Cohen-Esrey

Cottonwood Creek Construction Progress We've had lots of construction progress at Heritage at Cottonwood Creek in San Marcos, TX.?Underground utilities are in place and concrete foundations are poured.?Next, wood framing will begin as the first layer of the parking lot is poured.?When completed, this project will provide 233 apartments, half of which will be income-restricted.?The first residents should move into the property in late 2025.

Multifamily Transaction Volume Steadily Rising The most recent transaction volume data shows the multifamily sector remained the clear favorite among commercial real estate asset classes in Q3 2024, ending the quarter up 9 year-over-year.?While this marked the second consecutive quarterly increase, the year-over-year price change posted a decline of 6. Out of a total of $89.9 billion, multifamily sales registered $35.8 billion during Q3 2024, translating to roughly 40 of all commercial real estate transaction volume. Over the last two quarters, multifamily sales have averaged $38.2 billion, which more or less aligns with the 2017 levels.?Although still considerably short of the record high post-pandemic transaction volume, the last two quarters worth of sales data indicates the multifamily sector enjoys functional, although limited liquidity despite a very challenging interest rate environment over the last two years that has dramatically affected asset values and hindered multifamily transactions.?

Todd Sears reelected as Federal Home Loan Bank of Indianapolis Director On this election day, congratulations to Cohen-Esrey Development Group (CEDG)'s Vice President of Development Todd Sears on his reelection as Independent Director for the Federal Home Loan Bank (FHLB) of Indianapolis.?In this role, Todd will continue to provide guidance and strategic support to the FHLB as it seeks to provide liquidity to the financial system and affordable housing opportunities.?Todd joined CEDG in 2023 and continues to provide innovative ways for us to deliver affordable housing as well as fulfill our mission of Empowering People to Thrive. More information is available here: https://lnkd.in/g6EjV8pA

CEAI and CEC discuss the critical role of proactive property management in the multifamily investment space. On our latest episode of the Cohen-Esrey Apartment Investors Podcast, Managing Director Karen Crouch shares how our property management teams focus on proactive customer fulfillment. She discusses our use of Net Promoter Score (NPS), 24-hour maintenance, market-competitive rates for renovated apartments, and our commitment to Lifestyles of Choice. We aim to create a positive loop between residents and team members, benefiting residents, staff, the local economy, and our capital partners who support our "Best B" multifamily vision. Listen to the podcast here: https://lnkd.in/g7R-wvrd

The Launchpad Apartments Construction The Launchpad Apartments in Colorado Springs, CO is taking shape.?This 50 unit development will focus on formerly homeless youth.?The property will provide not just housing but also the supportive services these young people need to thrive.?Construction will be complete in early 2025.??

As part of our overall strategy of investing in properties with operational and value-add?upside, CEAI has begun implementing Smart Technology across much of our market rate portfolio.?Our standard smart tech package includes keyless entry to units, remote controlled thermostats, cellphone charging stations and parcel pending locker stations for our residents who receive deliveries.?Smart Tech is one of the many upgrades we bring to our properties as we reposition our assets to compete with newer product.?It enables operational efficiencies, reduces energy costs, makes touring model units easier, and provides a more modern feel for the residents who call our communities home.?We are happy that we identified smart technology as an increasingly important amenity sought after by multifamily renters, and continue to believe it will become a central expectation among renters in the future.??

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.??