X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DES MOINES, WA-The Saddlebrook Apartments here have changed hands for $28.3 million. Simpson Housing LLLP of Denver sold the 223-unit property to FSC Realty, a Beverly Hills, CA-based company owned by Stanley Fimberg and Albert Baril.

Saddlebrook Apartments is located at 2100 South 260th St., just west of Pacific Highway South, which parallels Interstate 5. Completed in 1997, the development consists of 22 three-story buildings housing one-, two- and three-bedroom units averaging 850 sf. Amenities nearby include Saltwater State Park and Redondo Beach, and the Des Moines Marina.Kenny Dudunakis of Hendricks & Partners brokered the transaction. Dudunakis tells GlobeSt.com the property was 95% occupied at time of sale, which was several days ago.

Simpson Housing is one of the largest privately-held, multifamily-focused property management and development. The company and its subsidiaries own 100 apartment developments nationwide and still own eight in Washington State.

FSC Realty owns and operates apartments and shopping centers. Saddlebrook Apartments is the company’s second Washington State acquisition this year. The company in January acquired Pheasant Run, a 308-unit complex near Des Moines in Federal Way, WA. Also that month, it sold Glen Park Apartments in Federal Way to Fairfield Residential.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.