Development - Cohen-Esrey

A recent study by the National Low Income Housing Coalition shows a shortfall of affordable housing in the U.S. to be 7.3 million units.¹ We at the Cohen-Esrey Development Group (CEDG) are doing our part to close that gap. Our sweet spot is ground-up new construction to create 100-to-300-unit quality affordable workforce and senior apartments. Our development teams focus on markets in the Mountain West, Upper Midwest, Ohio Valley, Atlantic Seaboard, Texas, Alabama, and Florida.

Success in our business requires a high degree of creativity and perseverance. This creativity is manifested in the complex multi-layered funding strategies we deploy. This includes federal and state affordable housing tax credits, tax-exempt bond financing, Public Facility Corporation (PFC) structures, tax-increment financing (TIF), Federal Home Loan Bank loans, Community Development Block Grants (CDBG), federal HOME funds, HUD financing, Opportunity Zones – and the list goes on. And the environment in which we operate is challenging beyond the need for multiple sources of funding. Construction costs are spiraling; the NIMBY (Not-in-My-Backyard) crowd often vocally opposes affordable workforce housing; the zoning and permitting process can be draconian, and every project has its fair share of hiccups. All, evidence of perseverance at the highest level.

Ultimately, our mission is Empowering People to Thrive. And the apartment properties we develop help build Thriving Communities for teachers, firefighters, police officers, nurses, and other hardworking and retired citizens.

^{1 National Low Income Housing Coalition, "NLIHC Releases The Gap 2023: A Shortage of
Affordable Homes," March 16, 2023. Available online: [source]}

Development Advantage

In business since 1970, is well capitalized, and has owned properties successfully through multiple market cycles.
Managed more than 82,000 multifamily units since formation, which gives the firm a rare insight into nearly every scenario imaginable that could arise from operating apartments.
Robust and comprehensive market and economic indicators that include analysis of competitive environment, stakeholder participation, and resource availability.
Net Promoter Score – we utilize Net Promoter Score analytics at each of the properties we manage to continuously measure and improve our customer fulfillment efforts and ensure our properties remain community assets.
Deep experience in various public and private funding mechanisms used to finance multifamily development which allows for nimble yet efficient responses to market fluctuations.

Track Record

As the development unit for Cohen-Esrey, the Cohen-Esrey Development Group (CEDG) focuses on developing affordable workforce and senior multifamily housing throughout the nation. We entered the affordable housing space in 1994 and have since been involved with 91 projects totaling nearly 8,000 units including new construction, acquisition/rehabilitation, historic renovation, as well as becoming the replacement general partner for existing third-party partnerships in several instances. In addition, Construction Technologies (CT) is another Cohen-Esrey business unit that is aligned with CEDG and provides construction management services on all development projects. The following is a list of CEDG projects developed since 2013 reflecting approximately $900 million in total development cost – and that list is growing at an accelerated pace.

Property Name	Location	Units	Project Type	Status

Case Studies

Local Economic Benefits for Projects in Development¹

Cohen-Esrey develops apartment properties in numerous locations. In addition to delivering high quality housing options for working families and low-income senior citizens, these projects have a meaningful and positive impact on local economies. The construction projects provide local jobs and economic activity. Once operational, apartment communities provide ongoing local jobs and a pool of new local residents as patrons to neighborhood businesses. In the end, these projects bring jobs, bring customers, beautify and revitalize communities, and ultimately reinvigorate local economies.

Local Business Owners' Income²

Local Wages and Salaries²

Local Taxes and Fees²

Apartment Units in Development

Local Jobs Supported²

Local Jobs Supported Yearly Once Occupied

^{1 Based on per unit economic impact according to NAHB: [view source]}
^{2 Total one-year impact as a result of Phase I (direct and
indirect impacts of construction activity) and Phase II (induced effect from
spending
income and taxes generated from Phase I).}

Development Portfolio

State: All
Stage: All
- All
- Completed
- In Development
Resident Type: All
- All
- Family
- Senior
Construction Type: All
- All
- Acq/Rehab
- Historic
- New
Reset

^{1 Based on per unit economic impact according to NAHB: [view source]}
^{2 Total one-year impact as a result of Phase I (direct and indirect
impacts of
construction activity) and Phase II (induced effect from spending
income and
taxes generated from Phase I).}