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534 East Boone Street

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

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

534 East Boone Street

$75,000,000

Building Size

Asset Type

MultiFamily

Closing

Feb 18, 2026

AI

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.

Players

Institutional Property Advisors
Institutional Property AdvisorsBrokerage
Sack Capital Partners
Sack Capital PartnersLender

David Feinberg

Sack Capital Partners

Lender

$127.3M

vol

2 deals

Lender

Santa Maria MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.21%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93