SHEBOYGAN, WISC. – Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced that its Multifamily Advisory Group has 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.
"Tertiary Midwest markets supported by strong employment fundamentals and limited new supply are attracting significant investor interest,” said Smith, Managing Director, Cushman & Wakefield. “We received 25 offers from institutional, national, regional and private buyers, underscoring the depth of demand for stable, insulated markets like Sheboygan. As one of the largest multifamily transactions in the market in recent years, The Corridor presented a rare opportunity to acquire a high-quality asset with both strong in-place performance, cash flow stability and future upside."
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.
