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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.

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