Cohen-Esrey

An article about Cohen-Esrey Development Group's (CEDG's) Lewis Lofts project in Mankato, MN was recently featured in the Mankato Free Press. The affordable apartment development is under construction and will be completed and available for occupancy in the spring of 2025. Lewis Lofts is the second phase it is adjacent to CEDG's Sinclair Flats affordable development, and the two project deliver a combined 112 apartments. https://lnkd.in/gQe6PHXq

CEAI Headquarters Market of Kansas City Ranks #2 in Nation for Rent Growth Cohen-Esrey's headquarters market of Kansas City has made headlines again for ranking #2 in the nation for rent growth. With strong household incomes, local rental levels registering only 68-74 of the national average rents for Class A, Class B, and Class C rents (end 2Q 2024 data), and a diverse local economy in which no sector comprises more than 14.1 of overall employment, the Kansas City MSA continues to benefit from a low rent-to-income ratio and a comparatively long rental runway. We might be biased because we live and work here and have witnessed the remarkable growth of our city grow over the last half century, but the numbers speak for themselves! The fundamentals of the apartments market in Kansas City are strong. 

Promotion of Nick Emenhiser Cohen-Esrey Development Group is excited to announce the promotion of Nick Emenhiser to Development Director. Nick will handle originating new affordable and workforce development projects in Colorado, Arizona, New Mexico, Nevada, and Utah. Nick is based in Denver, CO. Nick joined Cohen-Esrey as a Development Manager in March 2022. Prior to that, he was the Fiscal Administrator for the City and County of Denver’s Affordable Housing Fund. Previously he held positions with Huntington Bancshares, Novogradac, and Ohio Capital Corporation for Housing. Nick has been in the affordable housing industry since 2014, primarily on the financing and policy side. Nick has a Dual BA in Geography and Political Science from Oklahoma State University, and a MS in Urban Planning with a concentration in Community Development from The Ohio State University. At Ohio State, he published a 246-page thesis on Best Practices for Public-Private Partnerships for Financing Transit-Oriented Development which outlined trends and underwriting specific to the middle of the country. He completed a year of AmeriCorps VISTA service in 2014 with Cleveland Restoration, coordinating policy around abandoned communities and historic design review service for disadvantaged and redlined neighborhoods. Nick is a LEED Green Associate and working toward his PMP certification and Spanish language proficiency. To date, he has helped Cohen-Esrey close several projects in the Mountain West footprint, ranging from permanent supportive housing to mixed-income communities. In his free time, Nick enjoys following the OSU Cowboys (win or lose), hiking and snowboarding in the Colorado Rockies, and exploring Mexico when it’s too cold in Colorado.

CEAI's Approach to Property Renovations CEAI’s value add portfolio spans 17 properties totaling 5,449 units across eight states. It’s not unusual that we oversee several renovations simultaneously in different markets around the country at any given time. One of the ways in which we have streamlined our management of these comprehensive, property-wide renovations is through our Renovation Tracker.  Updated weekly for each of our ongoing renovations, the Renovation Tracker does exactly what its name implies: tracks the progress of every aspect of our property renovations, including: how many units have been upgraded, average upgrade cost per unit, average turn time per unit, average rent increase post-renovation, as well as digging into granular detail with regard to what interior features have been upgraded and with what materials/appliances the upgrade was completed. Through the active and regular monitoring of every aspect of our renovation, CEAI is able to understand exactly how we are driving value while maintaining the ability to pivot here and there as needed when changes to renovation scopes and schedules are required to meet the needs of the property and the reality of the market.  

Trails at Lehow Grand Opening A grand opening is always a wonderful occasion to celebrate all the hard work that goes into affordable apartment development. We are thrilled to open Trails at Lehow in Englewood, CO and welcome 82 individuals and families to their new home. Plus, we were joined by company founder and Chairman Bob Esrey and President and CEO Lee Harris for the occasion of our first completed development in Colorado.

Cohen-Esrey's Technology Approach Our technology approach sets Cohen-Esrey apart. Unlike other similarly sized firms, Cohen-Esrey has made a significant investment in custom software development. With our in-house team of programmers, CE writes and supports many of our own operational workflow applications. Other companies in our space tend to rely on off-the-shelf workflow software, which forces them to adapt their business operations to fit the software’s capabilities. In contrast, CE can pivot and innovate our approach in agile and nimble ways by quickly building and deploying custom applications that support our new strategies. Over the last 10 years, CE has developed over 50 workflow apps across all divisions and operations at Cohen-Esrey. Each app is commissioned by business teams who are always looking for ways to improve operations, innovate, and excel. For example, our custom apartment development tracking system allows CE to systematize complex Section 42, PFC, workforce, and Opportunity Zone development deals in a scalable and predictable way. We can track schedules, tax credit application milestones, predevelopment expenses/forecasts, construction schedules, lease-up performance, and rental achievement. Cross-functional teams in property management, marketing, accounting, compliance, and development all have clear visibility into key milestones, critical path tasks, pay apps, construction draws, change orders, risk management, and installments. When we encounter challenges, we enhance the application to help avoid them in future deals. The pairing of knowledgeable industry experts and robust software has made a huge difference for Cohen-Esrey. Click here to view details on our recent apartment development efforts.

Cohen-Esrey's Historical Ties and Current Footprint in the Kansas City Market In this episode of the Cohen-Esrey Apartment Investing Podcast, Lee Harris and Matthew von Ende from Cohen-Esrey discuss the company's historical ties and current footprint in the Kansas City market. https://lnkd.in/gkFWS7U9

Twenty-Eight States and Counting Since our inception in 1970, Cohen-Esrey has become very proficient at operating on a multi-state basis. Over the years, our operating footprint has taken us to 28 states and more than 250 different cities and towns. Our expansion continues with projects most recently being pursued in Arizona, Utah, and Alabama. Stay tuned as we have eyes on market-rate acquisitions and affordable/workforce housing development in several more states. 

Overlook 157, being developed by the Cohen-Esrey Development Group (CEDG), is taking shape in Asheville, NC. Massive work is underway on the hillside location for this property to allow for the construction of 141-units of workforce housing. The $40 million development will have one- and two-bedroom apartments of 705 square feet and 1,085 square feet respectively, renting from $1,275 to $1,995 per month. Construction commenced in April 2024 and will be completed by or before April 2026. Located at 157 New Leicester Highway, the property offers tremendous scenic views of the Blue Ridge Mountains as well as numerous on-site amenities including a nature trail, fitness center, parcel delivery lockers, picnic and grill area, and a swimming pool. Asheville is a city of more than 500,000, and is known as an art colony and a healing resort, and is 120 miles west of Charlotte, NC, and 110 miles east of Knoxville, TN. Overlook 157 is Cohen-Esrey’s third project in North Carolina, having previously developed the Big Chair Lofts in Thomasville, and the Oneida Mill Lofts in Graham. 

Welcome David Davis Cohen-Esrey, a leader in the multifamily industry, is pleased to announce the hiring of David Davis as Director of Architectural Services for Cohen-Esrey Development Group (CEDG), the property development unit of the Cohen-Esrey family of companies. David is a registered architect in Missouri and accredited by the National Council of Architectural Registration Boards. With over 30 years of design and construction experience, he joins Cohen-Esrey from ICON Architecture + Fabrication in Kansas City, where he oversaw development projects including theaters, hotels, office buildings, housing, and retail spaces.