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California  + Los Angeles  + Apartments  | 

IPA Closes $75M Sale of Central Coast Apartments

Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Hancock Terrace, a 272-unit multifamily property in Santa Maria on California’s Central Coast. It traded for $75 million, or $275,735 per unit.

“Built in 2016 and placed on the market by the original developer, Hancock Terrace is among the largest suburban core assets to sell in Santa Barbara County in the last 25 years,” said Kevin Green, IPA executive managing director. Green, Joseph Grabiec and Gregory Harris of IPA represented the seller, HT Partners, L.P. They also procured the buyer, Step Up Housing in partnership with Sack Capital Partners and Align Financing Partners.

Hancock Terrace has a mix of studios and one-, two- and three-bedroom floor plans. Apartments have nine-foot ceilings, stainless-steel appliances and a private patio or balcony with a storage closet. The amenity set includes a swimming pool, 24-hour fitness center, two spas, a yoga studio, a clubhouse, on-site parking and elevators.

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Inside The Story

IPA's Green, Grabiec and Harris

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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