Step Up Housing JV Snaps Up California Asset for $75M
This is the first time the community has changed hands since coming online.
A joint venture of Step Up Housing, Sack Capital Partners and Align Financing Partners has purchased Hancock Terrace, a 272-unit community in Santa Maria, Calif. The Towbes Group sold the asset for $75 million, or $275,735 per unit, in a transaction arranged by Institutional Property Advisors. This is the first time the property changes hands since coming online in 2016.
California Municipal Finance Authority issued a financing package amounting to $93 million, according to Yardi Matrix information. The package consists of three separate fixed-rate notes, two of which are scheduled to mature in 2038 and the third one in 2041.
Institutional Property Advisors Executive Managing Directors Kevin Green, Joseph Grabiec and Gregory Harris worked on behalf of the seller and procured the buyer.
Developed by The Towbes Group, Hancock Terrace came online at 534 E. Boone St. The property consists of four two- and three-story buildings across a 10-acre site. With four studios, 180 one-bedroom, 84 two-bedroom and four three-bedroom units, the residences range from 403 to 1,224 square feet. Shared amenities include a fitness center, a clubhouse, a swimming pool, two spas, a playground and grade-level parking with 341 spots.
The community is halfway between U.S. Route 101 and California State Route 135, 1 mile south of the Santa Maria Town Center shopping mall. The property is also within 2 miles of many other big-box retail options, including a Costco Wholesale, a Home Depot and a Walmart.
Step Up Housing’s West Coast multifamily portfolio also includes Vue at 3600, a 240-unit affordable asset in Richmond, Calif., and Woodchase, a 186-unit community in San Leandro, Calif. The non-profit organization paid approximately $47 million for each property, in 2024 and 2025, respectively.
Multifamily activity in the West region sees slide
In 2025, multifamily transaction activity in the West region totaled $10.7 billion, according to Yardi Matrix information, with assets changing hands at an average per-unit price of $253,170. Figures marked downticks from the previous year.
Namely, in 2024, the region saw $11.5 billion in sales, with units trading at an average of $259,703. Though market liquidity slightly improved year-over-year, with more assets changing hands in 2025, the deals got smaller, suggesting investors are more selective as western multifamily markets stabilize.
