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
Santa Maria MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
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