November 4, 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.

Attractive and Spacious

Over the past several months you’ve read a lot about a large portfolio of apartments for which Cohen-Esrey Communities (CEC) assumed management on behalf of Village Communities, the Texarkana Public Housing Authority. In this issue we are featuring Oaks at Rosehill. Many people have a misconception that all public housing looks like run-down Soviet-style high-rise apartment buildings. As you can see from the photo, that’s certainly not the case at the Oaks. This property contains 126 units and was built in 2010. Residents enjoy a fitness center, library, clubhouse, business center, two playgrounds, high-speed Internet access, and washer/dryer hookups. Apartment interiors have walk-in closets, wheelchair accessible rooms, microwaves, and ice makers in addition to the normal appliance package. One-bedroom apartments are 758 square feet and rent for $439 to $712 per month. Two-bedroom units are 1,049 square feet and rent from $538 to $853 per month. Huge three-bedroom apartments are 1,245 square feet and rent for $974 per month. Section 8 rental assistance is available.

CEC now manages 14 apartment communities in Texarkana totaling 1,157 units. Besides managing for Village Communities, CEC also operates properties for the Cohen-Esrey Development Group (CEDG) and another third-party client.

Jessica Parker (2024) is the Property Manager and Kotarra Rone (2024), is the Regional Manager. Garrett Cook (2022) is the Property Accountant and Emily Fletcher (2022) is the Accounting Assistant.

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

Paul Sabella – Park Edge, Lenexa, KS – Maintenance Technician
Anthony Barker – Perry 81, Overland Park, KS – Maintenance Supervisor
Alejandro Estrada – Carlyle, Shawnee, KS – Maintenance Technician
Amanda Lizana – Jefferson on the Lake, Olathe, KS – Property Manager
Luis Mendoza – South Pointe, Dallas, TX – Maintenance Technician
Tammy Humphrey – Residences at Franklin Park, Denver, CO – Property Manager (Rehire)
David Garrett – Corporate Office – Property Accounting Assistant
America Hernandez – Corporate Office – Accounts Payable Clerk
Stephen Brandon – Northwoods, Kansas City, MO – Maintenance Technician
Marion Turner – South Pointe, Dallas, TX – Groundskeeper
Lydia Cordoba – Loretto at Creekside, Live Oak, TX – Custodian
Andrew Florke – Town Square, Vermillion, SD – Maintenance Technician

Meet the Accounting Assistants Team

Meet the Accounting Assistant and Accounts Payable teams at the Corporate Office. (L to R) America Hernandez (2024), Accounts Payable Clerk; Emily Fletcher (2022), Property Accounting Assistant - Supervisor; Nicole Zoller (2024), Accounts Payable Specialist; Lana Frank (2022), Property Accounting Assistant; Jasmin Santana (2024), Property Accounting Assistant; David Garrett (2024), Property Accounting Assistant; Nancy Lewis (2021), Property Accounting Assistant.

Accounting Assistants deposit and manage property level accounts receivable; manage checks, ACH payments, and petty cash; onboard and offboard utilities; prepare and complete bank statement reconciliations; provide RealPage Utility Management; assist Property Accountants; support field teams, and upload documents for auditor access.

Accounts Payable Clerks enter property level invoices; maintain vendor insurance compliance; reconcile vendor statements; set up and maintain vendors; communicate with vendors; and communicate with on-site teams and management.

Transformational Construction

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

Siding installation is nearly complete at The Launchpad in Colorado Springs, CO.

Look at all the solar panels on the roof at Panorama Heights in Colorado Springs, CO!

A Temporary Certificate of Occupancy has been issued for the first of two buildings at the Loma Vista Lofts in San Antonio, TX.

Construction of an enormous retaining wall is nearing completion at the Lofts at Creekview in San Antonio, TX.

Hallways are nearing completion at Lewis Lofts in Mankato, MN.

New windows are being installed at Village Park in Amarillo, TX.

The detention pond retaining wall is being constructed at the Heritage at Cottonwood Creek in San Marcos, TX.

Work has resumed at Overlook 157 in Asheville, NC, after Hurricane Helene.

Congratulations, Levi and Skylar!

Levi Cook (2022), Level 1 Web Developer and his wife Skylar, welcomed their second daughter into the world on October 22. Sylvia May Cook was born at 1:00 PM, weighing 8 pounds 1 ounce and measuring 20 inches long. Levi reports that mom and baby are both happy and healthy! We can always use another web developer in training! Congratulations to Levi and Skylar.

Apples and More Apples = Community Impact

By Kathleen Williams (2022), Corporate Accounting Assistant

I’m pleased to share a recap of our most recent community impact event, where 12 of our team members spent two hours at the Harvesters warehouse in Kansas City. Together, we bagged an impressive 4,000 pounds of apples! Each year, Harvesters volunteers contribute the equivalent of about 64 full-time employees—highlighting how vital volunteer efforts like ours are to their operations. As a company, we are committed to continuing these meaningful volunteer outings twice a year.

Looking ahead, our next event will be the "Adopt a Family" initiative through Operation Breakthrough, which is set to kick off in late November.

In addition, we encourage you to find local volunteer opportunities that resonate with you. If you’d like assistance locating events in your area, please reach out to me, Kathleen Williams, at kwilliams@cohenesrey.com. I will connect you with your designated team member from our Community Impact Team to help coordinate and support your efforts.

Thank you again for making a positive impact, and we look forward to seeing more of you involved in future events.

The 12 volunteers were:

Kathleen Williams (2022), Corporate Accounting Assistant
Eric Kirk (2011), Corporate Accounting Manager
Leslie Whitney (2022), Property Accountant
Lisa Moore (2021), Draw Specialist
Ashley Harper (2023), Executive Assistant
Nicole Zoller (2024, Accounts Payable Specialist
Cassie Colston (2004), Regional Vice-President (CEC)
Amanda Rivera (2023), Property Manager – Perry 81
Kurt Parrett (2008), Property Accounting Manager
Mike Gioia (2020), Senior Property Accountant
Garrett Cook (2022), CE Accountant
Emily Fletcher (2022), Property Accounting Assistant – Supervisor

Core Value of the Month

A Healthy Tip

By Marilee Scheid (2019), Director of Learning and Development

As the days grow shorter and the weather cools down, it’s important to adjust your routine to stay healthy and vibrant during the fall season. Changing temperatures can affect your immune system, so here are a few wellness tips to keep in mind as we head into cooler months:

Stay on Top of Your Vitamins

With less sunlight and colder weather, your body might need a boost! Vitamin D levels can drop, which can affect your mood and immune system. Consider adding a Vitamin D supplement if you aren't getting enough sunshine. Vitamin C and zinc are also essential for immune support during cold and flu season. Zinc has an enzyme that helps break down proteins in viruses, keeping them from thriving.

Did you know that oysters are packed with zinc? In fact, they’re one of the richest sources! Other great sources include beef sirloin, oats (a perfect addition to protein balls), pumpkin seeds, pork loin, turkey, blue crab, shrimp, greek yogurt, and cheddar cheese.

Prioritize Rest and Hydration

As the days get busier and the weather changes, rest becomes more important than ever. Getting enough sleep—ideally 7-8 hours per night—helps your body recover and strengthens your immune system. Stress and external factors like family and work obligations can disrupt sleep, but it’s crucial to listen to your body and take time to rest. If you miss out on sleep, try to find time to catch up and allow your body to recharge.

Staying hydrated is also essential, even in cooler weather. Your body still needs plenty of water to function properly. Aim for 100 ounces of fluids per day! Dehydration can sneak up on you in the fall and winter, sometimes presenting as hunger, muscle cramps, fatigue, or dry skin. Listen to your body and keep those water bottles filled!

Enjoy a Walk After Dinner

Even when temperatures drop, an evening walk after dinner can be incredibly beneficial. Walking helps with digestion, boosts your metabolism, and promotes better sleep. Plus, it's a great way to clear your mind and wind down after a busy day. You could even walk with a friend or family member to check in and share some quality time. Taking this moment for yourself helps reduce stress and keeps your body in balance.

Strengthen Your Immune System Naturally

In addition to taking your vitamins, don’t forget to fuel your body with nutritious foods rich in antioxidants, such as leafy greens, berries, and citrus fruits. These help support your immune system and keep your energy levels up as the season changes.

Some fall superfoods to incorporate into your diet include sweet potatoes, pumpkins, brussels sprouts, butternut squash, beets, apples, avocados, pomegranates, and walnuts.

Fall Superfood Crock Pot Recipe: Sweet Potato & Butternut Squash Stew

Ingredients:

- 2 medium sweet potatoes, peeled and diced

- 1 small butternut squash, peeled and cubed

- 1 onion, diced

- 3 garlic cloves, minced

- 1 can (15 oz) diced tomatoes

- 4 cups vegetable broth

- 1 can (15 oz) chickpeas, drained and rinsed

- 2 tsp ground cumin

- 1 tsp cinnamon

- 1/2 tsp ground turmeric

- 1/4 tsp cayenne pepper (optional, for heat)

- Salt and pepper to taste

- Fresh spinach or kale (optional, for added greens)

- 1 tbsp olive oil

- 1 tbsp lemon juice

- Fresh parsley or cilantro for garnish

Instructions:

1. Sauté the onion and garlic in olive oil until softened (about 3-4 minutes), in a large skillet.

2. Add the sweet potatoes and butternut squash to the crock pot.

3. Pour in the diced tomatoes, chickpeas, vegetable broth, and the cooked onion and garlic.

4. Stir in the cumin, cinnamon, turmeric, cayenne (if using), salt, and pepper.

5. Cover and cook on low for 6-8 hours, or on high for 3-4 hours, until the vegetables are tender.

6. About 30 minutes before serving, stir in the spinach or kale if desired, and let it wilt into the stew.

7. Add the lemon juice and adjust seasoning to taste.

8. Serve in bowls, garnished with pumpkin seeds, fresh parsley, or cilantro.

Enjoy the warmth and comfort of this nutrient-packed stew as you embrace the fall season!

It’s Open Enrollment Time

Open Enrollment Will Be Here Soon!

An Open Enrollment informational meeting will be held November 7, 2024.

Open Enrollment begins November 11, 2024.

New medical plans and rate changes.

United Healthcare is our new medical provider.

Dental, Vision and supplemental insurances remain the same with no rate changes.

Watch your E-mail for more information!

The Revenue Growth Champions!

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

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

How Do Affordable Housing Tax Credits Work?

The Low-Income Housing Tax Credit (LIHTC) program is a federal incentive in the United States designed to encourage the development of affordable housing for lower-income individuals and families. Created as part of the Tax Reform Act of 1986, LIHTC provides tax credits to private developers and investors who construct or rehabilitate rental housing for many members of the workforce including police officers, firefighters, nurses, teachers, factory workers as well as citizens 55 and older. By reducing federal tax liabilities, the credits make affordable housing development financially viable in markets where such projects might otherwise be unprofitable.

The LIHTC program allocates tax credits to state housing agencies, which then award them to housing developers based on state-specific priorities. Developers awarded these credits typically partner with investors who provide capital in exchange for the tax credits over a period of 10 years. In turn, the developer agrees to rent the housing units at restricted, below-market rates to residents who meet certain income thresholds, generally defined as earning no more than 60% of the area’s median income (AMI).

Properties developed under LIHTC guidelines must remain affordable for at least 30 years, although many agreements extend beyond that period. The program includes two types of credits: 9% credits, which cover a substantial portion of development costs, and 4% credits, which cover a smaller portion but are often combined with tax-exempt bond financing. Investors – primarily corporations, insurance companies, banks, and other institutions – invest a discounted upfront amount as equity in a project and receive the ensuing stream of tax credits that are used against their corporate tax liability. This equity is then paired with debt provided through tax-exempt bonds, Fannie Mae, Freddie Mac, or other lenders. Usually, additional sources of funds are necessary to make the numbers work for a project – at the Lofts at the Grim in Texarkana, TX, the Cohen-Esrey Development Group (CEDG) brought 14 different sources of funds from a wide range of providers, to complete the capital stack.

Affordable housing tax credits are a development subsidy – not a rental subsidy (like Section 8 rental assistance). A great case in point is CEDG’s development of the Lofts at Ventura in San Antonio, TX. This high-quality property offers Class A amenities and without the subsidy provided by LIHTC, the initial rent would have needed to be more than $2,000 a month. With LIHTC, the rent was half that amount making the property affordable for a wide swath of the workforce. The cost of building the most basic multifamily property is so high that there is no other way to deliver affordable housing without a development subsidy. Fortunately, many states have recognized that such tax credits are necessary for the economic development of their communities and have enacted legislation creating similar state tax credit programs.

The LIHTC has been instrumental in creating millions of affordable housing units nationwide, making it one of the largest and most effective tools for addressing housing shortages in the U.S.

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, Richard Williams (2020), Renovation Director for Cohen-Esrey Apartment Investors (CEAI), shares his inspirational thoughts.

“My purpose in life can be summed up with this statement, ‘Make things better and leave things better.’ As a kid, and I’m dating myself, I loved the old western episodes of . . . The Lone Ranger! Like my childhood TV hero, I consider it a calling to be on the forefront of positive change. In essence, Empowering People to Thrive. There are fewer greater feelings than seeing the faces, the outcomes, the evidence that what you’ve done has made a positive difference in people’s lives. That’s why I appreciate the privilege of being Empowered to partner in the success of our “Best B” Strategy, making things better for our residents, our teams and equally, our investors.

When we acquire a market-rate property, the opportunity to transform an asset into ‘better’ is extremely fulfilling. A perfect example of that has been our commitment to smart home technology. Upon enabling our first smart home property (Loretto at Creekside in San Antonio, TX), within the first week after implementation, residents literally praised this technological addition for its facilitating benefits while operating costs reduced, operation efficiencies and productivity significantly increased, service response time optimized and ultimately the path to positive NOI was improved.

After making things better and leaving things better, the Lone Ranger always ended each episode with ‘Hi-Ho Silver.’ To this day, I don’t know what that meant . . . LOL. But apparently, his horse did before galloping off to the next opportunity. Like my childhood hero, with every unit interior renovation, I’m inspired to do what I do best . . . make things better, leave things better.”

An Empowerment Story

By Jessica Bell (2014), Senior Project Engineer, Nexus 5 Group

Jessica Bell, (2024), is a Senior Project Engineer for the Nexus 5 Group. Here is what she has to say about her Empowerment:

“Before joining the Nexus 5 Group, my background was in early childhood education. I loved teaching young children, but I felt ready for a career change. When I was offered a position as an Accounting Assistant at Nexus 5, I had no prior experience in accounting, but I was eager to take on the challenge.

Within my first 90 days, I was entrusted with additional responsibilities across different business units. It was both nerve-wracking and exciting, but I was encouraged to think creatively and come up with my own ideas. I felt truly Empowered, knowing that my contributions were valued, and my ideas were heard.

That was ten years ago, and my feelings toward the company haven’t changed. Since then, I’ve grown beyond the Accounting Assistant role, with my job title evolving multiple times. This growth wouldn’t have been possible without the constant encouragement, support, and open-mindedness of my peers and the leaders of the company. I’m deeply grateful to the Nexus 5 Group, and I feel truly blessed to be part of such an Empowering and supportive team.”

Fun Photo!

Here is the historic Palm Room at the Lofts at the Grim in Texarkana, TX. This room held many banquets and large civic gatherings in its heyday. Now, the room has been restored as part of the historic renovation of the Hotel Grim into 93 affordable units. It will be the site of a major Grand Opening event on November 21, sponsored by the City of Texarkana and the Texarkana Chamber of Commerce.

NPS Leaderboards

The three NPS Leaderboards have been updated as of November 1, 2024, and the leaders remain the same from October. In the 50-Units or Less category Rankin Mills (Boonville, MO) is in first place with a score of +85.00. In the Properties 51 to 120-Units category, Justin Place (Kansas City, MO) continues as the leader with an NPS of +78.57. And in the Properties of More than 120-Units category, The Boulevard (Springfield, IL), continues its multi-year run in first place with an NPS of +95.89. There are 23 properties on Leaderboards – three more than last month! Our overall NPS has hit a new low at -2. With more properties on the Leaderboards, we might see a turnaround in the overall score.