- Experience
- Our Clients
- Case Studies
Unlike most management firms who specialize in one property type, Cohen-Esrey Communities works extensively with market rate properties as well as affordable housing.
We have experience managing apartment communities from as small as six units to communities with over 1,300 units. We lease and open newly-constructed as well as renovated properties, and act as court-appointed receivers in troubled situations.
Add to this our portfolio of managing more than 55,000 units since 1969 in 155 markets - spread over 21 states - and you’ll see why our experience is unparalleled.
The following is a partial list of clients for whom we have managed apartments:
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Case Study 1 |
Jefferson Place Apartments | 352 Units |
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| Ownership | CASA II Partners, L.P. – An affiliate of Henderson Global Investors, (NA) Inc. Jefferson Place Apartments is a 352-Unit apartment community located in Olathe, Kansas off of the busy intersection of 119th Street and I-35. The property consists of 16, 3-story buildings with slab on grade construction and stucco exterior. In addition, this community has a clubhouse with swimming pool, hot tub, exercise facility, stocked pond and numerous fountains and superior landscaping. |
| Problem | Property was showing underperformance as a result of an un-desirable resident profile and deteriorating exterior structure. |
| Solution | Cohen-Esrey Communities, LLC, (CEC) assumed control of the property after purchase by the ownership. Immediately, management began a $1,000,000 upgrade plan for the exterior of the property. This plan included painting and repair of the stucco exterior, laundry room upgrades, clubhouse upgrades, parking lot resurfacing and landscape enhancement. CEC directed the contractors and provided project bidding and oversight during this process. An aggressive marketing campaign was put in place to include For Rent, Apartment Guide, Rent.com, Apartments.com, massive flyer distribution, major employer contact and discounts, as well as monthly open houses. |
| Results | Within 18 months, the property was stabilized and has maintained 92% or higher. With the combined efforts of increased rental rates, dropping concessions and strong expense management, NOI results are up 25% from 2004 and continue to rise. |
Case Study 2 |
Mulberry Lane & Robin Oaks Apartments | 397 Units |
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| Ownership | Capmark Finance, Inc. Mulberry Lane and Robin Oaks Apartments are a 397-unit apartment community in two locations Midland, Michigan directly adjacent to the Dow Chemical Company, Inc., corporate headquarters. The properties are 1970’s style construction with interior hallways and spacious 1, 2 and 3 bedroom floor plans. In addition, this community has a clubhouse with swimming pool, exercise facility, laundry facilities in every building, playgrounds, covered parking and lush landscaping. |
| Problem | Property entered into foreclosure action by GMAC Commercial Mortgage, now Capmark Finance, Inc. Both properties were showing 68% occupancy with mounting payables and were unable to meet their monthly debt service installments. |
| Solution | Cohen-Esrey Communities, LLC, (CEC) assumed control of the property at the request of the court appointed receiver. Management began to aggressively market the property for lease, and has overseen approximately $550,000 in capital upgrades to the property. This plan included clubhouse upgrades, landscaping upgrades, unit preparation, hallway renovation, rehabilitation of roofing systems, and exterior balcony reconstruction. CEC directed the contractors and provided project bidding and oversight during this process. |
| Results | Within 9 months, the property was stabilized and has maintained 95% or higher. With the combined efforts of increased rental rates, dropping concessions and strong expense management, NOI results are up 200% from 2005 and continue to rise. |
Case Study 3 |
Alexandria Apartments | 55 Units |
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| Ownership | HJS Realty, LLC Alexandria Apartments is a 55-unit apartment community in downtown Kansas City, Missouri. The property is 100% subsidized by Section 8, and included several apartments in a 1 and 2 bedroom floor plan. |
| Problem | Property had severe deferred maintenance that was causing issues with the state regulatory agencies as well as the U.S. Department of Housing and Urban Development. It was in need of rehabilitation and renovation financing as well as re-tenanting. |
| Solution | Cohen-Esrey Communities, LLC, (CEC) was in control of the property prior to acquisition. HJS Realty, LLC, a partner of Cohen-Esrey, was awarded Tax Credits and Tax Exempt Bonds through the Missouri Housing Development Commission (MHDC). CEC was charged with relocation of the resident base, construction management, leasing efforts and general oversight of the project. |
| Results | Within 10 months, the construction project was completed. CEC delivered the buildings ahead of schedule, netting the ownership an additional $50,000 in developer fee that was not forecast in the original estimates. The property has maintained 100% occupancy and continues to run ahead of proforma projections. |
Case Study 4 |
Grant Park Commons Apartments | 344 Units |
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| Ownership | Zurich Structured Finance Grant Park Commons Apartments is a 344-unit apartment community in the heart of Atlanta, Georgia. The property sits off of Moreland Avenue with fast access to I-285 and is just minutes away from Hartsfield-Jackson International Airport. The property was renovated using Section 42 Tax Credit Equity Funding in 1998 and consists of all 2 bedroom units. Amenities include a pool, clubhouse, 24 hour maintenance, playground, volleyball court mixed with lush landscaping. |
| Problem | The initial renovation of the project was done below standard, creating several construction issues that needed to be corrected. In 2002, the ownership began to vacate the property to begin a second rehabilitation and discovered that their renovation of the property had not taken into account a unit air circulation device. The project required lease up and continued monitoring once construction was completed. In addition, the location of this property is poor and lease up of a large complex would prove challenging. |
| Solution | Cohen-Esrey Communities, LLC, (CEC) assumed this property management assignment in 2004. CEC’s roving maintenance crew designed and installed the unit circulation device system, which took them approximately 60 days. A full and aggressive marketing campaign was put into position to lease up the property, which included online advertising, significant outreach marketing and proper staffing. In addition, a non-profit partner called “Kid’s Tune Up,” was drafted to assist with community activities designed around helping children. This program proved to be instrumental in the lease up as it provides after school activities, full schedules in the summer and meals during these time frames from local school grants. |
| Results | The property stabilized at 85% occupancy, and is back in a positive cash flow position for the first time since 2002. |
Case Study 5 |
Sundance Overland Park Apartments | 80 Units |
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| Ownership | Cohen-Esrey Housing Partners Sundance Overland Park Apartments is a 80-unit apartment community, conveniently located off of Metcalf Avenue in Overland Park, Kansas. The property is minutes away from I-35, which is a major thoroughfare in Kansas City and is a few miles away from downtown. The property has spacious 1 and 2 bedroom units, and amenities include a playground, interior entrances, 24 hour maintenance all in a neighborhood setting. |
| Problem | The project struggled from a leasing perspective since its renovation and inclusion into the tax credit program in 1998 – 1999. This property was constructed in an affluent area of Overland Park, Kansas, which has presented difficulty in drawing a qualified tenant base. The result was accumulating payables, substandard NOI results and continued operating struggles. |
| Solution | Cohen-Esrey Communities, LLC, (CEC) assumed this property management assignment in 1998. In recent years, CEC has placed a more aggressive marketing campaign in place that is geared to draw individuals who qualify for low income housing. This plan included outreach marketing, housing authority relationship building, staff adjustments, office enhancement, hallway enhancement and community involvement projects. |
| Results | The property has stabilized at 100% occupancy, and is generating NOI results that are 50% above prior year projections. The resident profile is content with the activities and renewals are decreasing at an average of 20% year over year. |
Case Study 6 |
Festus Gardens Apartments | 160 Units |
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| Ownership | Capstone Development, LLC Festus Gardens Apartments is a 160-unit apartment community, located in the quaint community of Festus, Missouri. The property is minutes away from I-55, which is a major thoroughfare in St. Louis. The property has spacious 1, 2 and 3 bedroom units, and amenities include a playground, interior entrances, 24 hour maintenance all in a neighborhood setting. |
| Problem | The project was in need of renovation and rehabilitation due to age and deferred maintenance. |
| Solution | Cohen-Esrey Communities, LLC, (CEC) assumed this property management assignment in 2004. Ownership was awarded low income housing tax credits by MHDC in order to handle the renovation and rehabilitation of the project. CEC oversaw the relocation, construction renovation scheduling, re-tenanting of the property, combined with the complication of Section 42 tax credit and project based section 8 layering that the property currently has which resulted in double TIC generation and HUD 50059 generation. |
| Results | The property has stabilized at 100% occupancy, and is generating cash flow to the ownership of almost $250,000 per year due to strong management of income and expenses. |