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KCB Real Estate acquired a 26-unit apartment property in Chicago's Fulton Market District with upside potential on rents

KCB Adds Fulton Market Apartments with Value-Add Upside

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.

Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register. 


Inside The Story

KCB Real Estate

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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