Cushman & Wakefield brokers $44 million sale of Sheboygan apartment community to Axiom Properties
CWK•Cushman & Wakefield brokered the $44 million sale of The Corridor, a 240-unit apartment community in Sheboygan, Wisconsin, to Axiom Properties. The property was approximately 97% occupied at sale, and the transaction drew 25 offers.
1. Sale details
Cushman & Wakefield brokered the sale of The Corridor, a 240-unit Class A apartment community completed in 2021, to Axiom Properties for $44 million. Seller Midloch Investment Partners sold the property with occupancy at approximately 97%, nearly 25 percentage points higher than roughly 13 months earlier.
2. Tax agreement
The sale includes an existing tax increment financing agreement that reimburses 65% of incremental property tax through 2038. The property attracted 25 offers from institutional, national, regional and private buyers.
