Step Up Housing Acquires 272 Unit Hancock Terrace Multifamily Property In Santa Maria For $75M

Step Up Housing acquired a multifamily property located at 534 East Boone Street in Santa Maria, California. The transaction was completed for a total sale price of $75,000,000, with the property comprising 272 units, resulting in a price per unit of $275,735.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $75,000,000
• Units: 272
• Price Per Unit: $275,735
• Buyer: Step Up Housing
• Broker: Institutional Property Advisors
• Lender: David Feinberg & Jeff Smith - Sack Capital Partners; Align Finance Partners

Sack Capital Partners will manage the property and has plans to convert 75% of the units to affordable housing, while also enhancing amenities and resident lifestyle. Institutional Property Advisors represented the seller in this transaction.