Institutional Property Advisors Brokers Sale of 128-Unit Knollwood Meadows in Orcutt, California

ORCUTT, Calif. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) that serves the company's institutional clients, announced Oct. 2, 2026, the sale of Knollwood Meadows, a 128-unit multifamily property in Orcutt, California. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller, Knollwood Properties LP, and procured the buyer, an affiliate of Abacus Capital Group.

Knollwood Meadows Sale: Transaction Details

The Knollwood Meadows transaction is a disposition by Knollwood Properties LP to an affiliate of Abacus Capital Group. IPA served as the seller's broker. The firm announced the sale on Oct. 2, 2026.

Green, an IPA executive managing director, said Knollwood Meadows is one of nine multifamily assets with 100 or more units to trade in Santa Barbara County over the past five years. "IPA has represented the sale on six of those nine transactions, underscoring the team's market leadership in the region," Green said.

Property Features and Location in Northern Santa Barbara County

Knollwood Meadows was built in two phases, in 1981 and 2008. The property comprises nine two-story buildings with controlled access. Community amenities include a swimming pool, fitness center, clubhouse and laundry facilities. Each unit has a private patio or balcony with a storage closet, and second-floor units have vaulted ceilings.

The property is located off U.S. Route 101 near State Route 135 in Orcutt, a short drive from Vandenberg Space Force Base. Nearby sites include the Santa Maria Town Center, Pacific Conservatory Theatre, Simas Park, Santa Maria Airport and Allan Hancock College. Major area employers include Dignity Health - Marian Regional Medical Center, Hardy Diagnostics, Community Health Centers of the Central Coast and Pictsweet Company.

Demand Drivers in Santa Maria and Orcutt

Grabiec pointed to population and housing-cost trends as factors supporting demand. "Santa Maria's population has grown by 30% since 2000 while single-family home prices have increased by 106% over the last 10 years, further driving demand for multifamily assets like Knollwood Meadows," Grabiec said.

Santa Barbara County Multifamily Market Conditions

The sale comes as Santa Barbara County's multifamily market absorbs new supply. In the first half of 2026, 376 units were delivered, and vacancy rose to 4.6%, up 110 basis points from a year earlier. Asking rents increased 1.1% year over year to about $2,599 per unit.

About 667 additional units were under construction, equal to roughly 2.3% of existing inventory. Eighteen multifamily transactions closed in the county during the first half of 2026, totaling about $126 million. Reported cap rates ranged from 4.5% to 5.5%, averaging roughly 5.1%.

A separate first-quarter report put Santa Barbara vacancy at about 3.2%, with rents around $2,580 per unit, and noted that a 340-unit Santa Maria project was expected to push vacancy higher.

Marcus & Millichap Performance Context

IPA's parent company, Marcus & Millichap, reported second-quarter 2026 revenue of $202.9 million, up 17.8% from a year earlier. The total included $167.0 million in brokerage commissions and $30.3 million in financing fees. Total transaction volume for the quarter was about $14.1 billion, comprising $9.5 billion of real estate brokerage volume, $3.6 billion of financing volume and $1.0 billion of other transaction activity.

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Institutional Property Advisors: Institutional Property Advisors Brokers Multifamily Sale in Northern Santa Barbara County