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R. Lee Harris is the President and CEO of Cohen-Esrey Real Estate Services, LLC, a national leader in everything from property management to tax credit investments; from construction management to affordable housing development. He joined Cohen-Esrey right after graduating in 1975 from Kansas State University, where he earned a bachelor’s of science degree in economics. He is a Certified Property Manager through the Institute of Real Estate Management and received the CRE designation from the Counselors of Real Estate. Harris has been personally involved in the management of more than 50,000 multi-family units and 25 million square feet of office building, industrial and shopping center space throughout the country. He has worked with real estate investment trusts, insurance companies, pension funds, banks, savings and loans, developers, government agencies, and corporate and individual investors.
What is your focus at Cohen-Esrey these days?
Our theme is re-invention. We’ve worked through traditional times and not-so traditional times, and the not-so traditional times are much more exciting. If you don’t re-invent, you’re missing an opportunity out there. We added an affordable housing unit in the mid-‘90s and we added a construction company and a tax credit syndication unit, while other ventures we either sold or shut down over the years. Things just keep on changing. And expanding. We have multiple companies now and at least 20 different revenue streams that we have identified over the years.
So what is working for you right now?
Affordable housing development is a big deal for us right now. We go to small towns, find historic buildings, renovate and restore them and then rent them to senior citizens. We use low-income housing, state and federal historic tax credits and we’re able to do these projects with no long-term foreclosable debt. We have one under construction in Hiawatha, Kan., an old grocery store right on the courthouse square. It’s a $2.3 million project that will have very affordable rents for seniors at about $400 a month. Then in Yates Center, Kan. (see below), we’re doing the same thing with the old Woodson Hotel — Jesse James even stayed there. Again, it’s on the courthouse square of the town. It’s so much fun to go into these small towns and create something that’s affordable for people. And it’s one type of business for us that’s booming despite all the gloom and doom. We use our own construction company, our development company, our tax credit syndication unit and our apartment management team, to make this work.
What other segment of your company is keeping busy?
Our CE Special Assets Group LLC helps banks that have distressed real estate. We help manage and dispose of those assets. In the process we developed a new software and we’re re-tooling it for banks all across the country. So that’s just an example of how we’re looking for whatever opportunities are out there. We also have a contract with the Kansas City EDC to buy houses that have been foreclosed by banks and renovate and sell them. The funds are provided through the federal Neighborhood Stabilization Program, and after the houses are sold, the proceeds are recycled back into the program and we do it all over again. This is truly exciting because we’re going into urban neighborhoods, fixing up houses, and in some instances involving the Green Impact Zone, the infrastructure may also be improved. So now all of a sudden you’ve truly revitalized a neighborhood.
Tell us about your family and the charity you created.
My wife Barbara and I have two grown daughters and one grandson. We like to travel and I’m a big reader. We’re really dedicated to K-State, and I’ve been very active in the KSU Foundation. In 1999, we started the Tomorrow’s Teacher Scholarship Program because we have a passion for education. It attracts and rewards the “best and the brightest” young Kansans who wish to pursue a career in teaching and desire to attend Kansas State University.
We heard you are an author, is this true?
In 1979 Harris became a member of the Institute of Real Estate Management’s Academy of Authors by publishing numerous articles regarding the commercial real estate industry. He has written a wide range of articles for The Journal of Property Management, Affordable Housing Finance Magazine, Apartment Finance Today, Scotsmen Guide, Real Estate Issues, CRE Issues, and a number of other publications. He was the 1986 president of the Kansas City IREM Chapter and was the Chapter’s 1988 recipient of the Certified Property Manager of the Year award.