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Keeping his commas to a minimum

Phil Payne of Ginkgo Properties distinguished himself from other panelists speaking at a breakfast forum Tuesday at the Westin Hotel.

The forum, sponsored by Bisnow, focused on the multifamily market, including trends, forecasts, and the effects of future zoning changes.

Payne, who specializes in buying and rehabbing older properties, expressed surprise that the abundance of apartments recently coming online are able  to attract tenants at such high rents, ranging into a few thousand dollars for the priciest.

“I get nervous when the rent has a comma in it,” he said, after noting that his properties generally range from $700 to $1,000 monthly, and that he had been concerned that all the new construction might lure some of his residents to newer properties. “Just keep those rents high so you don’t bother my people.”

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