Apartment Development

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

Village on Main Apartments construction
  • 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

Lofts at Ventura building exterior

Lofts at Ventura

Location: San Antonio, TX
# of Units: 200 Units
Year Built: 2022
Funding Type: 4% LIHTC

Lofts at Ventura is a 200-unit development located in San Antonio, Texas developed by Cohen-Esrey Development Group. Completed in 2022, ‘Ventura’ offers market rate amenities and location with rents no higher than 60% AMI. CEDG partnered with the Housing Authority of Bexar County to receive a property tax abatement and provided the bonds which helped leverage additional debt to complete the project. With an equity investment from Bank of America and permanent debt provided by Cedar Rapids Bank and Trust; Cohen-Esrey was able to complete the property on time.

The Landing at 818 building exterior

The Landing at 818

Location: Sun Prairie, WI
# of Units: 100 Units
Year Built: 2022
Funding Type: 4% LIHTC

Cohen-Esrey Development Group completed the Landing at 818 Sun Prairie, WI in 2022. The property provides 100-units of affordable housing for residents 55 and older in this suburb of Madison. 'The Landing' has numerous fantastic amenities including free underground garage parking, stainless steel appliances, in-unit laundry, and balconies.

Panorama Heights building exterior

Panorama Heights

Location: Colorado Springs, CO
# of Units: 133 Units
Year Built: 2024
Funding Type: 4% LIHTC

Cohen-Esrey is developing a 133-unit family 4% LIHTC housing project called Panorama Heights. The tax credit awards are being leveraged with private activity bonds from El Paso County, HOME funds from the State of Colorado and El Paso County, local TIF proceeds, a Colorado Health Foundation grant, and private debt. This project features podium parking, finishes comparable to market-rate developments, and a unit mix that includes larger, family-sized units at the request of the school board. The AMI mix is 48% at 70% AMI, 47% at 50% and 5% at 30% AMI. Panorama Heights will close and break ground in Fall 2022. Panorama Heights should welcome its new residents in mid 2024.

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

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 Team

Jon Atlas

Managing Director
Cohen-Esrey Development Group

Todd Sears

VP of Development
Cohen-Esrey Development Group

Tim Minson

VP of Design & Construction
Construction Technologies

Brian Sweeney

Development Director - Midwest
Cohen-Esrey Development Group

Lisa Sorensen

Development Director - West
Cohen-Esrey Development Group

Clark Mills

Development Director - Southeast
Cohen-Esrey Development Group

Stan Waterhouse

Development Director - South
Cohen-Esrey Development Group

Tim Alcott

Development Director - South Texas
Cohen-Esrey Development Group

Jack Traeger

Development Director - North Texas
Cohen-Esrey Development Group

Lorraine Robles

Senior Development Manager
Cohen-Esrey Development Group

Jack Brenton

Development Manager
Cohen-Esrey Development Group

Sonya Shifflett-Bly, PMP

Development Manager
Cohen-Esrey Development Group

Lauren Cano

Development Manager
Cohen-Esrey Development Group

Nick Emenhiser

Development Manager
Cohen-Esrey Development Group

Jesus Rojas

Development Manager
Cohen-Esrey Development Group