KCB Real Estate, a national commercial real estate investment firm, 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 a light value-add program to refresh the building façades and the units, which is expected to drive rental increases. 

“An existing KCB operating partner sourced the deal and was able to put it under contract before the property was widely marketed,” said Megan Pautler-Gutnikov, managing director at KCB Real Estate. “The operating partner has deep experience operating multifamily properties in the Chicago market.”  

Although the property, built in 2006, has historically maintained high occupancy, Pautler-Gutnikov said KCB’s team will focus on optimizing operations and improving current in-place rents, which are substantially below market. KCB has plans to begin site improvements, including sidewalls, and the lobby, which will be addressed post-close.

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