Trailer park near Hamptons goes for $22M

Chicago-based Hometown America, one of the largest trailer park owners in the country, has purchased a 101-acre property near the Hamptons for close to $22 million, or $66,000 per lot, according to the Wall Street Journal. The price is more than twice the national average for trailer parks, according to Buddy Martin of Marcus & Millichap, who helped broker the deal. That’s because Suffolk County has a limited number of lots for manufactured residences — currently there are around 5,000 such residences there — and new communities are difficult to create because of local opposition. The 328-lot property, called Thurm’s Estates, is one of the largest such community on eastern Long Island and is limited to residents ages 55 and older. Located near the Long Island Sound in the town of Calverton, the property will be renamed Calverton Meadows under its new ownership. Monthly rent is currently around $550. [WSJ]