Cushman & Wakefield’s Multifamily Advisory Group brokered the $44 million sale of The Corridor, a 240-unit Class-A multifamily community in Sheboygan, Wisconsin, to Axiom Properties.
Cushman & Wakefield’s Brad Smith, Jack Maloney and Ralph Depasquale represented the seller, Chicago-based Midloch Investment Partners.
Located at 1436 Green Street, the community was approximately 97% occupied at the time of sale. Under the seller’s ownership, occupancy increased by nearly 25 percentage points in roughly 13 months. The sale also includes an in-place tax increment financing (TIF) agreement, which reimburses 65% of the incremental property tax through 2038 and enhances cash flow for the new owner.
The Corridor benefits from a location within 30 minutes of more than 60,000 jobs, including major regional employers such as Kohler, Aurora Health Care, Sargento and Rockline Industries. Within a five-mile radius of the property, apartment occupancy exceeds 97%, while the area has seen no new multifamily deliveries since 2024 despite a sizeable population of renter households earning $50,000 or more annually.
Completed in 2021 on a 13.44-acre site, The Corridor features one-, two- and three-bedroom residences across three residential buildings, along with a fitness center, resident lounge, community room, dog park, playground, outdoor gathering spaces and parking. Apartment homes feature granite countertops, stainless steel appliances, luxury vinyl plank flooring, in-unit washers and dryers, and select private balconies. Residents also enjoy convenient access to downtown Sheboygan, Lake Michigan beaches, retail destinations and recreational amenities.
