Experience

Cohen-Esrey and its principals have been acquiring apartment properties since 1970. During the past 40+ years more than 6,000-units have been purchased in multiple markets across seven states. These properties have included:

• Market-rate conventional apartments
• Apartments for conversion to condominium
• HUD-insured apartments
• Section 8 rental-assisted apartments
• Tax-exempt bond-financed apartments
• Apartments developed utilizing affordable housing tax credits
• Senior apartments
• Family and workforce apartments
• High-rise apartments
• Garden-style apartments
• Properties as small as nine units and as large as 300-units

Case Study

CEAI acquired the 150-unit Hampton Place Apartments in Louisville, Kentucky. The property was 17-years old at the time of purchase and was developed using federal affordable housing tax credits. The Land Use Restriction Agreement remained in place after acquisition requiring that the property be rented to residents at or below 60% of the Area Median Income and at rental rates that are regulated under the terms of the affordable housing program. CEAI procured a HUD-insured 223(f) loan for 35-years, fully-amortizing at a note rate of 3.65% interest. Minor physical improvements were completed during the first six months and occupancy was improved and stabilized. At the end of the first year of ownership an investor cash distribution was made that was 20% higher than initially projected.