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Institutional Property Advisors (IPA), 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, equating to $275,735 per unit.
Hancock Terrace was built in 2016 and was brought to market by its original developer. As a relatively new asset, the community represents a sizable, institutional-quality multifamily property in a suburban core location within the Central Coast region.
The transaction underscores ongoing investor interest in newer-vintage rental housing in secondary and tertiary California markets, where supply is more limited than in major metros and assets of this scale trade infrequently. While specific details about the buyer, seller, and business plans were not disclosed, the pricing on a per-unit basis provides a benchmark for comparable Class A multifamily product in the Santa Maria area.
The sale of Hancock Terrace also highlights the role of IPA and its parent company, Marcus & Millichap, in arranging investment sales for large multifamily communities across the state. The firm focuses on institutional and major private capital transactions, particularly in growth and suburban markets.
For owners and investors, the Hancock Terrace deal offers a reference point for current valuations of modern, suburban multifamily assets along the Central Coast, and may inform underwriting assumptions for similar properties in the region.
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