January 13, 2025

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 Gem in Hastings, NE

Cohen-Esrey Communities (CEC) is pleased to manage the Lincoln Heights Apartments in Hastings, NE, for a third-party client. Built in the 1970s, this 48-unit affordable community is one of four properties managed by the company in Hastings. The other properties include the 35-unit Brewery Lofts, the 41-unit Heritage Manor, and the 54-unit Lee Townhomes. The Lincoln Heights property teams also manage the other properties except for Brewery Lofts. The townhome units feature washer/dryer connections, private patios, and a basement. Two-bedroom townhomes are 980 square feet and rent for $910 per month. Three-bedroom townhomes are 1,148 square feet and rent for $1,000 per month. Residents receive rental assistance and pay rent based upon their income.

Hastings, NE, is a vibrant city located in the south-central part of the state. Known as the birthplace of Kool-Aid, Hastings celebrates this legacy with an annual Kool-Aid Days festival, attracting visitors from across the country. The city blends small-town charm with a rich history, evident in its well-preserved historic downtown and the Hastings Museum, which features natural history exhibits, a planetarium, and the Kool-Aid exhibit. Hastings College, a private liberal arts institution, contributes to the community’s educational and cultural vibrancy. Outdoor enthusiasts enjoy activities at nearby Lake Hastings and Heartwell Park. With a population of around 25,000, Hastings offers a strong sense of community, affordable living, and a growing economy, making it a great place to live, work, and visit.

April Hinrichs (2024) is the Property Manager and Christy Dilks (2024), is the Regional Manager. Jennifer Fields (2024) is the Property Accountant and Lana Frank (2022) is the Accounting Assistant.

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

Anna Palmer – Park Edge – Lenexa, KS – Leasing Agent
Cynthia Louis – Falstaff Apartments – New Orleans, LA – Leasing Agent
Greg Steuber – Cohen-Esrey Development Group – Development Manager
Ra-Sean Barber – Hamptons at East Cobb, Marietta, GA – Maintenance Technician
Timothy Flores – Loretto at Creekside, Live Oak, TX – Maintenance Technician
Gary Mohomes – Hawthorne Hills, Cedar Rapids, IA – Lead Maintenance Technician
Kayla Oler – Corporate Office – Customer Fulfillment Advocate
Nancy Harris – The Boulevard Townhomes, Springfield, IL – Property Manager
Melissa Mead – Century II – Sioux City, IA – Property Manager
Charlesetta Feist – Bastion Phase I, New Orleans, LA – Leasing Agent
Gustavo Vasquez – Western Heights, Sioux Falls, SD – Maintenance Technician

Meet the Pecan Ridge Team

Meet the Pecan Ridge team. (L to R – Seated) Courtney Sanders (2024), Property Manager; Tori Turner (2024), Assistant Property Manager; (L to R – Standing) Robin Junior (2024), Maintenance Technician; and Michael Archie, Sr. (2024), Make Ready Technician.

Cohen-Esrey Communities (CEC) manages the 124-unit Pecan Ridge, an affordable community in Texarkana, TX, for a third-party client.

Transformational Construction

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

Finishing common area space at Panorama Heights in Colorado Springs, CO.

Mechanical equipment is being installed on the roof at The Launchpad in Colorado Springs, CO.

Final unit punch outs are underway so that residents can move in during January 2025, at the Loma Vista Lofts in San Antonio, TX.

Massive amounts of lumber are being delivered to the Lofts at Creekview (top of photo) in San Antonio, TX, as framing is starting in mid-January.

Electric meters are being installed at Lewis Lofts in Mankato, MN.

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

Second-floor framing is well underway at the Heritage at Cottonwood Creek in San Marcos, TX.

Stem wall footer construction is progressing at Overlook 157 in Asheville, NC.

Cohen-Esrey Welcomes Greg Steuber

Todd Sears (2023), Vice-President of Development for the Cohen-Esrey Development Group (CEDG), has announced that Greg Steuber has been hired as a Development Manager for the Mountain West Region and will be working with the region’s Development Director, Nick Emenhiser (2022).

Greg has six years of comprehensive experience in real estate development, encompassing both historic preservation and new construction projects. His expertise spans a diverse range of asset types, including multifamily, mixed-use, and hospitality developments. Greg is well-versed in every phase of the development process, from initial site diligence and feasibility analysis to project stabilization and operational handover. Currently, he is further enhancing his knowledge and skills by pursuing a Master of Science degree in Entrepreneurial Real Estate (ERE) at the University of Missouri-Kansas City Bloch School of Management. This combination of practical experience and advanced education equips Greg to navigate the complexities of industry and deliver exceptional results.

In his role as a Development Manager, Greg’s Roles and Accountabilities will include but are not limited to:

Attending conferences and Qualified Allocation Plan (QAP) workshops.
Attending owner/architect meetings and overseeing coordination of follow-up items.
Completing filings for 8609 and any related follow-up.
Conducting pre-analysis of market, economic data, etc., to set unit mix, income targeting, and related financial modeling parameters.
Coordinating with compliance and asset management (regulatory vs. financial partner) to ensure transition to Cohen-Esrey Communities (CEC).
Developing and overseeing pre-development schedule to ensure deadlines are met.
Ensuring financial model, term sheets, operating agreements, loan documents, etc., are consistent.
Forecasting and tracking pre-development costs with K-NET.
Identifying appropriate subject matter experts for each phase of development process.
Leading financial modeling of assigned projects to make recommendations and assist to determine the optimal financial structures and balance with costs.
Leading the preparation and submission of LIHTC and other funding applications.
Managing pre-development work that includes but not limited to QAP site scoring and viability, zoning, QCT/DDA status, local government support, community support site design/yield study and financial feasibility.
Managing the development process with the Development Tracker.
Ordering and reviewing third party reports including (market study, environmental, geo-tech, etc.).
Preparing investment packages for internal reviews and external presentations.
Soliciting information support from colleagues coordinate communication regarding construction costs, financing, and property management to be incorporated into projections, scheduling and overall project analysis to ensure successful delivery to project closing.
Supporting the Development Director in purchase and sale agreements for potential sites.
Supporting the Development Director in presentations to the local board and other approval jurisdictions as needed or appropriate.
Supporting Development Director with networking and building relationships with municipalities, non-profits, brokers, and landowners to source potential real estate prospects and track upcoming RFP’s.
Supporting the Development Director with participation in events, as needed or appropriate, held by affordable housing support organizations and other community events, as needed or appropriate.
Supporting the Project Manager in overseeing the local approval process to obtain building permits and entitlements, including attending entitlement meetings (jurisdictional staff, council, commissioner, zoning board, etc.), neighborhood meetings, and community events.
Tracking benchmarks for equity funding and assuring smooth and timely execution.
Updating deferred development fee calculation through conversion to permanent loan.
Working with architects to review QAP and other funder commitments related to design.

Welcome to Cohen-Esrey, Greg!

Let’s Make 2025 the Best Year Ever!

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

We have flipped the calendar to 2025. Have you taken the opportunity to reset, refocus, and reinvigorate your life for the new year? Whether you aim to advance your career, improve your personal relationships, or cultivate a healthier lifestyle, these five ideas can help you make this year extraordinary.

1. Define Your Vision with Purpose

The foundation of a transformative year begins with clarity. Spend time reflecting on what truly matters to you.

• Set SMART Goals: Specific, Measurable, Achievable, Relevant, and Time-bound goals act as a roadmap to success.

• Create a Vision Board: Visual representations of your aspirations can keep you motivated daily.

• Identify Your ‘Why:’ Understanding why your goals matter to you will strengthen your commitment and resilience.

2. Prioritize Health and Wellness

Your well-being is the cornerstone of success. In 2025, take intentional steps toward physical, mental, and emotional health.

• Adopt a Morning Routine: Incorporate activities like exercise, meditation, or journaling to start your day on a positive note.

• Focus on Nutrition: A balanced diet fuels both your body and mind. Experiment with meal prepping or new recipes to make healthy eating enjoyable.

• Prioritize Sleep: Quality rest improves productivity and reduces stress. Aim for 7–9 hours per night.

3. Invest in Personal Growth

Continual learning and development can propel you forward.

• Take a Course or Earn a Certification: Whether for your career or a personal interest, expanding your knowledge keeps you competitive and inspired.

• Build Emotional Intelligence: Understanding your emotions and empathizing with others enhances relationships and decision-making.

• Read Regularly: Choose books that inspire and challenge you, from biographies of leaders to self-improvement classics.

4. Strengthen Connections

Building and nurturing relationships enriches your life.

• Reconnect with Old Friends: A quick message or phone call can revive meaningful connections.

• Schedule Regular Quality Time: Prioritize family dinners, date nights, or group outings with friends.

• Network Strategically: Attend events or join groups where you can meet like-minded individuals who inspire and support you.

5. Embrace a Growth Mindset

Challenges are inevitable, but how you respond defines your journey.

• Shift Your Perspective: View setbacks as opportunities to learn and grow.

• Practice Gratitude: Daily reflections on what you’re thankful for can shift your focus to positivity.

• Be Adaptable: Stay open to change and explore new paths, even if they feel uncomfortable at first.

Final Thoughts

Making 2025 your best year yet doesn’t require monumental changes—it’s about small, consistent actions aligned with your values and goals. By focusing on vision, health, growth, relationships, and resilience, you can create a year that not only fulfills your aspirations but also lays the foundation for a fulfilling future.

Start now and let 2025 be the year you look back on with pride.

Core Value of the Month

The Revenue Growth Champions!

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

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

Success with Resident Referral Programs

By Karen Crouch (2019), Managing Director, Cohen-Esrey Communities

Resident referrals are a cornerstone of successful multifamily communities, combining the power of word-of-mouth with the trust of personal connections. When residents share their positive living experiences, they attract neighbors who enhance the sense of community. Creative referral programs not only reward residents but also strengthen relationships and boost occupancy. See the best practices to get the most participation in resident referrals and help us celebrate property teams who have mastered innovative referral techniques, turning happy residents into enthusiastic ambassadors.

Exclusive Referral Deals

Limited-Time Offers

Details: Create urgency by offering special bonuses for referrals made during specific months, such as “Jumpstart Your Year with Mad Money” or “March into Rewards for Summer Vacation Funds.”
Compliance Tip: Ensure all residents are notified of the offer and have equal access to participate. Include clear end dates and terms in all communications.

Themed Campaigns

Seasonal Promotions

Details: Tie referral programs to broad, inclusive seasonal themes like “Spring into Savings” or “New Year, New Neighbors.”
Compliance Tip: Avoid linking campaigns to religious or cultural holidays that could alienate some residents. Focus on universally recognized seasons or neutral themes.

Community Challenges

Referral Contests

Details: Host contests where residents who refer the most new residents within a given period win prizes like tech gadgets, gift baskets, or event tickets.
Compliance Tip: Provide equal opportunities for all residents to participate. Prizes should not be tied to specific holidays or traditions that could exclude certain groups. Promote the program inclusively across all communication channels.

Referral Reward Programs

Tiered Incentives

Details: Residents earn increasing rewards for each successful referral. For example, $200 for the first referral, $300 for the second, and $400 for the third.
Compliance Tip: Make sure the program is open to all residents and does not favor specific demographics.

Cohen-Esrey Testimonials

Pam Apartments

Their referral program resulted in 18 move-ins in 2024. See Erin’s notes below:

“I printed and posted flyers on all resident doors. When we had any type of activity such as bingo, I made sure to show up and take the first 10 minutes to hype up the program and give shout-outs to those that earned the referral thus far. I would also give out a card with a thoughtful handwritten note to explain my gratitude for referring someone to be a part of our “Pam Family”. I always explained they had the power of making Pam Apartments a wonderful place to be by putting people they knew and trusted as their neighbor. I noticed the biggest complaint when I started was the drugs and crime at the property and how they didn’t feel safe so I let them know I would do my part by being a present Property Manager. Their job would be to choose and grow their community as they imagined it. It is now so fun to sit and reflect on the last year and how much progress has been made from Day One on the job until the present day. The whole atmosphere and community stigma of Pam Apartments has changed drastically. We are no longer known as “drug city” and other types of names because we don’t have that clientele anymore and it’s because they grew their community with each and every referral.”

Erin Hamel (2023), Pam Apartments Property Manager

Carlyle Apartments

Their referral program resulted in 37 move-ins in 2024. See Arlette’s notes below:

“One of our residents, who has referred many, was himself a referral when he moved in. When he arrived at Carlyle, the property was not at its best, and his unit had multiple issues throughout the past year. However, all these problems have been addressed slowly but surely, and he has been incredibly understanding throughout the process. What keeps him here, he mentioned, is the honesty, kindness, and helpfulness of our team, as well as our strong communication. He values that we are always available to assist in any way possible – from helping him set up his utilities at move-in to assisting with appointments and even providing translation services. In many ways, we can say that our team is an added amenity for our residents. It's our teamwork and Commitment to going the extra mile that sets us apart from our competitors in the area.

At Carlyle, we understand that resident referrals are one of the most effective forms of marketing. Not only are they cost-free, but recommendations from family and friends are often trusted more than any advertisement seen online.

Our Commitment to exceptional customer service sets us apart. By treating everyone with kindness and helping wherever possible, we foster strong relationships with each resident and new move-in. This dedication has led to organic growth, with word-of-mouth referrals and a sense of pride in our community.

We are proud to share that, in 2024 alone, we have received 37 resident referrals!”

Arlette Galvan (2023), Carlyle Assistant Property Manager

A Year in Review – 2024 – Part 1

Another eventful year has passed, and we would like to share some of the highlights with you. The second installment of this will be in the next issue.

Cohen-Esrey Apartment Investors (CEAI)

2024 was a slower year for the apartments market. Higher interest rates that have resulted in more expensive financing costs for apartment acquisitions, combined with reduced capital outlays into the multifamily sector from investors have together suppressed transaction volume for the better part of the last two years. CEAI acquired no new assets in 2024. As of Q2 and Q3 of 2024, we have started to see an uptick in commercial real estate transaction volume overall, with multifamily commanding the lion’s share of investment activity. We expect that as interest rates stabilize, price discovery will begin to emerge while absorption rates continue, all of which should help spur more normalized rates of investment volume into the apartments market.
CEAI is exploring the possibility of launching a Real Estate Investment Trust (REIT) using an UpREIT strategy. The idea would be to roll up the existing portfolio in several phases, with the first tranche of five assets to be rolled up in 2025. In addition to several tax advantages, the UpREIT approach would also reduce our dependence on syndicating co-investment equity to acquire properties, while also introducing a high degree of liquidity for our capital partners. While still in the early stages of development, we believe the REIT strategy presents a unique opportunity for the CEAI portfolio and our stakeholders. Stay tuned!
CEAI is pleased to announce that we have switched to a new investor portal called Agora. Agora is a full-service, all-in-one investor portal, where CEAI fund investors will be able to review their investment information, commit to offerings, receive distribution updates, download quarterly investor updates and K-1s, and send requests. Agora is a leading real estate investment management platform. To date, more than 80,000 investors have utilized the platform. The Agora platform services $210 billion in assets under management across 125,000 investments.
CEAI has sent out an email invitation detailing the login process to each of our investors and our team will stand by ready to answer any questions related to our new investor portal. We believe Agora will provide our investors with an enhanced experience in reviewing your investment with us and are excited as we launch into this top-tier portal.
CEAI, in collaboration with Cohen-Esrey Communities (CEC) and First Avenue Asset Management (FAAM), instituted new asset management protocols across the CEAI portfolio. Beginning in the latter part of 2024, all CEAI assets will be subject to ongoing review to gauge how day-to-day operations and market conditions (such as cap rates, transaction volume data) affect our overall asset values.
2024 marked the launch of a new collaboration between CEAI and the Cohen-Esrey Development Group (CEDG) into the acquisition rehab niche. Together, CEAI and CEDG have already identified and started pursuing several assets in the Midwest, South, and Southeast. The strategy would be for CEAI to assist in acquiring well-located, generally older assets in need of a deeper capital infusion. Simultaneously, CEDG would begin the process of lining up tax credits to transition the property into an affordable asset. CEC would provide management services throughout the hold period, and First Avenue Asset Management would serve as the asset manager for these properties.
CEAI successfully refinanced the Carlyle Apartments. Acquired in December of 2021, Carlyle was initially financed with bridge debt, leaving the asset’s strong cashflow potential subject to interest rate volatility. This refinance to fixed-rate debt and an overall lower debt burden will enable the property to increase cash distributions to our investors.

Cohen-Esrey Development Group (CEDG)

We closed and started construction on four new developments:

We had three projects that completed construction and/or leased up in 2024:

We have four additional projects that are under construction (plus Lewis Lofts) that will be completed in 2025:

In addition to our project work, we added staff including Director of Architectural Services David Davis (2024) and Development Manager Greg Steuber (2024). We also promoted Nick Emenhiser (2022) from Development Manager to Development Director.

We also made numerous process improvements including:
- Instituted rental achievement meetings to better coordinate the handoff between CEDG and CEC at the end of construction/beginning of leasing.
- Updated our KNET Development Tracker to include construction change orders and timing milestones as well as post construction expense estimating.

Cohen-Esrey Capital Partners (CECP)

CECP had a busy year in 2024 with four new construction closings, one refinance and two loan extensions/modifications.
Total debt facilitated was approximately $180 million along with $52.5 million in equity deployed.
Early 2025 activity carrying over from 2024 includes a debt and equity restructuring of Jefferson on the Lake, a current CEAI asset, a refinancing of the Boulevard Townhomes, a CEDG asset, and the pursuit of recapitalizing of five CEAI assets potentially using a REIT structure.
Additional focus for the group has been on finding strategic equity relationships at the corporate and transaction level to assist in the projected growth of the CEAI and CEDG platforms.
CECP is the sponsor for the Heartland Historic Preservation Fund VI (HHPF-VI), an entity that invests in properties generating federal historic tax credits. The fund is expected to eventually invest in approximately $19.2 million of such properties. During 2024, HHPF-VI made investments in four properties located in Galveston, TX, Manhattan, KS, St. Louis, MO, and Montrose, CO. Commitments have been made for additional properties to be funded in 2025.

Marketing

Traveled to 24 third-party client properties across 15 cities in eight states to stage and shoot professional photos, create floorplans, and produce 3D tours. This was a major undertaking this year to enhance the online presence for properties that have never had an online presence.
Created 53 property websites for CEDG and third-party assumptions. A world record for Marketing.
Virtually staged all property interiors which was a major online marketing upgrade.

Software Development

Deployed several new apps: F16 Training Roadmap, Spend Request, Lease-Up Pro (remote leasing support), Property KPI & Incentive System, Vendor Setup Portal, Tax Credit Pipeline, Compliance Report Tracker, Leasing Role Play, Safety Meeting Tracker, Curb Appeal tracker, Make Ready tracker, and NTV tracker.
Expanded the CEDG Development Tracker with features for fee forecasting, change orders, construction milestones, and installment milestones and tasks.
Enhanced the Call Tracker App for property manager to work call tickets.
Recoded legacy KNET apps into New KNET apps: Weekly Payables, Social Media Post Request, Paid Ad Request, and Change Management tracker.

An Empowerment Story

By Samantha Jones (2023), Property Manager – Lofts at the Grim

“I unexpectedly fell back into my role as residents' “favorite” Property Manager after moving to Texarkana, TX from New Mexico.

Although I’ve worked in property management for years prior to working for Cohen-Esrey, this is my first corporate position, and something told me from the start that this would be different. Opportunities for growth? Feeling Empowered? Wanting to Thrive? What?!? Was this what my career has been longing for? I believe the answer to that is YES! When I started doing property management nearly ten years ago, I remember being told I wouldn’t like it. Well, I’m still going strong, and without the love for the people I work with daily, I would not be here. Having the opportunity to start a new community in a town where I am not from has been an honor to me.

Since joining the Cohen-Esrey team I have been pushed, stretched, and challenged by my new responsibilities. I stay Empowered by asking questions and getting the help I need to grow. The support and feedback I receive from my superiors and peers have helped me grow stronger in confidence. Being seasoned does not mean I know everything in the industry. Since working for Cohen-Esrey, I’ve realized how much more of an opportunity I have to learn and grow.

I hope to continue my career with Cohen-Esrey for many years to come, with advancement and good memories made.”

Samantha Jones, (2023), is the Property Manager for the Lofts at the Grim in Texarkana, TX. Here is what she has to say about her Empowerment:

Fun Photo!

A photo from Halloween 2009 entitled the Brides of Halloween! Looks like there was some serious thought that went into these costumes!

This is How It’s Done . . .

By Arley Hoskin (2022), Leasing Performance Strategist

Alanna Johnson had never worked in property management when she became the Property Manager of Rankin Mills, in Boonville, MO, and Willow Point in Concordia, MO, in May of 2020. Johnson had previously worked with Cohen-Esrey Regional Manager Alisha Brooks (2017). When Brooks told her about the property management job she decided to give it a go. Johnson had been working at a casino that had closed due to COVID. “I just gave it a shot to see if I would enjoy it and I ended up falling in love with it,” Johnson said. “What I like best is the relationships that I build with my residents.”

When Johnson started as Property Manager the two properties had about 80 percent occupancy. Within a couple of months, she had both at 100 percent occupancy. “It was very overwhelming at first,” she said. “I knew that full occupancy meant full revenue for the property.”

Rankin Mills and Willow Point are both affordable properties that are 47 miles apart. Willow Point has 32 units and Rankin Mills has 48 units. Johnson doesn’t have a leasing agent at either location. She handles the leasing and works with one Maintenance Technician at each site. In the photo, Maintenance Technician Alvin Parker (2023), at Willow Point is standing next to Alanna Johnson.

Cassie Colston (2004), Cohen-Esrey’s Regional Vice-President – Affordable Properties, said Johnson continues to excel as a leader and team member. “I believe her fresh perspective, combined with her drive, work ethic, and genuine care for both team and customers has allowed her to thrive and make a meaningful impact,” Colston said. “She is committed to our core values, always prioritizing the fulfillment of both team members and customers. Her commitment and integrity make her an exceptional Property Manager and a true role model within our organization.”

Johnson said the primary way she maintains 100 percent occupancy is by keeping residents happy. “Happy residents want to stay,” Johnson said. “It’s best that you leave an open line of communication with your residents.”

Colston said Johnson’s organizational skills also help keep occupancy at perfect levels. “Staying ahead of both expected and unexpected turnover by working closely with her team to prepare for upcoming needs and effectively managing her waiting list, utilizing the tools and resources provided, and her strong drive and commitment to excellence have been key to maintaining 100% occupancy,” Colston said.

As Regional Vice-President, Colston serves as Regional Manager for Johnson’s properties.“She’s my biggest cheerleader,” Johnson said. “I love her to death honestly. She’s my biggest mentor. I can learn a lot from her. She’ll find avenues and ways for me to learn more from her.”

Johnson continues to learn and grow. She has taken a tax credit specialist course to become more familiar with the tax credits used at both of her properties. “There were a lot of things that I was aware of that I didn’t know it depth,” Johnson said. “I generally am curious to learn more.”

That curiosity will take Johnson far at Cohen-Esrey. “Alanna is a clear representative of our Core Value of Team Member Fulfillment, and I deeply appreciate her support and commitment to her sites, customers, and team members,” Colston said. Rankin Mills sits atop the NPS Leaderboard for properties of 50-units or less with a score of +85.37. Willow Point is in second place at +85.39. This is a pretty good indication that the customers in two different cities are receiving top quality service from the same Property Manager.