Sack Capital Partners, a San Francisco–based real estate investment and management firm with multifamily properties throughout the West Coast, and Align Finance Partners, specialists in affordable housing finance, announced the close of structured financing on Step Up Housing’s $75 million acquisition of Hancock Terrace located at 534 E. Boone St. in Santa Maria, Calif. Sack will also provide asset and property management for the 272-unit multifamily asset.
Step Up is committed to creating and operating quality affordable housing in thriving communities. In an effort to expand housing options for the growing population, Step Up and Sack will immediately begin converting 75 percent of the units to affordable housing.
“Sack Capital Partners, together with Step Up Housing and Align Finance, appreciate acquiring another property where we can add true value for both the residents and the investment,” said David Feinberg, managing partner at Sack Capital Partners.
