Harbor Estates

Mendocino Village & The Estates is a 186-unit, 2-property Class A apartment community and 15 acres of undeveloped land located in Sheboygan, Wisconsin. The property, which was constructed between 1998 and 2002, offers tenants spacious 1-, 2-, and 3-bedroom floor plans with in-unit laundry and underground heated parking. In addition to high-quality units, the property boasts a comprehensive amenity set which makes the community unique in the market. The property is currently 100% occupied at below market rents, which provides an opportunity to add value through property renovations and hands- on professional property management. Midloch has budgeted $10,385 per unit to perform unit renovations and cure deferred maintenance.

The property is located in Sheboygan’s desirable Outlying Sheboygan multifamily submarket. The submarket has seen limited new multifamily construction and boasts submarket occupancy of 99.3%. Due to the strong demand and occupancy, rents have grown by 6.1% over the past 12 months. Stable housing demand in the area is caused in part by sizable local employers such as Kohler, Acuity, Bemis, and Whistling Straights Golf Course.