the interior of the building. There will be seven guestrooms on the first floor and the second floor will feature 10 guestrooms, with a mix of standard rooms, larger rooms with unique layouts, and two lofted suites.

Carol Lowe (2011), Director of StateTax Credits, brought the project to CECP and has worked with Michael Marsh, CPA (2020), Director of Federal Tax Credits, to close the transaction. Charity Trotter (2023), is the Fund Administrator for CECP and Hayley Fisher (2023) is the Fund Accountant. HHPF-VI has now made investments in four historic properties with three more investments pending.

An Empowerment Story

By Jamina Beal (2023), Property Manager

Jamina Beal, (2023), is the Property Manager for Freedom Place in St. Louis, MO. Here is what she has to say about her Empowerment:

Cohen-Esrey has Empowered Me to Thrive not only in my position but also my life! Alisha Brooks (2017) Regional Manager, who was the Operations Manager at the time I started, trained me thoroughly. I was completely new to the tax credit world when I came on board as the Assistant Property Manager at Sullivan Place in St. Louis. Working hand in hand with her alongside our Compliance Team including Tina Shirey (2002), Compliance Manager and Lisa Paszkiewicz (2008), Section 8 Housing Compliance Specialist, has helped me achieve a level of speed and accuracy when completing files that ultimately helped me advance from Assistant Property Manager to Property Manager in less than a year! Now, as my Regional Manager, Alisha has been one of my biggest cheerleaders, always holding me accountable and making sure my property’s needs are met. She has given me the opportunity to travel and assist other communities when needed. I will be forever grateful for her taking a chance on me, providing endless room for growth!

Starting in the property management field during the pandemic was less than ideal to say the least. When I left my last company, I felt overworked and underappreciated. I guess you could say I was unfulfilled. The Core Values of Cohen-Esrey caught my attention. A company that prides itself on having Integrity, being committed to Team Member Fulfillment as well as Customer Fulfillment was where I needed to be. I’d been seeking purpose and found it! Being a part of Impacting the Community sparked something I didn’t realize I had inside of me. Thank you for providing the foundation on which I’m able to stand today!

Fun Photo

Check out the prospective new resident who is scoping out our Overlook 157 Apartments that are under construction in Asheville, NC!

Development Opportunities Abound!

In each issue of People & Properties we show progress photos for various Cohen-Esrey Development Group (CEDG) properties that are under construction. The CEDG team has many more properties in the development pipeline. Here’s a look at several such development opportunities. Suffice it to say that some will happen and some will fall by the wayside and other will be added to the list. That’s the nature of the development business. To succeed, the pipeline must always be full and that’s what CEDG is striving to do.

Note: Bold denotes site control.