December 5, 2022

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.

Astoria Park to Get an Extreme Makeover

A Cohen-Esrey Apartment Investors (CEAI) partnership acquired Astoria Park in February 2013. The 164-unit Amarillo, TX, apartment community was originally built in the 1940s and redeveloped as affordable housing using tax credits prior to CEAI’s purchase. The property is going to be sold in February 2023, to a partnership formed by the Cohen-Esrey Development Group (CEDG) and redeveloped using federal and state historic tax credits as well as federal affordable housing tax credits. CEDG will spend more than $8.8 million ($53,650 per unit) to renovate the project. Besides unit interior improvements ($24,000 per unit) there will be significant focus on upgrading the clubhouse, amenities, and landscaping. Astoria Park consists of two-bedroom flats (850 square feet), two-bedroom townhomes (850 square feet) and three-bedroom townhomes (1,250 square feet). Rents will range from $792 to $1,063 per month. The property has participated in a federal program for Burmese and Afgahn refugees, providing safe and decent housing for a population that is assimilating into the U.S. society at large. The clubhouse improvements will include an activity room, business center, a larger kitchen, and a laundry room. The units will receive remodeled kitchens and bathrooms, new flooring throughout, and moving some existing water heaters from the attic to second floor closet spaces to correct several ceiling leaks. Exterior improvements include courtyard seating/grill areas, a fully equipped dog park, a shade pavilion, outdoor game area, improved community garden, playground, new sidewalks and parking lot resurfacing. There will also be a designated office in the clubhouse for the resident services coordinator, hired through PreservingUS.

Amarillo is a city in the Texas Panhandle. It’s a gateway to the vast, trail-lined Palo Duro Canyon State Park. The Cadillac Ranch is an installation of graffiti-decorated cars, partly buried in a field. With art deco and Spanish Revival buildings, the U.S. Route 66-Sixth Street Historic District is a hub for dining and antiques. The American Quarter Horse Hall of Fame is dedicated to the famous horse breed. With a metro population of more than 300,000, Amarillo is a regional economic center for the Texas Pandhandle as well as Eastern New Mexico and the Oklahoma Panhandle. Meat packing a major employer with one-quarter of the United States’ beef supply being processed in the area. Petroleum extraction is also a major industry. Bell Helicopter Textron opened a helicopter assembly plant near the city’s international airport in 1999. Approximately 14 million acres of agricultural land surrounds the city with corn, wheat, and cotton as the primary crops. Including Astoria Park, Cohen-Esrey now operates 2,200 units across nine apartment communities in five Texas cities with another 515 units on the drawing board.

Gilberto Pedraza (2013) is the Property Manager and has been with Astoria Park since CEAI purchased it. Loretta Chavez (2022) is the Regional Manager, Kurt Parrett (2008) is the Senior Property Accountant, Nancy Lewis (2021) is the 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.

George Kamau – Hamptons at East Cobb, Marietta, GA – Groundskeeper
Cecilia Jimenez – Carlyle, Shawnee, KS – Leasing Agent

What is the ELT?

Have you ever wondered what the Executive Leadership Team (ELT) does and who we are? We are made up of ten people who are dedicated to building a stable, sustainable company for our 315 team members. We work collaboratively to develop strategies, set goals, create implementation plans, and guide operations. An important part of this is communicating Vision and strategy to the entire company. We also create and cultivate the company culture, share the same goals, and hold each other accountable. Building strong teams to execute the strategy so we can grow is a critical piece of this. We live the Core Values and Empower People to Thrive!

Bob Esrey (1970), Chairman
Lee Harris (1975), President, and CEO
Jeanette Jayne (1996), Executive Vice President, and Cohen-Esrey Managing Director
Ryan Huffman (2002), Chief Operating Officer, and Managing Director of Cohen-Esrey Communities (CEC) and Cohen-Esrey Apartment Investors (CEAI)
Mark Fletcher (2008), Chief Technology Officer
Marcie Teenor (2013), Chief Financial Officer
Jennifer Turner (2018), Director of Human Resources
Jon Atlas (2015), Managing Director of the Cohen-Esrey Development Group (CEDG)
John Hinman (2011), Managing Director of the Nexus 5 Group
Phil Melton (2022), Managing Director of Cohen-Esrey Capital Partners (CECP)

Another Empowerment Story

By Gina Long (2022), Human Resources Generalist, Corporate Office

Gina Long, (2022), is the Human Resources Generalist in the Cohen-Esrey Corporate Office. Here is what she has to say about her Empowerment:

Cohen-Esrey has Empowered me to Thrive in many ways. When I was referred to Cohen-Esrey I initially wasn’t sure what my next steps would be. I came from owning a business for 10 years and going back into the workforce seemed almost impossible. A good friend was already working for Cohen-Esrey, and I decided to look at the position she suggested. As soon as I saw it, I thought, I can definitely do this and maybe it will be an amazing opportunity I wouldn’t even realize. When I went in to interview with Marcie Teenor (2013), Chief Financial Officer, I immediately clicked with her and felt confident I could be an asset. They called me the next day and offered me a position in the Accounting Department. I had delayed my start date due to my daughter graduating and tying up some loose ends. A few weeks before I was scheduled to start, Marcie called me and gave me an option of another amazing opportunity. My background was in Human Resources, and a position had just opened. She was gracious to introduce me to the Human Resources Director, Jennifer Turner (2018), and I had a conversation with both that immediately made me realize this is truly what I wanted to do. I accepted the position as Human Resources Generalist.

Cohen-Esrey has Empowered me to Thrive because they could see my potential even before I started, and realized I’d be a better fit in a different position that I absolutely love. They trusted me and have given me confidence in the position I hold, and in my short six months here, I feel so blessed by all the team members involved in how I landed here. They have encouraged me to continue my education in the Human Resources field and every day I come to work I’m excited and happy to see what the day will bring. One of our Core Values is Team Member Fulfillment, and I can see many examples each day that team members experience, but for me, I experience it in my position every day! I had no idea what the future held, and this opportunity landed in front of me and it’s one the best decisions I’ve ever made!

Look at These Numbers!

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 November, here are the standouts with growth of 5% or more. Congratulations to each team for the progress made!

Welcome Todd!

The Nexus 5 Group welcomes Todd Smith as a Project Manager with over 15 years of experience in the multi-family industry. He has worked in the Kansas City market for most of his career.

Todd started his career in multi-family housing as a leasing agent, then a property manager, then a project manager. He has spent some time in various other industries but found his niche in project management due to his eye for detail, relationship building and consistent follow through. He learned his skills mainly through the wonderful vendors with whom he’s built relationships over the years, always listening to their expertise, and picking up knowledge along the way. Todd considers himself lucky to have a great father that taught him many things and has had very strong leadership in all my previous roles.

He studied at Wentworth Military Academy for his Associates degree and then went on to Central Methodist University to earn a bachelor’s degree in Spanish and Business. Todd played soccer through high school and college and played two years of basketball in college as well . . . but never scored a point.

Todd is an avid sports fan; with the Kansas City Chiefs and St. Louis Cardinals being his most followed teams. He also likes the Kansas City Royals, Sporting KC, St. Louis Blues, Missouri Tigers, and Liverpool Football (soccer) Club. In his free time, he enjoys camping, trout fishing, golfing, playing soccer, and spending time with family and friends. He has been married to his wife, Susana, for nine years and has an amazing dog named Javier who is almost 17 years old.

Thanks for choosing to join the Nexus 5 team, Todd!

Another New Trainee

Congratulations to Levi Cook (2021), IT Help Desk Technician and in the Corporate Office, and his wife Skylar, on the birth of Hazel Grace Cook, born November 17, 2022, at 8 pounds 5 ounces and 21” long. Isn’t she cute!

Core Value of the Month

The True Meaning of Commitment

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

Over the years, I’ve noticed that some people aren’t following through and doing what they say they’ll do. Does it seem like this has become more of a problem over the years? Of course – this has been occurring for time in memoriam so I wouldn’t necessarily say that it’s become worse. And it’s not only a crucial issue for entrepreneurs but for everyone else as well. At the root of this is a simple word . . . Commitment.

I’m an old school kind of guy and believe that a Commitment is the same as a promise. It’s about trust and a my-word-is-my-bond mindset. How we deliver on our Commitments to others begins with how we deliver on Commitments to ourselves. My parents instilled in me a deep sense of discipline and pride when I was growing up. I had a wide range of chores – some of which I did not particularly like. I practiced the piano for 30 minutes at 5:30 AM on weekdays. I wasn’t given the option of scrapping a practice session. I know I was driven not to disappoint my parents – but in the process they taught me to take pride in what I did and not to disappoint myself. Thus, I learned how to make Commitments to myself and keep them.

How can we learn to make meaningful Commitments to ourselves? It starts with simple things. Perhaps we say, “I’m going to commit to an exercise program five days a week.” How seriously do we take such a Commitment? If we exercise for a couple of weeks and then fall off the wagon, we undoubtedly may rationalize quitting. But are we being true to the bond we’ve created with ourselves? If we can’t even keep the Commitments we make to ourselves, how will we fare when we make Commitments to others – Commitments that others trust and count on us to keep?

If we say to ourselves, “I will try,” or “I think I can,” that’s not really a Commitment. When we say, “I will,” it is. When we frame commitment to “my word is my bond” and “I will,” we can now set clear standards of accountability for ourselves. I can ask myself; did I keep my word when I said, “I will?” This is a very easy question to answer – it’s either yes or no.

Finally, are we prepared to go above and beyond our “legal” obligation to deliver on a Commitment? In other words, do we say we’ll do something and if we fail, do we point to the “fine print” and say we’ve measured up anyway? Years ago, one of our sales associates ran into financial difficulties. We loaned him some money and told him to pay us back when he got back on his feet. He was very appreciative and assured us that he would do so. We chose not to put anything in writing and instead operated based on trust. A year later, this associate was closing transactions and making good money. Not once did he ever acknowledge his Commitment to pay us back. Because we had no formal contract with him, I suppose the case could be made that he had no legal obligation to pay us back. We never really defined what it meant for him to be “back on his feet.” But he knew what it meant and so did we.

We make Commitments only when we are intentional about delivering them 100%. And when we meet the obligations, we commit to ourselves, we are then ready to take the sacred step of honoring the trust placed in us by others.

Phone Lines are Open . . .

Have you ever participated in a Quick Connect? Experts are waiting for your call! Every week, Zoom calls are available for you to learn more about subject matter in a number of areas. You can interact with a live person who has specific knowledge in each area and can ask as many questions as necessary. Here is the weekly schedule for these calls. All you need to do is go to the K-Net Home page and click on the subject at the day and time listed, and you’ll automatically be connected to the Quick Connect of your choice. If you are struggling with a OneSite issue, need help with an HR question, or are scratching your head on a technology situation – this is your chance to get personalized assistance.

Blasts From the Past

HomePlus Management is the first business unit on which we will focus. HomePlus was formed in 1994 to lease and manage single family homes in the Kansas City area. We started out slowly with a few homes, but the initiative snowballed quickly. At the time, there wasn’t much competition in this space and the venture grew to manage several hundred single family residences. We were able to leverage our infrastructure to provide maintenance service using a crew of roving maintenance technicians that we employed; a regional manager was assigned to oversee the operation, and we paid commissions to leasing agents to keep the homes occupied. Business was good, profitability was solid, and we might have continued to scale the unit except that a friend of the company approached us and wanted to buy it. In hindsight, selling to him was the right move because we had also launched our affordable workforce housing unit at the same time and chose to devote considerable time and resources in building what became the Cohen-Esrey Development Group (CEDG). However, for a time, HomePlus was one of the larger home management and rental operations in Kansas City.

Did you know that there have been multiple business units in Cohen-Esrey’s past that aren’t part of our family of companies today? In each of the next few issues of People & Properties we will highlight one such business unit.

Working in the Snow and Other Fun

Brrr! It has already snowed in Mankato, MN, but work continues at Sinclair Flats in Mankato, MN, with construction of the first floor.

Environmental remediation is nearly complete at the Lofts at Creekview in San Antonio, TX. This overhead view shows what a massive site this is for a new 301-unit workforce housing community.

Here’s a nifty bird’s eye view of the Trails at Lehow in Englewood, CO, showing foundation work in progress. No snow here . . . yet.

Oh so close! The Landing at 818 in Sun Prairie, WI, will be completed in the next few days.

Let’s Celebrate a Small Victory!

As we have been reporting the overall Net Promoter Score (NPS) has bounced between +34 and +35 for the past several weeks – generally staying at +34 with a day or two at +35. We’re pleased to say that the NPS has been rock solid at +35 for the past couple of weeks. This certainly gives us something to celebrate and build upon. As we move into the Holiday Season, let’s make an extra effort to focus on our Core Value of Customer Fulfillment. What a great gift to give our residents!

Kudos to the Nexus 5 Group for a +89 NPS, along with Clay Hall at +90.91, Eileen’s Place at +77.14, and The Boulevard at +93.03 for topping the Leaderboards!