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Cushman & Wakefield Brokers $44M Sale of Multifamily Property in Sheboygan, Wisconsin
SHEBOYGAN, WIS. — Cushman & Wakefield has brokered the $44 million sale of The Corridor, a 240-unit multifamily property in Sheboygan, about 55 miles north of Milwaukee. Chicago-based Midloch Investment Partners sold the asset to Axiom Properties. The community was approximately 97 percent occupied at the time of sale. Brad Smith, Jack Maloney and Ralph Depasquale of Cushman & Wakefield’s multifamily advisory group represented the seller in the transaction, which attracted 25 offers from institutional, national, regional and private buyers. The sale also includes an in-place tax-increment financing agreement that reimburses 65 percent of the incremental property tax through 2028 and enhances cash flow for the owner. Completed in 2021 on 13.4 acres, The Corridor features one-, two- and three-bedroom residences across three buildings. Amenities include a fitness center, resident lounge, community room, dog park, outdoor gathering space, playground and parking. The apartments feature granite countertops, stainless steel appliances, luxury vinyl plank flooring, in-unit washers and dryers and select private balconies.
SHEBOYGAN, WIS. — Cushman & Wakefield has brokered the $44 million sale of The Corridor, a 240-unit multifamily property in Sheboygan, about 55 miles north of Milwaukee. Chicago-based Midloch Investment Partners sold the asset to Axiom Properties. The community was approximately 97 percent occupied at the time of sale. Brad Smith, Jack Maloney and Ralph Depasquale of Cushman & Wakefield’s multifamily advisory group represented the seller in the transaction, which attracted 25 offers from institutional, national, regional and private buyers. The sale also includes an in-place tax-increment financing agreement that reimburses 65 percent of the incremental property tax through 2028 and enhances cash flow for the owner. Completed in 2021 on 13.4 acres, The Corridor features one-, two- and three-bedroom residences across three buildings. Amenities include a fitness center, resident lounge, community room, dog park, outdoor gathering space, playground and parking. The apartments feature granite countertops, stainless steel appliances, luxury vinyl plank flooring, in-unit washers and dryers and select private balconies.
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