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Institutional Property Advisors, a division of Marcus & Millichap, has completed the sale of Hancock Terrace, a 272-unit multifamily community in Santa Maria on California’s Central Coast. The property changed hands for $75 million, translating to a reported price of $275,735 per unit.
The seller, HT Partners, L.P., originally developed Hancock Terrace in 2016 and brought the asset to market after holding it since completion. Institutional Property Advisors’ Kevin Green, Joseph Grabiec and Gregory Harris represented HT Partners in the transaction and also secured the buyer. The acquiring entity is Step Up Housing, which purchased the community in partnership with Sack Capital Partners and Align Financing Partners.
Green, an executive managing director at Institutional Property Advisors, noted that Hancock Terrace stands out within the region. He stated that the community is among the largest suburban core assets to trade in Santa Barbara County in the past 25 years, underscoring the limited number of comparable multifamily sales of this scale in the county over that period.
Hancock Terrace offers a range of apartment layouts, including studios as well as one-, two- and three-bedroom floor plans. The residences feature nine-foot ceilings, stainless-steel appliances and private patios or balconies, each with an attached storage closet. These in-unit features position the property as a contemporary, full-amenity community within the local rental market.
The property’s common-area amenities include a swimming pool, two spas and a 24-hour fitness center, along with a dedicated yoga studio. Residents also have access to a clubhouse, on-site parking and elevators, reflecting a comprehensive amenity package for a suburban multifamily asset. The combination of unit interiors and shared facilities supports the community’s appeal to a broad resident base.
The transaction adds a sizable, recently built multifamily property to Step Up Housing’s portfolio, with Sack Capital Partners and Align Financing Partners participating as partners in the acquisition. For the seller, the sale marks an exit from a long-term hold of a post-2010s vintage community in Santa Maria. For the brokerage team at Institutional Property Advisors, the assignment involved both advisory and buyer-sourcing roles on a large-scale asset within Santa Barbara County’s suburban core multifamily segment.
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