Axiom Properties Acquires 240-Unit The Corridor in Sheboygan, Wisconsin, for $44 Million
SHEBOYGAN, Wis. — Axiom Properties has acquired The Corridor, a 240-unit Class A multifamily community in Sheboygan, Wisconsin, for $44 million, Cushman & Wakefield announced Nov. 9. The sale, which closed Nov. 6, was brokered by the firm's Multifamily Advisory Group on behalf of the seller, Chicago-based Midloch Investment Partners.
Cushman & Wakefield's Brad Smith, Jack Maloney and Ralph Depasquale represented Midloch Investment Partners. Axiom Properties is headquartered in Lincolnshire, Illinois. The price works out to approximately $183,333 per unit.
Axiom Properties Buys The Corridor at 1436 Green Street
The Corridor sits at 1436 Green Street in Sheboygan. The community was completed in 2021 on a 13.44-acre site and consists of three residential buildings with one-, two- and three-bedroom apartments.
Community amenities include 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 have access to downtown Sheboygan, Lake Michigan beaches, retail destinations and recreational amenities.
The property was approximately 97% occupied at the time of sale. Occupancy increased by nearly 25 percentage points in roughly 13 months under Midloch Investment Partners' ownership. Cushman & Wakefield's marketing materials for the sale also cited a 113% increase in net operating income and a 44% increase in effective gross income after Midloch took over the property in November 2024.
Tax Increment Financing Agreement Included in Sale
The sale includes an in-place tax increment financing (TIF) agreement that reimburses 65% of the incremental property tax through 2038, enhancing cash flow for the new owner.
Marketing materials also cited a 15.3% average rent gap versus the competitive set and described in-place rents as 11% to 19% below comparable per-unit averages.
More Than 25 Offers From Institutional, National, Regional and Private Buyers
The Corridor attracted more than 25 offers from institutional, national, regional and private buyers.
"Tertiary Midwest markets supported by strong employment fundamentals and limited new supply are attracting significant investor interest," said Smith, Managing Director at 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."
Sheboygan Market Fundamentals
The Corridor is located within 30 minutes of more than 60,000 jobs, including positions at regional employers such as Kohler, Aurora Health Care, Sargento and Rockline Industries. Within a five-mile radius of the property, apartment occupancy exceeds 97%, and the area has seen no new multifamily deliveries since 2024.
Only 14 properties totaling 1,325 units were delivered within 10 miles during the prior decade, compared with 8,554 renter-occupied households earning at least $50,000 annually.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. The firm reported 2025 revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other.
Sources
Cushman & Wakefield, "Cushman & Wakefield Brokers $44 Million Sale of 240-Unit Apartment Community in Sheboygan, Wisconsin to Axiom Properties": https://www.cushmanwakefield.com/en/united-states/news/2026/11/the-corridor_sheboygan_nov-2026