Case Study: Property Management Expertise

When you are considering appointing a company to manage your property, whether an apartment complex, an office complex or a retail center, whether already constructed or still to be constructed, Protea Real Estate has the expertise and experience to handle whatever aspects you require.

Let me tell you about some apartment complexes we have managed over the past 4 years.

The owner had not been involved in real estate in the Dallas Fort Worth area. He was able to find his first purchase through a real estate broker, and Protea introduced his second purchase to him. Thereafter the owner purchased an additional five apartment complexes.

Protea was appointed as the management company for all the owner’s properties, and was asked to renovate each and every one of them.

When real estate brokers advertise an apartment complex for sale, they often mention that the property has been renovated or upgraded recently. In nine cases out of ten, what they are referring to is the replacement of a boiler or a roof or the façade of the property, with a few interior upgrades.

In the case of the subject owner, this was not the case at all. His required renovations embraced a complete change, both interiors and exteriors.

The apartment complexes he purchased were in the “C” category, and he wanted to convert them into a “B” product.

How do you accomplish this? In other words what exactly should you change or upgrade or replace, and equally important, how do you do so at a cost which makes sense in comparison to the new rent levels which you will be able to achieve.

The subject owner had little experience with renovations and he placed his trust in Protea, which assigned Cathie Hood, its Executive Vice President and head of its apartment division, and Jamaka Duhon, a regional director, to handle whatever was required.

Four years later, the results for this owner have been fantastic, to say the least.

These two Protea employees achieved everything the owner wanted, and even more than he had anticipated. Their expertise in the renovation aspect astonished the many real estate brokers bringing potential purchasers to the properties. Some of these brokers referred to Protea as a “hidden gem”. Moreover all such renovations were achieved at the best possible cost. Only a vast experience and expertise can produce such results.

The rent levels achieved at the properties after completion of the renovations, exceeded all expectations. Average rents were increased within an average of two years from a low of 33 cents per square foot per month up to a high increase of fifty three [53] cents per square foot per month.

The owner successfully sold the first three properties purchased. He has recently offered the other four for sale.

Each property in his portfolio was over 95% occupied when sold, and the other four are each presently over 97% occupied.

If you are thinking of purchasing an apartment complex in Texas or its neighboring states, turn to Protea to manage it for you.

If you intend to renovate or upgrade an apartment complex, few other management companies can achieve what Protea can for you.

This is not just talk.

We can provide you with recommendations.

Protea can do the same for you with your shopping center or office complex. It has the experienced employees needed.