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2/19/26
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Step Up Housing has acquired Hancock Terrace, a 272-unit multifamily property in Santa Maria, CA in a $75 mil transaction. Sack Capital Partners and Align Finance Partners provided structured financing for the acquisition.
The property is located at 534 E. Boone St, a few blocks west of Hwy 101. Step Up and Sack will immediately begin conversion of 75% of the units to affordable in an effort to provide additional affordable housing units for the region. Sack will also provide asset and property management for the asset.
Hancock Terrace’s location in the heart of Santa Barbara County’s largest city, Santa Maria, offers easy accessibility to the 101 and 135 freeways. It is also proximal to diverse employment opportunities, including commercial agriculture, aerospace, healthcare, technology, education, biotech, F&B, logistics and distribution, financial services, and commercial space exploration.
Built in 2016, the property features a diverse unit mix of studios, one-, two-, and three-bedroom floorplans and a comprehensive amenity set with notable features including a swimming pool, 24-hour fitness center, two spas, yoga studio, large clubhouse with TV lounge and demonstration kitchen, expansive dog park, children’s play area, ample on-site parking, and one of the only communities within Santa Maria that is serviced by elevators.
The transaction is Sacks’ sixth in less than 18 months totaling $325 mil in AUM. Institutional Property Advisors represented the seller in the transaction.
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