KCB Real Estate, a national commercial real estate investment firm, has acquired a 26-unit multifamily property at 914 W. Hubbard St. in Chicago’s Fulton Market District for an undisclosed sum. The Pasadena, CA-based firm plans to implement a light value-add program to refresh the building façades and units which is expected to drive rental increases.
Megan Pautler-Gutnikov, managing director at KCB Real Estate stated that “an existing operating partner sourced the deal and was able to put it under contract before the property was widely marketed.” She added that this partner has “deep experience operating multifamily properties in the Chicago market.”
The 2006 built property has historically maintained high occupancy but KCB’s team will focus on optimizing operations and improving current in place rents which are substantially below market rate. Post close they plan on beginning site improvements including sidewalls as well as lobby renovations.
