Central Pointe Shoots for RPI
Ginkgo Residential CEO Phil Payne is snapped here giving members of Young Real Estate Professionals a walk-through of the 336-unit Central Pointe in Charlotte yesterday. Ginkgo acquired the property in January for $8.5M and is currently undertaking a substantial rehab. Not just any rehab, Phil points out, but one that focuses on Responsible Property Investment, which emphasizes improving energy-efficiency of middle-market rental housing in a way that improves operating returns. The demand for middle-market properties has gone up, but the supply hasn't, and RPI is a way to help keep such properties viable, he says.