October 7, 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.

A Successful Conversion to Market-Rate

Cohen-Esrey has been involved with Old Orchard Estates in Carbon Cliff, IL, since the early 2000s. We were brought in as the replacement general partner by the equity syndicator at that point and began managing the 144-unit property when it was an affordable community financed using tax credits. At some point, the limited partner ownership interest was acquired via a new partnership involving Cohen-Esrey Apartment Investors (CEAI). Eventually, the property was converted to a market-rate asset with physical improvements to the unit interiors and an increase in rents. Built in 1997, Old Orchard Estates is located next to the TPC Golf Course and is less than a mile to the world headquarters of John Deere.

Residents enjoy picnic areas, grilling stations, playgrounds, a basketball court, private patios and balconies, and exterior unit entrances. Garages are also available for rent. Renovation efforts have included new carpeting, light fixtures, black appliances, countertops, kitchen sinks and cabinets, bathroom vanities and fixtures, and bathroom lighting. One-bedroom units are 683 square feet and rent for $865 per month. Two-bedroom units are 880 square feet and rent for $920 to $935 per month. Three-bedroom units are 1,200 square feet and rent for $1,230 to $1,350 per month.

Carbon Cliff is part of the Quad Cities metropolitan area that include cities in Iowa and Illinois. The more well-known cities include Davenport and Bettendorf, IA, and Rock Island, Moline, and East Moline, IL. The Quad Cities is a six-county region that spans the Mississippi River with a metro population of 474,000. Besides Deere and Company, other major employers included Rock Island Arsenal, UnityPoint Health, Genesis Health System, Hy-Vee, The Hon Company, Walmart, Arconic, Tyson Fresh Meats, and Oscar Mayer/Kraft. The late actor Eddie Albert and country singer Suzy Bogguss hail from the Quad Cities. Four interstate highways serve the Quad Cities and air service is available at the Quad Cities International Airport, Ilinois’ third-busiest airport.

Kathy Cogdill (2004) is the Property Manager and Rebecca Grimm (2019), is the Regional Manager. Paige Bohling (2022) is the Property Accountant and Paige Wright (2024) is the Accounting Assistant.

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

Justin Carden – South Pointe, Dallas, TX – Assistant Property Manager
Stephanie Ruhrer – Centennial Manor, Sioux City, IA – Property Manager
Bill Jones – Woolworth Estates, Omaha, NE – Maintenance Technician
Calvert Bufford – Tall Oaks, Conyers, GA – Lead Maintenance Technician
Aiden Torres – Perry 81, Overland Park, KS – Groundskeeper
Keyandre Thirdgill – Pecan Ridge, Texarkana, TX – Make Ready Technician
Jerimiah Bogier – Big Chair Lofts, Thomasville, NC – Maintenance Technician
Christopher Chafin – Park Edge, Lenexa, KS – Assistant Property Manager
Claudia Robbs – Hamptons at East Cobb, Marietta, GA – Assistant Property Manager
Laura Powell – Offsite Remote – Operations Support Manager
Jake Butler – Sinclair Flats, Mankato, MN – Custodian
Carmela Dunnick – Canterbury Village, South Sioux City, NE – Property Manager
Travis Voss – Canterbury Village, South Sioux City, NE – Make Ready Technician
Claire Kurtz – Oakwood, Vermillion, SD – Leasing Agent
Robert Aldridge – Park at Forest Hill, Memphis, TN – Make Ready Technician
Michelle Figland – Greenridge, Mitchell, SD – HUD Service Coordinator
Tammy Soulek – Town Square, Vermillion, SD – Property Manager

Meet the Oaks at Rosehill Team

Meet the team at Oaks at Rosehill. (L to R) Terry Williams (2024), Maintenance Technician; Joshua Stewart (2024), Make Ready Technician; Jada Smith (2024), Assistant Property Manager; and Jessica Parker (2024), Property Manager. The Oaks at Rosehill is a 126-unit affordable community in Texarkana, TX, that is managed by Cohen-Esrey Communities (CEC) for a third-party client.

Transformational Construction

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

Roughed-in exhaust duct on 4th floor at The Launchpad in Colorado Springs, CO.

Panorama Heights in Colorado Springs, CO, is just weeks away from completion.

Construction of the swimming pool at the Loma Vista Lofts in San Antonio, TX, is about to begin.

Progress has been made on the long-awaited retaining wall at the Lofts at Creekview in San Antonio, TX.

An interior view looking out at Lewis Lofts in Mankato, MN.

New curbs have been installed at Village Park in Amarillo, TX – formerly called Astoria Park.

The Heritage at Cottonwood Creek in San Marcos, TX, is a massive site.

Site preparation continues at Overlook 157 in Asheville, NC. Fortunately, the site is elevated and was not impacted by the recent flooding in Asheville as a result of Hurricane Helene.

It’s Baby Time!

Congratulations to Brent Hastings (2018), Senior Project Manager for the Nexus 5 Group, and his wife Hillary, on the birth of their third child! Ellison Hastings came into this world on September 19 at 2:08 AM and weighed 8 pounds 9 ounces! As you can see, big brother and sister are elated over this recent development. We’ll see how all this works out when everyone is a bit older . . .

The Revenue Growth Champions!

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

Each month we recognize market-rate communities that have realized stellar year-over-year (YOY) revenue growth. For the month of September 2024, here are the standouts with growth of 5% or more. Congratulations to each team for the progress made! Nine properties are on the list this month – the same number as in August.

A Healthy Tip

By Alexis Cruz (2024), Human Resources Coordinator, Gina Long (2022) Human Resources Business Partner

D.O.S.E of Happiness

There are four hormones that actively contribute to our happiness – Dopamine, Oxytocin, Serotonin, and Endorphins. You might know them as the “Happy Chemicals.” As the days become shorter, and the weather becomes colder, it is easy to slip into a funk without realizing it. Knowing activities to release these chemicals can help you prioritize your happiness this fall.

Celebrating small wins
Setting goals
Trying something new

Hanging out with friends
Giving a compliment
Helping others

Exercising
Increasing sunlight exposure
Journaling

Laughing
Listening to music
Dancing

Maintaining your happiness can improve several aspects of life such as work performance, relationships, and physical and mental health. Cohen-Esrey has resources for mental health needs, whether you carry our insurance plans or not! Go to https://communitysupport.bluekc.com/ and enter the zip code of the area you want to find resources in.

If you carry Blue Cross Blue Sheid of Kansas City medical insurance, you can call 1-833-302-6463. They are available 24 hours per day. You can also go online to http://www.guidanceresources.com/ Enter LFGSupport for the username and password.

A New Supportive Housing Initiative

PreservingUS, Inc. (PUI), the Cohen-Esrey Development Group (CEDG), and Cohen-Esrey Communities (CEC) have been accepted into the Kansas City Metro Supportive Housing Institute to learn best practices for developing permanent supportive housing for people who are chronically homeless or at risk of becoming homeless. “Permanent supportive housing” pairs affordable housing with on-site case management and support services to ensure vulnerable residents find and retain their housing. The Institute brings together holistic teams comprised of a developer, owner, property manager, supportive services provider, and the formerly homeless to improve the planning and development process for long-term success. The PUI, CEDG, and CEC team also includes reStart, a Kansas City-based organization that has served Kansas City’s homeless population since 1981 and provides supportive housing services to its clients. In addition to learning supportive housing best practices, the team will

strengthen relationships with Institute sponsors, which include the Corporation for Supportive Housing, the United Way, Health Forward Foundation, Kansas Housing Resources Corporation, and the Kansas City, MO Housing Departmentt. The Institute begins in late September 2024 and wraps up in December 2024. For those unfamiliar, PUI is a nonprofit housing provider that often partners with CEDG and CEC to deliver affordable housing and services to residents with limited incomes.

Pictured in the photo (L to R) – Cynthia Cobbins (2016), Property Manager-Justin Place; Sonya Shifflett-Bly (2018), CEDG Development Manager; Burvina Parham, Director of Housing for reStart, Inc.; Jack Brenton (2018), CEDG Development Manager; and Emily Robinson (2023), Executive Director- PreservingUS, Inc.

Core Value of the Month

An Example of Integrity

Our Core Value of Integrity goes beyond each of us individually doing the right thing. We also attempt to deliver Integrity at the corporate level. During the COVID-19 pandemic, the federal government launched a host of programs intended to support businesses through the crisis. One such program was the Employee Retention Credit (ERC) under Section 2301 of the CARES Act which allowed a credit against applicable employment taxes for eligible employers that pay qualified wages, including certain health plan expenses, to some or all employees after March 12, 2020, and before January 1, 2021. It was originally designed to help employers that were not eligible for a Paycheck Protection Program (PPP) loan, but it was later amended so employers who received PPP loan forgiveness were often still eligible for the ERC.

There were two ways for an employer to be eligible for the ERC for a particular calendar quarter.

The employer experienced a significant decline in gross receipts, or
The employer either fully or partially suspended its operations because of governmental orders related to COVID-19 that limited commerce, travel, or group meetings.

On June 20, 2024, after a review of one million backlogged ERC claims, the IRS reported that the vast majority – as many as 90% - showed markers of being fraudulent. Many of these claims were from companies that were assisted by a cottage industry that sprung up with “consultants” reaching out to assist employers with submitting ERC applications. Some of the more egregious examples of fraud involved manipulating gross receipt data as well as fudging on documentation for suspending operations.

We have been contacted many times by such consultants encouraging us to claim the ERC. You will be pleased to know that while Cohen-Esrey participated in the Paycheck Protection Program we did NOT choose to move forward with an ERC claim. Why? It’s as simple as the fact that neither of the eligibility requirements were met and we were not about to deviate from our principles to submit a claim that wasn’t true and accurate.

Why We Do What We Do . . .

We continue our new feature for People & Properties focusing on stories about why members of our team do what they do. In this issue, Kotarra Rone (2024), Regional Manager, shares her inspirational thoughts.

“One of the main reasons I love property management is the passion I have for helping people. It brings me much satisfaction to know that people put so much trust in me to live in a property within my portfolio – a place that they call home and knowing that owners place their complete trust in me to manage their investments – brings me great joy.”

Communicating Matters – A Lot!

By Kipp Keffel (2024), Director of Training and Customer Fulfillment

We are in unprecedented territory with our current NPS score at +0, prompting one critical question: why is our score dropping? Despite having 1,278 promoters, 1,262 detractors, and 368 neutral scores overall it is easy to assume that we are doing okay. Unfortunately, that is not the case. Looking at it from a sports perspective, that is a winning percentage of .501. If the Super Bowl champion Kansas City Chiefs, with all the potential and talent they have, won only nine games, out of 17, would that be considered a good season? It would be considered a disappointing season based on the expectations of the fans. The good news is, we have the power to change this. We can turn things around with small, simple actions. This will not only raise Net Promoter Scores, but also boost resident retention, referrals, and the overall perception of our properties. We have the right people, we have the right properties, and best of all, we have the right opportunity to turn things around.

Analyzing residents’ comments, a few key trends stand out. The most common cited concerns are related to communications, maintenance turn times, and amenity closures. Too many variables can cause delays in resolution, which then leads to dissatisfaction for our residents or our vendors. However, we can control the narrative around these issues. It all boils down to one thing: communication. As consumers, we want prompt updates. We want to know that efforts are being made to resolve an issue or concern. We want to feel like we have a seat at the table. By being open and communicating with residents, explaining why a maintenance request is delayed and what steps are being taken to address it, we can alleviate many of the concerns residents may have.

Our properties are more than just assets. They are homes, safe spaces where people go after a long day to relax and unwind, not to deal with unresolved issues. Improving communication and showing residents they are valued will directly boost resident satisfaction. That is why I am a huge advocate of the HEARD model when it comes to residents who need a resolution.

H – Hear: Listen carefully and understand the resident’s issue. Dissatisfaction might be expressed bluntly, but it is important to identify the key concern.
E – Empathize: Acknowledge the resident’s frustration. We all have homes; imagine how you would feel if an issue went unresolved for months.
A – Apologize: Even if the problem is out of your control, a sincere apology can go a long way towards helping to rectify an issue, and more importantly, foster an opportunity for positive rapport with that resident.
R – Resolve: The resident wants to feel valued, and they want a solution. Reaching a resolution may feel like a challenge because you may not have all the answers, or the ability to immediately fix that issue, and that is okay. You just need to communicate that with the resident. “I completely understand where you are coming from, and unfortunately, I do not have an answer right now on finding a resolution for this issue, but I will be doing the following things in order to ensure that this problem is rectified.” Then proceed to list the steps you are going to take to fix the issue or concern. They want to know that something is being done to fix what is wrong, even if it is not fixed right then and there.
D – Diagnose: Once you have resolved the resident concern, it is time to dig into why it happened in the first place and what processes can we implement to ensure it does not happen again.

It is interesting to note that our Prospect Promoter Score, though it is not tied to our overall NPS, is world class at +74. What is the difference between this score and our overall NPS score? Communications. A whopping 74% of individuals who completed the survey felt that the communication was excellent. That is the common denominator when it comes to scores. Open, transparent communications. The best part? Communication is free. Whether it is a simple problem, or a complex one, being open with the residents and having them updated regularly on the status of the maintenance ticket, or the amenity concern, or the parking lot issue will go a long way to improving resident satisfaction.

We all hear how the little things add up, that could not be truer when it comes to our properties. Perform a walking inspection of the property regularly, stay aware of issues, and engage with residents. Ask how they are doing and work on building strong relationships over time. It is much easier to resolve an issue with a resident when we have a relationship with them that does not start off on the wrong foot. Check-in with them occasionally, follow up after maintenance is completed to ensure that they are happy. It is time to act, improve communications, build stronger relationships, and proactively address issues. By taking these steps consistently, we can turn things around and create communities where residents are truly proud to live.

An Empowerment Story

By Nick Emenhiser (2022), Development Director, Cohen-Esrey Development Group (CEDG)

Nick Emenhiser, (2022), is the CEDG Development Director for the Mountain West Region. Here is what he has to say about his Empowerment:

“Empowering People to Thrive” is not just a nice corporate slogan – it is the perfect mindset for a company whose mission is to house people and improve communities. In my 2 ½ years with Cohen-Esrey, I have seen us walk this talk through the caliber of communities we are building, partnering with numerous social service organizations, and engaging directly with residents to drive resident satisfaction and retention.

This is a more self-centered story about how Cohen-Esrey has specifically Empowered Me to Thrive in my role. On the development side, relationships and partnerships in the community are everything, and there is an extent to which CEDG must recruit staff for both their existing and potential relationships. My prior experience managing the City of Denver Affordable Housing Fund is an example of that, but it would not be enough to rest on those laurels.

As we aspire to pursue projects not just in/around Denver, but throughout the Mountain West footprint, Cohen-Esrey has empowered me to build relationships throughout Colorado, Utah, and Arizona. This comes easily to me as someone who originally joined this field as an advocate. CEDG invests in my development by sending me to conferences and networking events, where I primarily focus on relationships with public and private funders. The group invests directly in my training and development, including recently achieving the LEED Green Associate certification, and pursuing others that make sense for our work.

I am excited about the LEED credential because it’s focused on how to specifically make buildings more efficient to operate, and tangibly communicates our values when we submit a response to an RFP or RFQ in our Mountain West footprint (many of which want environmental bona fides).

Many of my colleagues have credentials from the Project Management Institute and National Development Council, and I am constantly amazed by being on a team where everyone is brilliant. Our team is more than just a collection of credentials, but these credentials directly communicate our values and competency, and they are expensive and difficult to obtain. The development of KNET is a great example of the PMI/PMP credential at work, which I am pursuing next.

We are all developing personally and professionally in unison with our growing company. The growth of Cohen-Esrey has been amazing to watch, and would not be possible without these investments in professional development.”

A Fun Photo

We have previously written about an aircraft hangar being constructed by the Nexus 5 Group. Here’s a photo of the heat tubing that was installed before the concrete floor was poured. This is necessary because the client, Team Aero, will be having employees working inside the hangar during the winter and they want to keep the floor warm for comfort reasons.

NPS Leaderboards

The three NPS Leaderboards have been updated as of October 4, 2024, and the leaders remain the same from September. In the 50-Units or Less category Rankin Mills (Boonville, MO) remains the leader with a score of +86.84. In the Properties 51 to 120-Units category, Justin Place (Kansas City, MO) maintains its hold on first place with an NPS of +78.57. And in the Properties of More than 120-Units category, The Boulevard (Springfield, IL), continues its multi-year lock on first place standing with an NPS of +95.83. There are 20 properties on Leaderboards – the same as last month. Our overall NPS is nothing to brag about as it has dropped to +0.