.png)
January 2, 2023
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.
The Landing at 818 is Now Open!
The Landing at 818 is now open in the Madison, WI, suburb of Sun Prairie! This 100-unit senior affordable community was developed at a cost of $27 million by the Cohen-Esrey Development Group (CEDG) as the company’s third project in Wisconsin. The first was Walnut Street Flats in Reedsburg that opened in 2019, and the second was Village on Main in nearby Waunakee that opened in 2022. The Landing at 818 is a single building with surface and underground parking. The property has two elevators, resident storage lockers, and a community/multi-purpose room with a full kitchen where events can be held. Negotiations are underway with an orthodontist who wants to purchase a commercial condominium space on the ground floor. One-bedroom units are 746 square feet and rent for $556 to $1,140 per month. Two-bedroom units range from 1,041 to 1,183 square feet and rent for $668 to $1,386 per month. Unit interiors feature high ceilings, large windows, plank-style flooring with carpet in the bedroom(s), stainless steel and black appliances, kitchen islands, pendant lighting in the kitchen, in-unit washer and dryers, balconies, and ceiling fans in bedrooms. A multitude of restaurants, retail, churches, and professional services are within walking distance.
Sun Prairie, a city in Dane County and a northeastern suburb of Madison, is part of the Madison Metropolitan Statistical Area with a population of more than 700,000. The second-most populous city in Dane County after Madison, Sun Prairie has 36,000 residents. The Town of Sun Prairie was created on February 2, 1846. The village of Sun Prairie, which grew from that town, was incorporated in an act of the Wisconsin legislature on March 6, 1868. Major employers include QBE Insurance, American Family Insurance, Colony Brands, Frontier Communications, and the Sun Prairie School District. Many residents commute to jobs in Madison. World-renowned artist, Georgia O’Keeffe, winner of the Presidential Medal of Freedom and National Medal of Arts, hailed from Sun Prairie. Madison is home to the Wisconsin state capital and the University of Wisconsin.
Amanda Ashley (2022) is the Property Manager and also manages Village on Main in Waunakee, WI. Rebecca Grimm (2019) is the Regional Manager, Paige Bohling (2022) is the Property Accountant, Garrett Cook (2022), is the Accounting Assistant, and Rodney Chmidling (2015) is the Accounts Payable Specialist.
This development would not have happened without the efforts of many team members.
-
Brian Sweeney (2015), CEDG Development Director – found the site, negotiated with the city to get long term Tax Increment Financing, and physically moved out one of the final residents who needed help vacating from an older building on the site that was demolished.
-
Tim Minson (2019), Construction Technologies (CT) Vice-President Design and Construction – worked on preconstruction.
-
Kyle Ervin (2021), CT Project Manager – joined CT soon after closing and oversaw construction/interfaced with contractor.
-
Jack Brenton (2018), CEDG Development Manager – worked on LIHTC application, financial model, and closing.
-
Sonya Shifflett-Bly (2018), CEDG Development Manager – worked on LIHTC application and closing.
-
Lauren Cano (2021), CEDG Development Manager – worked on closing (right after she started with CEDG).
-
Becky Trost (2015), CEDG Accountant – worked on closing and draws.
-
Susan Belisle (2019), CT Construction Coordinator – worked on draws.
In addition, Kristina Viera (2017), Assistant Vice-President and Deputy Managing Director for Cohen-Esrey Communities (CEC), Rebecca Grimm (2019), CEC Regional Manager, and Tina Shirey (2007) CEC Compliance Manager, were involved in assisting CEDG during the planning and development phase and are now fully engaged with the lease-up. Finally, hats off to Jon Atlas (2015), Managing Director, for supporting the entire team from start to finish. Without him, this project would not be a reality.
We welcome the following new team members to Cohen-Esrey and the Nexus 5 Group.
-
Kenneth Koval – Perry 81, Overland Park, KS – Assistant Property Manager
-
Kurt Whitaker – Owensboro Historic Residences, Owensboro, KY – Maintenance Technician
-
Glenn Ftacek – Carlyle, Shawnee, KS – Groundskeeper
Meet the Orchard View Team
Meet the Orchard View team. Christina Martin (2022), Property Manager, and Todd Umfleet (2005), Maintenance Technician. Orchard View is a 96-unit two-phase affordable community located in the southeast Missouri town of Farmington. The property is managed for a third-party client by Cohen-Esrey Communities (CEC).
Great Results!
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, here are the standouts with growth of 5% or more. Congratulations to each team for the progress made!
A Christmas Baby!
Liam Michael Lierz entered the world on December 21 at 12:47 PM, just in time for Christmas. He was 20.75 inches long and weighed eight pounds, nine ounces. Mother, Megan (2022), Business Units Accountant, and father, Eric, are thrilled that he’ll have two big brothers to play with. Congratulations to Megan and the entire Lierz family for this little bundle of joy!
Core Value of the Month
More Than Just a Burger and Fries . . .
By Noelle Wilson (2022), RealPage/Customer Fulfillment Specialist
Before starting at Cohen-Esrey, if you had asked me to define Customer Fulfillment, I would have said something along the lines of “Someone asks you for a thing, you provide that thing, and that’s that.”
Property management provides a service more intimate than just a burger and fries. And the homes we provide are more than just a place to sleep at night. A home is everything and a good home provides everything. Memories are made, dreams are realized, and families are built in homes. In our roles with the Customer Fulfillment team, Robert Sholl (2022) RealPage/Customer Fulfillment Specialist, and I assist both our residents and our property teams with any issues that may be getting in the way of an incredible living experience under Cohen-Esrey’s wide umbrella of properties. Our role has us taking calls into Corporate concerning resident and property issues, coordinating with property teams to provide resolution on these issues, providing RealPage Software support to our residents and property staff, and training our staff on RealPage systems and Customer Fulfillment best practices. Customer Fulfillment is going above and beyond to make sure our residents and property teams feel seen, heard, and more than anything, valued. We wouldn’t be here without them and having the opportunity to make their experiences in their homes a positive, lasting memory, is something I know neither of us take for granted.
iiM Invests in Babylon Micro-Farms
By Lydia Kinkade (2013), iiM Managing Director
iiM, LLC (Innovation in Motion), is pleased to announce another new portfolio company, Babylon Micro-Farms. Babylon Micro-Farm’s first product, the Galleri (shown in both images), provides customers with sustainable, year-round produce in a totally controlled environment, remotely managed and monitored by artificial intelligence (AI). They offer 45+ plant varieties and mixes, as well as the seed delivery service. The company is already generating revenue from a significant customer base that includes senior living facilities, corporate dining centers, and global retail operations such as Ikea. Babylon Micro-Farms already has a presence in several universities, corporate cafés, and retail locations and is under contract to deliver more units to both new and existing customers.
Here’s a little bit of background on how our investment process works – Babylon Micro-Farms was identified as a potential investment opportunity by Cohen-Esrey President and CEO and iiM Managing Member Lee Harris (1975), after listening to a podcast on which the founder Alexander Olesen was featured. Subsequently iiM Principal Nicholas Hense (2021) conducted multiple interviews and research on the company prior to inviting Olesen to pitch at the August 3, 2022, iiM Pipeline Meeting. There was enough interest from the investor participants to invite Olesen to the upcoming in-person iiM Investor Member meeting on August 30, 2022, after which the larger iiM investor network expressed an interest in completing our full due diligence process. Nicholas then led our due diligence efforts and following the distribution of our comprehensive due diligence report, our collective investor group committed $265,000 to invest in the company, which closed on December 20, 2022. Additionally, iiM has been asked to fill an open seat on the company’s Board of Directors, of which Lee will be the designee.
Including Babylon Micro-Farms, iiM has made 32 investments across 22 portfolio companies since 2015. $6,820,546 has been deployed across these investments. iiM is an affiliate of Cohen-Esrey that invests in early-stage companies in the animal health, agriculture, and human health verticals. iiM is led by Lydia Kinkade (2013), Managing Director, who is also the Fund Manager for our apartment co-investment platforms.
Another Empowerment Story
By Emma Green (2018), Project Engineer, Nexus 5 Group
Emma Green (2018), is a Project Engineer for the Nexus 5 Group. Here is what she has to say about her Empowerment:
When I came to Cohen-Esrey, I was working as a full-time server at Nick and Jake’s restaurant in Parkville, MO. I had gotten to know Clint and Jeanette Jayne (1996), Executive Vice-President and Managing Director. They believed I would be a perfect fit for the part-time receptionist position that was available. Being in an office was a first for me. I really loved everyone I worked with, and I knew I wanted a full-time position when one became available. I remember the day when Jessica Bell (2014), Project Engineer, came up to the desk saying there was a position available at Nexus 5 as a Project Coordinator. She thought I would really like the change of pace that the construction side had to offer.
I was pregnant with my daughter, who is now almost four, so I was grateful for the opportunity to change career fields that would be easier to find childcare when she was born. Nexus 5 took a chance on me. The only experience I had was a degree in psychology, as well as customer service experience. I had never been exposed to the construction industry until I was hired at Nexus 5.
Up until the day LynnLee was born, I worked both jobs – Project Coordinator at Nexus 5 as well as serving in the evening and weekends at Nick and Jakes. Exhausted would be an understatement when referring to my pregnancy experience with LynnLee.
When I returned to Nexus 5 after my maternity leave, I was still working at Nick and Jakes but only on the weekends. Nexus 5 provided me with the flexibility that comes with being a single mom. On days when LynnLee was sick, we were able to work out processes that allowed me to work from home. Nexus 5 Empowered me to not only be a great team member but be a great mother. Without the opportunities that I have had at Nexus 5, I wouldn’t have been able to thrive and eventually marry my husband, Josh Green (2018), General Superintendent, who is also a team member at Nexus 5. I am now on track to eventually become a Project Manager with the company. I am thankful for my time at Nexus 5, and I speak highly to anyone that will listen. Nexus 5 remains committed to the success of every team member and I am proud to be a part of this company.
Another Blast From the Past
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? We have been running a series in People & Properties where we will highlight one such business unit. Here is another.
In the late 1990s, Cohen-Esrey was one of the early adopters of building websites for our various commercial and multi-family properties. Jeanette Jayne (1996), Executive Vice-President and Managing Director led the initiative. At the time, we were leasing and managing the new Barrywoods Crossing Shopping Center in Kansas City’s Northland. A website was built for the 275,000 square foot center to help promote the retailers and help drive foot traffic. An idea was then born to build websites for up to ten apartment communities surrounding Barrywoods. This included a couple of properties managed by Cohen-Esrey and the rest were managed by other firms. The purpose of this experiment was to drive retail traffic from the apartment residents to the shopping center. Remember that this was back in the day before there was much activity in the online shopping space. Thus, Commerce Village, LLC, was launched.
Shortly after this first prototype was developed, Commerce Village caught the attention of a St. Louis-based start-up, Partner Communication Services, Inc. (PartnerCS) which had recently raised $11 million in early-stage funding. PartnerCS was focused on delivering high-speed internet service to apartment communities and liked the way Commerce Village was creatively leveraging the internet to collaborate with retail centers. Negotiations ensued, and PartnerCS ultimately acquired Commerce Village in 1999 in a transaction involving cash and stock with Cohen-Esrey receiving a seat on the board of directors. The founders of PartnerCS had extensive experience in the technology space through their prior affiliation with Brooks Fiber. They pushed hard to install high-speed internet in several apartment communities in St. Louis and Kansas City with a vision to go national with the program. To do so would require raising a significant amount of additional capital. And this was happening at a time when the internet bubble was bursting. The board realized that the cost of installation was so high and the payback period so long that there was no way to scale the venture. In 2000, the board decided to shut down the company and return $4 million of unspent capital to the shareholders – including us.
We were one of the few owners of a tech enterprise that ended up making a small profit when the tech bubble burst. And the experience was invaluable in helping us understand how the Internet was going to become a major factor in the operation of commercial and multi-family properties going forward. Back in the day. . .
We're Close!
During this past week the overall Net Promoter Score (NPS) has briefly increased to +36 before it settled back to +35. 2022 was an up and down year with the NPS bouncing between +34 and +36. We’re so very close to breaking through because we’re headed in the right direction with our delivery of Customer Fulfillment. We must continue to look for additional ways to put the warm blanket around our customers and WOW them. When they are happy they stay and they pay. Onward to +50 by December 31, 2026!
Congratulations to the Nexus 5 Group for a +89 NPS, along with Clay Hall at +95.12, Eileen’s Place at +79.31, and The Boulevard at +92.37 for topping the Leaderboards!