“Oak Point is not just one of the highest-quality properties we own,’’ Glascott said. “This is one of the highest-quality properties of its kind nationwide. It’s a trophy property for us.’’
Hometown America owns four other manufactured home complexes in Massachusetts, in Athol, Attleboro, Rockland, and Taunton, and the company owns and operates about 120 complexes in 20 states, according to its website.
Darman said Oak Point had been up for sale for less than a year. He and Smith had the choice of buying out a partner who held 50 percent interest, or selling Oak Point.
“That would have meant half the equity portion of the sales price, which would be in excess of $12 million,’’ Darman said. “It would have meant making a major investment in the project for a second time around.’’ They chose to sell.
“We weren’t interested in starting all over again,’’ Darman said. And finding a buyer didn’t turn out to be difficult: “During the time it was on the market, there were a number of offers,’’ he said.
Oak Point is permitted for 1,150 units, and 870 are already in place, leaving room for future development.
“In this $55 million purchase is a significant home-selling business,’’ Glascott said. “Our goal is to build out as the market allows. There will be an active home sales office there, and I’d love it if we could sell a bunch of homes and get our shovels in the ground.’’
Middleborough assessor-appraiser Barbara Erickson said Oak Point is the second-largest taxpayer in Middleborough. The park residents pay no property taxes for their housing units, since they are classified as mobile homes; each instead pays an annual excise tax bill of about $150 to the town and rent for the land to Darman.
The Oak Point property and the improvements done by the owners - including clubhouses and swimming pools - are valued by the assessing department at more than $27 million.
“Last year, they paid over $361,000 in taxes,’’ Erickson said. The top taxpayer in town is Christmas Tree Shops.
