Case Study: Renovation of Apartment Community

Protea has thirty five [35] years of experience with the renovation and upgrading of apartment communities, both exteriors and interiors.

In the past two years, two of the properties which were renovated by Protea were Creekside on the Green, located at 1702 N. Jupiter, Garland, Texas 75042 and Creek on Park Place, located at 2001 Park Place Blvd., Bedford, Texas 76021. Read More→

Case Study: Misrepresentation of Property Income and Expenses

Misrepresentation of Property Income, Expenses, and Leased Properties

In carrying out due diligence for clients considering acquisitions, Protea often discovered misrepresentations (and some of the misrepresentations were very serious) made by brokers, management companies, and/or on-site staff. Read More→

Case Study: Tenant Sued Retail Property Owner

Godfrey Traub Managed Legal Defense for Retail Shopping Center Lawsuit

Protea’s president was a practicing commercial attorney in another country for 16 years and has managed numerous shopping centers in Canada and the U.S. since 1976. During the past 47 years he has, first as the litigator, and then as management, been involved in many lawsuits regarding real estate, with the result that management by Protea brings with it another layer of protection and expertise in relation to disputes between clients and third parties. Read More→

Case Study: Troubled Multi-Family Property

Multi-Family Property Out of State Owner

The property had no cash flow and could not pay its creditors. The property collected a charge for water consumed by its tenants on the RUBS system. These collections amounted to over $6,000 per month. Because there was no cash in the bank, the management company at the time did not pay the company managing the RUBS. Read More→

Case Study: Accounting and Property Management Neglect

Multi-Family Property Management of 12 Complexes in Texas

We took over the management of twelve multi-family complexes in Texas, in the Dallas Forth Worth Metroplex and Houston and Pasadena, for a Canadian group. The property management company which had managed the DFW real estate for about 9 months before Protea, delivered to Protea a number of large boxes full of invoices and statements, some of which were several months old, and these had never been entered into any accounting software for the properties. Protea’s new client therefore had a very inaccurate idea of what was owed to creditors of the properties. Protea’s staff worked overtime for about six months to get the accounting records properly written up. Previous management had not bothered to do this. But they paid themselves their management fees every month. Read More→