January 15, 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.

Cohen-Esrey Managing Another Historic Brewery

Cohen-Esrey Communities (CEC) has assumed management of the Falstaff Apartments and Dorgenois Lofts in the Tulane-Gravier neighborhood of New Orleans, LA, for a long-time third-party client. This the site of the former Falstaff Beer Brewery that operated since the early 1900s until it was closed in 1978. After Hurricane Katrina in 2005, the EPA conducted an evnironmental site assessment on the eight-acre property and then worked with our client, the developer, to restore this historic facility and create 167 affordable housing units. The project took on seven feet of floodwater during the hurricane and had also been mired in lawsuits, tax foreclosures, and environment liens stemming from the a previous owner’s illegal asbestos abatement activities. Our client undertook an 18-month redevelopment effort and opened the doors to residents in 2008. The Dorgenois Lofts is a second phase of the project. The Falstaff offers one-bedroom units ranging from 684 to 820 square feet and renting for $1,100 per month. Two-bedroom units range from 920 to 1,330 square feet and rent for $965 to $1,645 per month. Three-bedroom units are 1,175 square feet and rent for $1,105 to $1,210 per month. The Dorgenois Lofts offers one-bedroom units of 746 square feet and renting for $831 per month, and two-bedroom units of 901 square feet rent for $989 per month. Residents enjoy the use of a package service, playground, bicycle storage, fitness center, trash chutes, atrium patio, a rooftop terrace, and controlled building access. Unit interiors feature granite countertops, trash compactor, vaulted ceilings, walk-in closets, balconies, modern appliances, as well as wheelchair accessible rooms. The Falstaff and Dorgenois Lofts are part of a portfolio of 31 properties totaling nearly 2,600 units across ten states for which Cohen-Esrey has been assuming management from November 2023 through February 2024. This is the second brewery to become part of the Cohen-Esrey portfolio, the first being the Brewery Lofts in Hastings, NE.

Named after the founder of Tulane University and Faubourg Saint Mary’s, Tulane-Gravier is an historic neighborhood that merges urban living with the thrilling culture of New Orleans. A streetcar rolls down Canal Street and palm trees flank shotgun houses, but Tulane-Gravier blends its historic feel with modern amenities. The neighborhood is home to the University Medical Center-New Orleans and several academic buildings for Louisiana State University. Tulane-Gravier has several seafood and Creole restaurants and shops, but locals also enjoy heading into the French Quarter (which neighbors the area) for more amenities. Great for sports fans, the Superdome is located right next to Tulane-Gravier. Attracting even more renters, the neighborhood is convenient to several schools including Tulane University, Xavier University, Dillard University, and Loyola University New Orleans.

Crystal McGruder (2024) is the Property Manager and Dawn Boyer (2022), is the Regional Manager. Leslie Whitney (2022), is the Property Accountant, Lana Frank (2022), is the Property Accounting Assistant, and Rodney Chmidling (2015), is the Accounts Payable Specialist.

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

Donna Delasbour – Tiger Island Senior, Morgan City, LA – Property Manager
Robert Aucoin – Tiger Island Senior, Morgan City, LA – Maintenance Technician
Steffani Taylor-Conway – Bastion I, New Orleans, LA – Property Manager
Robert Fulton – Bastion I, New Orleans, LA – Maintenance Technician
Crystal McGruder – Falstaff Apartments, New Orleans, LA – Property Manager
Laneric Gray – Falstaff Apartments, New Orleans, LA – Lead Maintenance Technician
Dorothy Washington – Falstaff Apartments, New Orleans, LA – Leasing Agent
Jermaine Lee – Falstaff Apartments, New Orleans, LA – Maintenance Technician
Shakia Turner – Village on Main, Waunakee, WI – Assistant Property Manager
Jaiden Edmonds – Jefferson on the Lake, Olathe, KS – Leasing Agent
Joshua LaValley – Corporate Office – IT Help Desk Technician
Fernando Diaz – Carlyle, Shawnee, KS – Make Ready Technician
Jesus Arredondo – Park Edge, Lenexa, KS – Maintenance Technician

Meet the Geneva Tower Team

Meet the Geneva Tower team. L to R – Diane Spading (2023), Property Manager; Paul Mahurin (2023), Maintenance Technician; Chasity Green-Rand (2023), Leasing Agent; and Patrick Fitch (2023) Lead Maintenance Technician. This 183-unit affordable property in Cedar Rapids, IA, is managed for a third-party client.

A New Role for Sherry!

We’re excited to announce that Sherry McGee (2023) will be joining the Cohen-Esrey Development Group (CEDG) as the Development Revenue Manager. In this role, she’ll work with CEDG’s investors and lenders as well as internal groups such as Development Managers, Project Managers, the Compliance Department, and Cohen-Esrey Communities (CEC) to ensure that requirements are met to obtain capital from our partners.

Sherry has excelled as a Customer Fulfilment Advocate since September 2023, and this new position will build on her communication skills and draw upon her experience in various roles in finance including residential mortgages, wealth management, and construction lending.

Sherry is from the Kansas City area and recently returned after spending several years in Florida. She enjoys spending time with her three daughters and three grandchildren, and in her spare time, she plays tennis and loves to travel. While our residents will surely miss working with her on the Customer Fulfillment team, we’re excited to have her on the CEDG team.

She’ll officially start her new role when her current position is filled, so if you know anyone who would be a good candidate, please let HR know!

Congratulations, Sherry! You earned this new role because of your drive and Commitment.

Transformational Construction!

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

Foundation work has started at The Launchpad in Colorado Springs, CO.

Fourth story framing is underway at Panorama Heights in Colorado Springs, CO.

Prospective residents show up daily to inquire about the Trails at Lehow in Englewood, CO.

Top floor on the second building is almost fully framed at the Loma Vista Lofts in San Antonio, TX.

Framing and construction of a retaining wall to begin in January at the Lofts at Creekview in San Antonio, TX.

How Do They Do It?

With the New Year we’re starting a new series in People & Properties entitled, How Do They Do It? We will be interviewing a wide range of team members including Development Directors, Development Managers, Property Accountants, Regional Managers, Property Managers, Property Accounting Assistants, Project Managers – and the list goes on. We’ll be asking questions about how they do what they do. The first question we’re posing goes to the Development Directors at the Cohen-Esrey Development Group (CEDG).

What are the most important factors you consider when selecting a development site?

Tim Alcott (2023)

Stan Waterhouse (2022)

Lisa Sorensen (2019)

Clark Mills (2022)

Brian Sweeney (2015)

When I am looking to select a site, I first need to know what I am developing. If it is a 4% LIHTC deal, I will want to know if it is in a Qualified Census Tract/Difficult to Develop Area (QCT/DDA). If it is a 9% LIHTC project, I will need to know if it scores well in the competitive scoring process. Finally, if it is a Public Facilities Corporation project, I will want to know what jurisdiction it is in so I know if I can get a deal done or not with a tax-exempt partner. In all cases, I will want to know if I have community and elected official support. Land cost is a key factor. Cost not only includes the land costs but also any infrastructure costs. The size of the lot and if it is easily buildable. Assuming these factors are positive, what would the market study consider as far as demand, crime, schools, economic growth/jobs, bus stop, and market appreciation. Finally, one will also want to know if the area has high rents and occupancy, low poverty in the area, access to transportation, and access to healthcare.

Focus on markets with:
- Growing population of over 200,000.
- Diverse employer base with solid job growth.
- Measurable difference between the cost of home ownership and apartment rental rates.
Sites with:
- Visibility and easy access from higher traffic streets.
- Proximity to critical amenities: Employers, transportation nodes, entertainment venues, parks, grocery stores, schools.
- Low incidence of crime.
- Flat topography, rectangular-shaped site ideally.
- Proximity to utilities, sewer, and water connections sufficient for the optimal unit density.

Pricing. All sellers think they own the best land ever. It is a bit of an art to negotiate land contracts with sellers that allow the time for us to vet out a myriad of issues with reasonable pricing.
Resident Satisfaction. Is the site well located near grocery stores, schools, parks, public transportation, bike routes, and medical facilities.
Zoning. Zoning that allows for medium to high density is a priority. We can go through the process of rezoning, but it takes time, and the NIMBY (Not In My Backyard) is unpredictable. The zoning can also be indicative of potential City support. Cities can still question affordable housing, but approved zoning is a good runway for a conversation.
Buildability. What are the limitations including easements, flood zones, setbacks, design requirements, city overlays, etc., that would cause infeasibility? It seems there are often challenges with a site. We work to identify the challenges and determine if they can be solved as soon as possible. What are the possibilities in terms of parking, building height, and density allowances for affordable housing?
Competitive for Financing. How will the site score in a tax credit or private activity bond application? State finance agencies have directives they like to see in these projects and often guide the development they desire through the Qualified Allocation Plan (QAP)/points for financing awards. Banks are motivated by the Community Reinvestment Act (CRA) which requires banks with local branches to invest in the local communities.
Qualified Census Tract or Difficult Development Area. These are two geographic areas defined by HUD that provide a 30% basis boost for tax credits which can help make the financing pencil.
Community. Does the City Council, mayor, and local neighborhood group support or oppose?
Long-Term Value. Is the site located in an area that will continue to experience employment growth, income growth, and development over time?

Market
- I never want to build a property where there could be occupancy issues! During my initial site visit, I will look beyond the site to the surrounding area to see if I can notice any trends such as new commercial developments, rent growth, and traffic patterns.
Local Financial Incentives
- Many localities are offering financial incentives through tax abatements, reduction in impact fees, or low interest loans to develop affordable housing. These programs can often fill funding gaps and indicate that the city will help in other ways such as expedited entitlements or waiver requests.
LIHTC Competitiveness
- This can vary state by state, but at first glance the project needs to be in a QCT or DDA. Other factors include Opportunity Zones, Revitalization Districts, and nearby amenities.

LIHTC competitiveness is the first hurdle. I wouldn’t even enter/visit a market unless it had the potential to score competitively. State by state but obviously QCT/DDA critical in almost all cases. Interestingly, the Minnesota Housing Finance Agency (MHFA) gives almost no points for QCT and has given several awards without QCT’s. Obviously, obtaining a boost in credits is important. Wisconsin Housing and Economic Development Authority (WHEDA) awards up to 10 points for QCT with a corresponding credit boost—a must.
Larger markets with higher rents (a change from my first couple of years at Cohen-Esrey).
I want to meet/hear/gauge from city staff directly as to their priorities for sites/areas and obviously their level of potential support.

Unfortunately for the last 18 months Opportunity Zone (OZ) developments and non-competitive 4% LIHTC have not worked financially. I’m looking forward to the market improving and getting them back on the radar.

Jack Traeger (2023)

Market – is this an established or emerging market – both from a market study perspective, penetration rate, but also from a lender and investor perspective? Is this site going to have value at the time of disposition or refinance? Is it an attractive investment to our investors? Will a lender consider this a lower-risk investment?
Rate of return to the investors – in a normal, nonaggressive underwriting, can this provide a return to the investors that is attractive to them? In a tax credit scenario, this would impact pricing.
Amenities – I prefer to look for locations that are convenient to those items listed in Texas Department of Housing and Community Affairs (TDHCA) Opportunity Index. Convenient access for families to established grocery stores, medical, activities and recreation, etc. Access to the amenities and retail centers also attracts marketing to those workers. Locations near those amenities also gives a sense of inclusion in the community.
Accessibility to major thoroughfares – promotes inclusivity in the community for the resident.
Location of Schools and the Quality of the School District – helps with marketing to families who want their children to have quality education and it helps marketing to teachers for convenient access to their occupation.
Municipalities that are favorable to affordable housing, or at least open to understanding affordable housing, as opposed to subsidized housing. City councils have the substantial power and ability to support tax credit developments, approve zoning changes and reduce impact fees. How open-minded is a city council for those approvals and can they understand the need for affordable housing, even if their constituents may not understand the need and be less educated in the differentiation?
Avoid – high crime areas and areas that are close to high-risk, undesirable areas. This tends to bring with it higher management and maintenance costs, as well as lower residual value and slower, if any, revenue growth.

Core Value of the Month

Congratulations to Arley Hoskin

Introducing Our New Leasing Performance Strategist

Karen Crouch (2019), Director of Customer Fulfillment, recently announced that Arley Hoskin (2022) has assumed the new role of Leasing Performance Strategist. In this position, Arley will be instrumental in assisting our property teams to increase occupancy and enhance leasing performance.

Many of you already know Arley from her outstanding work in her previous marketing role. Her dedication and skills were evident as she oversaw the new leasing software, Knock, and provided one-on-one training sessions for Property Managers, Assistant Property Managers, and Leasing Agents.

In her new role, Arley will not only continue these vital functions but will also have more time to dedicate to various key areas, including:

Leasing performance monitoring and strategy analysis.
In-depth coaching and personalized training.
Creation of role-play scripts to enhance leasing strategies.
Oversight of role-play activity (initially for Market-Rate then Affordable properties as the position grows).
Increasing and optimizing the utilization of Knock.
Exploring further capabilities of Knock.
Implementing leasing enhancements within OASYS.
Advancing all leasing training programs in CE University.

Arley's transition into this new role marks an exciting chapter for her and for Cohen-Esrey. We are confident that her contributions will be invaluable in advancing our leasing strategies and overall team performance.

Please join us in congratulating Arley on becoming the company’s first Leasing Performance Strategist. We are beyond excited to see the positive impacts she will continue to bring in her new capacity.

A Fun Photo

How about this for an amenity?! Marquette Hall in Dubuque, IA, was formerly a Catholic school. This was the auditorium which was preserved when the Cohen-Esrey Development Group (CEDG) renovated this historic structure and converted it into 28 affordable apartment homes. The renovation was completed in 2019.

More Promotions!

Mark Fletcher (2008), Chief Technology Officer, recently announced two promotions.

Morgan Gassert (2022) has been promoted from Marketing Coordinator to Marketing and Ad Specialist. This is an extremely well-deserved promotion for Morgan. She is an amazing graphic artist, photographer, and copywriter. As Morgan continues to support corporate and field marketing needs, she will also be our most senior expert for online advertising on outlets like Google, Facebook, and Apartments.com. Please join us in congratulating Morgan on her promotion!

Morgan Gassert

Maelin Turner (2022) has been promoted to Marketing Coordinator. Maelin joined Cohen-Esrey 18 months ago as a Marketing Intern right before her senior year of college. After completing her internship, she continued to work for Cohen-Esrey as a remote, part-time graphic artist during her senior year. With this promotion, Maelin will be a full-time team member working in our Corporate Office. Congratulations to Maelin on her promotion!

Maelin Turner

Leadership in Focus

By Karen Crouch (2019), Director of Customer Fulfillment

Blending Self-Awareness with Lifelong Learning in Property Management

Welcome to this edition of "Leadership in Focus," where we explore the synergistic relationship between two vital elements of leadership: self-awareness and continuous education. In the evolving world of property management, these principles are not just foundational but are the bedrock of effective and dynamic leadership.

Journey Through Memory Lane

Reflect for a moment on your very first day in property management. Recall your initial resident interactions, the first move-in coordination, your reaction to seeing a make-ready process, or deciphering a financial statement. Those early experiences might stir a mix of emotions – from the awkwardness of inexperience to the pride of overcoming initial hurdles. It's fascinating to realize how far you've come from those initial steps, gaining confidence and expertise in areas that once were foreign.

Challenging the Status Quo

Now, let us ponder a critical question: Why is it that after reaching certain milestones in our careers, there is a tendency to feel we have seen it all? There is a deceptive comfort in reaching a level of proficiency where learning seems optional rather than imperative. Our educational system often highlights a "finish line," but true learning has no end point. The real question is, what comes after the formal education and early career learning curve?

Embracing Continuous Education

Choosing to continually educate yourself is not just beneficial; it is essential for leadership in property management. The industry is rapidly evolving – new technologies, changing resident and team member expectations, and shifting market dynamics are constants. Remaining stagnant in knowledge can lead to obsolescence, even in the most seasoned professionals.

Practical Steps for Ongoing Learning

Leverage the Cohen-Esrey Level Up (CELU) Program.
- Start with CELU: Have you checked your email about the Cohen-Esrey Level Up program? This is a fantastic foundation for continuing your leadership education. It's tailor-made for enhancing your skills in property management and leadership.
Cultivate a Curiosity Environment.
- Foster Curiosity: Encourage your team to ask questions and explore new ideas. As a leader, show that you value inquisitiveness by regularly engaging in discussions that delve into processes and products deeply.
- Innovative Problem Solving: Use curiosity as a tool to understand and improve existing operations, encouraging team members to bring forward innovative solutions.
Maximize Use of Available Resources.
- CE University and Quick Connects: Take full advantage of the resources at CE University and participate in Quick Connect sessions for real-time learning and networking.
- Leadership Books and Microlearning: With an abundance of leadership books available, choose titles that resonate with your goals. For those pressed for time, microlearning can be an effective alternative. Commit to reading a short, internet-based leadership synopsis for 10 minutes each day.
Stay Informed on Industry Trends:
- Industry Publications and Forums: Regularly read property management journals, online articles, and participate in forums to keep up to date with the latest industry trends and practices.
- Join Property Management Groups: Active participation in property management groups and associations can provide valuable insights and networking opportunities.
Challenge Your Own Expertise:
- Skills and Knowledge Assessment: Routinely assess your skills and knowledge. Identify areas where you could improve and actively seek out resources, workshops, or courses to address these gaps.
- Set Learning Goals: Establish clear, achievable learning goals and track your progress over time.
Pursue Continuing Education:
- Higher Education and Certifications: Discuss with your Property Manager or Regional Manager about enrolling in higher education platforms or obtaining industry certifications such as Certified Property Manager (CPM) or Accredited Residential Manager (ARM).
- Lifelong Learning Commitment: View these educational pursuits not as a one-time achievement but as part of a lifelong commitment to learning and professional growth.

Conclusion

In conclusion, the intersection of self-awareness and continuous education forms a powerful axis for growth and success in property management leadership. By acknowledging our ongoing journey of learning and embracing the ever-changing landscape of our industry, we can lead our teams with not just confidence but with relevance and foresight. Let us commit to being lifelong learners, always curious, always growing, and continually striving for excellence in our field.

Tell Everyone About CEAI Podcast Episodes!

Cohen-Esrey Apartment Investors (CEAI) has developed quite a series of podcasts! Lydia Kinkade (2013), Managing Director of iiM and Manager of CEAI Funds XXIII, 24, and 25, is the moderator.

The CEAI podcast includes Lee Harris (1975), President and CEO, and Ryan Huffman (2002), Cohen-Esrey’s Chief Operating Officer and Managing Director of CEAI. They discuss apartment investing strategies and review some of the acquisitions and dispositions made by CEAI. They have recorded 31 episodes that often feature guests including Matt von Ende (2017), CEAI Vice-President of Acquisitions; Michele Rollo-Burns (2018), Director of Revenue; Richard Williams (2020), Renovation Director; Mark Fletcher (2008), Chief Technology Officer; Stan Phelps (2017), Senior Project Manager-Nexus 5 Group; Stefan Zajczenko of First Avenue Asset Management, and others.

You can listen to all episodes on Spotify, Apple, or other major podcast platforms. New episodes are posted monthly.

Another Empowerment Story

By Morgan Gassert (2022), Marketing and Ad Specialist, Corporate Office

Morgan Gassert (2022), is a Marketing and Ad Specialist in the Corporate Office. Here is what she has to say about her Empowerment:

Before joining Cohen-Esrey, I worked with children full-time. After long tiring days and daily headaches, I was anxious to broaden my horizons and pursue a career that more closely aligned with my degree in Journalism and Advertising.

After a long and daunting job search, I joined the Cohen-Esrey team in May 2022 when I moved here from Nebraska. I was very relieved and thrilled when I received the call from Mark Fletcher (2008), Chief Technology Officer, offering me the job. My position has pushed me outside of my comfort zone and provided me with many new opportunities. I have gained so many new skills and knowledge along the way and met some very awesome people too!

In August of 2022, I had a traumatic experience in the office and had to be carried out by paramedics. Megan Lierz (2022), Corporate Accountant, Dee Krause (2022), Recruiter, and Gina Long (2022), HR Generalist, all made sure I was okay and stood by my side through it all. These ladies were kind enough to stay in the hospital with me while I was getting checked out despite it being the middle of the workday. Megan took me to my apartment while I was on medication since I was unable to drive. I’ll never forget this day and how loved I felt by people who I had only known for a couple months at the time. This is an incredible example of Team Member Fulfillment.

I feel supported, encouraged, and appreciated for the things I do in my role. Cohen-Esrey has Empowered Me to Thrive by providing me with new experiences and a path forward to my professional career.

A Vision 2026 Update – Part 1

In 2017, we rolled out Vision 2026 which projected what our organization will look like on December 31, 2026. Since then, it has served as a roadmap that guides our strategic initiatives. We are now three years away from the target date and much progress has been made. Yet, there is still much to be done to achieve our Vision. And we’ll begin formulating the corporate Vision for the next ten years beginning on January 1, 2027. Here is Part 1 of the update on where we are at the moment. In the next issue of People & Properties we’ll provide Part 2.

1. Acquistion of 20,000 market-rate apartments. The past two years have not been kind to the acquisition of market-rate apartments. The run-up in interest rates made it very difficult to purchase anything. Now that the Federal Reserve has announced its intention to reduce rates during 2024, we expect that acquisition activity will pick up and we’ll be ready. Part of our strategy is to recapitalize several of the existing market-rate properties already in the portfolio with new debt and equity, rather than selling them to third parties. This will help grow the portfolio further over the next three years. Partnerships sponsored by Cohen-Esrey Apartment Investors (CEAI) currently owns 19 market-rate properties totaling more than 5,600 units. Even if we acquire 1,000 units in 2024, and 3,000 units in each of 2025 and 2026, it’s doubtful that we’ll reach 20,000 units by the end of 2026. It’s likely that this element of our Vision will carry over into the new corporate Vision beyond 2026.

2. Development of 7,500 affordable/workforce apartments. Great progress has been made toward this goal. Currently, the Cohen-Esrey Development Group (CEDG) has completed 29 projects totaling 1,760 units with another 2,235 units in 13 projects under construction or in development. That brings the total to approximately 4,000 units. With the rapid scale-up in CEDG, we fully expect to make this element of Vision 2026 a reality.

3. External Net Promoter Score of +50. This Vision element is also quite doable. At the beginning of this year we modified the methodology for measuring Customer Fulfillment which is reflected in the Net Promoter Score (NPS). This modification brought us more in line with the way businesses generally calculate the NPS. Previously, our NPS under the old method was registering at +38 or +39. The new methodology saw a slight bump to +44 – only six points away from our Vision 2026 metric. Remember – we are going to have to work very hard to not only maintain but also to increase our NPS. We are assuming the management of a multitude of properties – both third-party assignments as well as properties we acquire and development. With rapid growth there can be hiccups with Customer Fulfillment. We must be diligent to avoid allowing this to happen.

4. Internal Net Promoter Score of +50. Our current Internal NPS is also +44, though it has ranged as high as +47. This is a reflection of Team Member Fulfillment and the 2026 metric is well within our reach. To achieve this we must focus on onboarding and training new team members adequately, showing respect for each other, communicating sufficiently, and making sure we listen to the needs of team members. One thing to remember when you are completing the team member survey – when we ask the question “On a scale of 0 to 10, how likely would you be to refer a friend or family member to work for our company,” this means are you satisfied enough with your experience at Cohen-Esrey or Nexus 5 to recommend us. A few team members have taken this literally to mean would they actually make such a referral. We understand that referring a friend or family member might not be something you would normally do because of the repercussions it might cause to your relationship if things don’t work out. That is not the way this question should be interpreted.

5. Operating in 20 states. The reason for this Vision element is to expand the reach of the organization for the purpose of creating even more opportunities for development, acquisitions, and management, and to diversify the number of markets in which we operate for risk mitigation purposes. Currently, we operate in 17 states with prospective development projects in at least three more.

It’s the Little Things That Make a Big Difference

This is a continuing feature in People & Properties where we highlight small Property Management 101 types of things that should be done to deliver Customer Fulfillment – and cost little to no money.

Let’s talk about VACANT UNITS. There is so much that can be said about the condition of vacant units. Are there dead bugs on the window sills; has the water evaporated from the toilet leaving an unsightly stain in the bowl; and does the unit smell stale or worse? A couple of years ago, I looked at a property we were contemplating purchasing, and the property manager took me to a vacant unit and told me to walk through at my leisure. She didn’t bother to accompany me into the unit. When I opened the refrigerator door there must have been four or five LIVE cockroaches sluggishly running around inside. Look – if there are 40 vacant units, it doesn’t make financial sense to have every single one of them ready for occupancy. But there should be at least 10 or 15 that a new resident could move into right now. If someone from the property team isn’t in every vacant unit once a week, you have no idea what you might walk into some day (cockroaches? Or maybe worse?). Bottom line – it costs little to nothing to inspect vacant units and make sure they are fresh and ready to move-in.