Stu Bone Of Bone Investment Management Acquires Lakeland Lofts In Bloomingdale For $28.3M

The property asset involved in this transaction is Lakeland Lofts, a 90-unit apartment complex located at 280 Stonington Dr, in Bloomingdale, IL. The sale price for the property was $28.3 million, resulting in a per-unit price of $314,444. The property benefits from avoiding the tax uncertainties associated with Cook County while enjoying strong rent growth and a solid job market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $28,300,000
• Units: 90
• PPU: $314,444
• Buyer: Stu Bone - Bone Investment Management
• Seller: Bart Przyjemski - Noah Properties
• Brokers: John Jaeger, Justin Puppi, Jason Zyck & Jillian Jaeger - CBRE
• Lender: M&T Realty Capital Corporation

Noah Properties developed the Lakeland Lofts project after acquiring the land in 2021, investing at least $22 million into its development. The acquisition by Bone Investment Management was financed through an $18.4 million loan from M&T Realty, which was later sold to Fannie Mae. The transaction reflects the growing trend of investor activity in suburban multifamily real estate deals amidst a cautious market among institutional capital.