Investment Highlights
- THE LARGEST AND FASTEST GROWING CITY IN SANTA BARBARA COUNTY - Specifically, Santa Maria's population has grown by 30% since 2000 with projections to grow an additional 24% by 2050.
- AFFORDABLE HOUSING CONVERSION OPPORTUNITY - All of the tenants currently living at Hancock Terrace have a rent below the 80% AMI rent limits for Santa Barbara County.
- A HIGH-QUALITY SANTA MARIA ASSET - Features diverse unit mix of studios, 1-, 2-, and 3-bedroom floorplans and a comprehensive amenity set with features including a pool, 24-hour fitness center, 2 spas
- STRONG JOB GROWTH IS PROJECTED FOR SANTA MARIA - The Bureau of Labor Statistics projects 30,500 new low to moderate wage jobs and 7,200 new high wage jobs over the next 25 years in the Santa Maria-Santa Barbara MSA. Industries including Professional and Business Services, Health Care, Information Technology, and Leisure & Hospitality are projected to have double-digit job growth rates by 2030.
- HOMEOWNERSHIP IS BECOMING INCREASINGLY CHALLENGING - Single family home prices have grown by 106% over the last 10 years making homeownership challenging. The difference between the monthly payment on the median priced home in Santa Maria vs. the average rent was negligible as recent as 2020 but has now grown to more than $2,000/month.
- STRONG MULTIFAMILY FUNDAMENTALS - Santa Maria experienced 3.9% average annualized rent growth over the last 5 years while maintaining a 95.6% average occupancy. Rent growth is projected to average 3% annually over the next 5-years.
- A STRONG DEVELOPMENT PIPELINE WILL ATTRACT HIGH INCOME RESIDENTS - With 2,069 units scheduled to be delivered in the next 5 years, Santa Maria is poised to attract thousands of new high income earning residents while Hancock Terrace's rents will remain insulated by 10-20% vs. the higher rents being targeted by these newer projects.
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Hancock Terrace
