Just wondering.....

Oak Point goes for $55 million, largest property sale in Middleboro history
An Illinois company buys 870-unit, over-55 community
By Alice Elwell
enterprise correspondent

MIDDLEBORO —
The Oak Point over-55 residential complex was sold this week to an Illinois company for $55 million, the largest real-estate sale in Middleboro history, the town assessor said.

Hometown America, a privately held company based in Illinois, purchased the 1,000-acre, 870-unit Oak Point complex. Hometown owns and operates more than 100 manufactured housing communities across the country.

Company Vice President William Glascott said on Wednesday that Oak Point is the fifth community Hometown owns in Massachusetts. The others are Leisurewoods in Taunton; Leisurewoods in Rockland; Oakhill in Attleboro; Miller’s Woods and River Bend, both in Athol.

Asked about the new ownership’s role at Oak Point, Glascott said, “Certainly there are changes with any management transition. Our goal is to limit disruption, maintain level services and possibly improve.”

Glascott said the company will build out to 1,165 units but has no plans for additional expansion. He said he plans to meet with local officials and introduce his company.

Oak Point is an over-55 community of freestanding manufactured homes clustered in small neighborhoods. There is a club house, fitness center and ballroom. Owners buy their units, lease the property and pay a monthly maintenance fee.

“I am hopeful (Hometown America) will be as good as Gary and Don have been. They’re a hard team to beat,” Oak Point resident Regina Moriarty said about the previous owners.

“We’ve been very happy here and we’d like to stay,” she said. “I look forward to it being the same way it always has been.”

Gary Darman, the former principal partner of Oak Point, said he is leaving Middleboro after developing Oak Point for the last 30 years.

At 67, Darman said he’s not ready to slow down and will focus his time on retail development.

He is the developer behind Colony Place in Plymouth – destined to possibly be the largest open air plaza in the state. He said he is planning a cluster of auto dealerships at the plaza and has several new tenants lined up. Darman also has eight to 10 more plazas in the works, but nothing slated for Middleboro.

Darman said he and Oak Point partner Don Smith have mixed emotions leaving Middleboro.

“There will be a period of adjustment for me, for Don, for everybody involved, including the residents,” he said.

Town Assessor-Appraiser Barbara Erickson praised the previous owner.

“I think he did a nice job at Oak Point and I would like to see him come back to Middleboro with a retail project. We still have a lot of undeveloped commercial property,” Erickson said.

Joseph F. Freitas Jr., former member of the Planning Board, was an Oak Point supporter from the outset.

“I hope the new owners are as conscientious as Gary Darman,” he said this week.
Lincoln D. Andrews is a former selectman and planning board member who saw the project through most of its permitting.

“The new owner has a high standard to meet in terms of the integrity and support that Gary Darman has given the town,” said Oak Point, under Darman’s management, had a longstanding history of donating to the community. The new owner indicated that might continue.

“We want to be involved with the community, and we will evaluate everything when the time comes,” Glascott said.


If Oak Point sold for $55 million, doesn't the appraised value utilized by the Assessors represent fair market value?

Just wondering....

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=184784

Valuation: 817,400 [land]

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=101122

Valuation: 363,400 [land]

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=101123

Valuation: 171,600

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=196

Valuation: 347,700

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=184180

Valuation: 63,400 [land]

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=101120

Valuation: 408,400

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=101424

Valuation: 4,141,800

http://data.visionappraisal.com/MiddleboroMA/findpid.asp?iTable=pid&pid=184785

Valuation: 21,055,100 [codes not included within legend provided]