About The Corridor
Proven Repositioning with Demonstrated Operational Momentum
Outsized rent growth opportunity to close 15.3% ($268) average rent gap across 1BR, 2BR and 3BR units between competitive set
6.7% average tradeout on last 10 leases, only $500 total in concessions since January 2026
Strong leasing velocity since January with an average of 9 leases/mo totaling 44 leases through the end of May.
113% growth in NOI and 44% growth in EGI since new ownership took over in November 2024, largely driven by 25% increase in occupancy throughout the same period
Embedded rent upside – While in-place psf rents sit competitively amongst the comp set, they are 11–19% below the per unit average, leaving meaningful runway for continued growth without pushing rents to the top of the market
Favorably Positioned for Stable, Long-Term Cashflow
Sheboygan’s severe supply shortage – Only 14 properties (1,325 units, including the Corridor) have been delivered within 10 miles over the past decade, against 8,554 renter-occupied households earning $50K+
That gap represents a shortfall of roughly 7,229 units of new construction product, with nothing in the pipeline to close it
The Corridor delivers the market’s most modern finishes alongside a comprehensive amenity package – new fitness center, 75% underground parking ratio, private balconies, clubhouse, dog wash, dog park and children’s play area
Accretive tax structure – In-place TIF provides 65% incremental reimbursement up to $471,250 annually through 2036, complimented by a favorable tax environment: tax rates have declined year-over-year for four consecutive years, while the assessment ratio has held steady at ~97% over the last three years
Continuation of $10 RUBs increases across the property add additional annual income of $27k once fully implemented
Durable Micro-Location and Demographics
Over 60k jobs within a 30-minute radius to major employers including Aurora Health Care, Kohler, Sargento, and Rockline Industries
Average Household Incomes of $94k within a 10-mile radius of the property provide a $44k income cushion
Rent-to-income (avg HH income within 10-mile radius) ratio of 18%, highlighting durability of the employment base in Sheboygan
782k sf of retail inventory within 3-miles of the property including major tenants such as Walmart, Target, Home Depot, and Piggly Wiggly
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