Unidentified Analyst: Do you have any concern about the stigma , I don’t know, let’s say, it’s Five years from now, I live in an area where developers were supposed to put in affordable housing in the neighborhood, and there was a stigma in the resale market that when something came up that — well, this wasn’t built by the builder this was built by — and therefore, the valuation is not going to be the — retail is not going to be different.
Mark Harding: Yes. And I think that’s the reason we’re careful with what the product class is. And then we also — I would probably tend to argue that in a large measure, we have some control over maintaining these properties. And so even after we’re out of the Master Planned Community, we’re still in a position to maintain this number of homes. And if we execute the way Bill Miller took a look and called me out on getting a foreshadow of what we think the community might pose for us. If we’ve got 12%, 15% of 3,000 homes, that’s going to be 300, 400, 500 homes in that area. And so we’ll have the ability to have enough staff to kind of maintain those properties. And so we will do that. We’ll keep that for that very purpose. We want to have preferred rental pricing.
We want to have good resale should we choose to monetize that particular asset. So we’re conscious of that. And now we don’t want to be slum lord in this area. We really very much like this community. We’re vested in the community. We want to continue to invest and continue to generate the returns on that asset. So good stewardship of an asset is the DNA of this company. And you see it year-over-year in what we’re doing and how we’re investing. And so I would — I can’t speak to what’s going to happen in 20 years when I may not be at the helm. But certainly, the footprint of what it is that we’re doing is to continue to invest in our assets.
Unidentified Analyst: Are the laws in Colorado tenant friendly? Or are they landlord friendly?
Mark Harding: Good question. I think they’re pretty consistent. The eviction process is pretty consistent. We haven’t seen that. We haven’t had that experience. But I would say it is probably landlord. I’d say it’s neutral. It’s not one or the other. It tends to be fair in the composition. I’m thinking back to that Michael Keaton movie about that San Francisco product blanking on what the movie was, but the Nightmare Tenant. So far, we — I don’t think we have that.
Unidentified Analyst: Yes, it’s early — in the single-family area, do people maintain their yards themselves? Or is there an HOA that takes care of the landscaping.
Mark Harding: No, everybody maintains their own property. Now some of the higher density like the townhomes and the duplexes do have a separate fee structure that does allow them to be maintained on a common maintenance basis. But the single-family detach are maintained by the homeowners.
Operator: Our next question is coming from Elliot Knight with Knight Advisors.
Elliot Knight: I don’t have a question, but I, as you know, have followed this company closely for 30 years. I have to say this has been the most productive Q&A session and presentation that I’ve heard. And I’d just like to thank everyone.
