Investor Update
Evin at Oconomowoc · Phase II · Oconomowoc, WI
Contact investor@matterdevelops.com if you need access.
1101 Silver Lake Street · Oconomowoc, WI 53066 · Quarter II 2026
Oconomowoc's Lake Country submarket combines a median household income of $109,971 (3-mile radius) with an adult-child median income of $133,599 — among the area's most affluent demographics, with 68.5% of households earning $100k+. Evin's existing waiting list for both IL and AL units signals durable, unmet demand for the Expansion's 54 new units.
The Expansion adds 54 senior living apartments across three stories, connected to the existing Phase I building by a second-story skywalk for operational efficiency. New amenities include fitness equipment, a golf simulator, a creative classroom, club room, dining room, bistro/coffee-to-cocktails bar, rooftop patio, salon, walking path, and pickleball courts — while sharing Phase I's existing commercial kitchen. Units feature granite countertops, in-unit washer/dryers, and private balconies.
Consolidated campus occupancy is forecast to dip to 69.4% in 2026 as the new 54 units come online, before stabilizing to 93.8% by 2027 and 2028. Net Operating Income grows from $2.30M in 2025 to $4.71M by 2028 — a 46.1% operating margin.
Expansion rates — including rent, utilities, cable/internet, and a package of personal and health-monitoring services — are projected to average $6,653 per month. Eight comparable communities sit within a few miles of the submarket, but none combine Evin's connected IL/AL/MC continuum, newly built product, and established 4.5-year operating track record.
| 4-Year Historical Operating Performance | 2022 Actual | 2023 Actual | 2024 Actual | 2025 Actual |
|---|---|---|---|---|
| Total Revenue | $4,506,213 | $4,902,904 | $5,312,865 | $5,572,542 |
| Operating Expenses | $2,834,696 | $2,930,747 | $3,300,788 | $3,490,370 |
| Net Operating Income | $1,671,517 | $1,972,157 | $2,012,078 | $2,082,171 |
| NOI Growth (YoY) | — | +18.0% | +2.0% | +3.5% |
Evin has been recognized with a 2021 Design Excellence Award from the American Society of Interior Designers (ASID) and was a 2023 Top Choice Finalist for the Milwaukee Journal Sentinel in the Retirement 55+ Community category. The Expansion carries forward the same architecture and the brand the market already knows.
The Expansion will continue to be operated by Koru Health, the closely-held affiliate of Matter Development that has operated Phase I since its 2020 opening and now operates 15 senior living communities across Wisconsin and Minnesota.
Eight senior living communities sit within a few miles of Evin's campus, but none combine a connected IL/AL/MC continuum with newly built product and a 4.5-year track record of sustained high occupancy on the same site.
Evin's existing waiting list for IL and AL units gives the Expansion a built-in pipeline of qualified prospects before construction is even complete, principally for the 54 new units, which will focus on assisted living.
