Business Wire·Feb 19, 2026, 9:24 PM ET

Institutional Property Advisors Brokers $75M Central Coast California Multifamily Asset Sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Hancock Terrace, a 272-unit multifamily property in Santa Maria, California.
The asset traded for $75 million, equating to $275,735 per unit.
Kevin Green, Joseph Grabiec, & Gregory Harris of IPA represented the seller, HT Partners, L.P., & procured the buyer, Step Up Housing in partnership with Sack Capital Partners & Align Financing Partners.
The property was built in 2016 & is among the largest suburban core multifamily assets sold in Santa Barbara County in the last 25 years.
The strategic plan for the asset involves converting it to affordable housing.
The location offers proximity to Santa Maria Town Center, the Pacific Conservatory Theatre, John Osborne Field, Allan Hancock College, U.S. Highway 101, State Route 135, & Vandenberg Space Force Base.
Major local employers include Bonipak Produce, California Giant Berry Farms, Community Health Centers of the Central Coast, & Hardy Diagnostics.
Unit floor plans include studios, one-, two-, & three-bedroom options featuring nine-foot ceilings, stainless-steel appliances, & private patios or balconies.
On-site amenities include a swimming pool, 24-hour fitness center, two spas, a yoga studio, a clubhouse, on-site parking, & elevators.
Marcus & Millichap reported 8,818 transactions totaling $50.8 billion in sales volume for the year 2025.