A new 18-story tower combining traditional apartments with co-living units has risen in Chicago’s South Loop. Behind the 132-unit Straits Row are Q Investment Partners (QIP), a Singapore-headquartered private equity real estate firm with expertise in multifamily housing, and project partner and co-developer Melrose Ascension Capital (MAC), a private equity real estate development and investment firm based in Chicago.
The hybrid tower, which celebrated its grand opening at the end of May, offers 358 private, fully furnished residential spaces within its traditional and co-living units. According to Integra Realty Resources, Straits Row’s 132 units represents almost half of Chicago’s new multifamily inventory slated to come online this year.
Straits Row
QIP sponsored the development and collaborated with locally based MAC to co-develop, reposition, and revamp the original plan for the site in the historic Printers Row neighborhood, which was acquired from PGM and The Collective. This is QIP’s flagship residential development in the United States and its first project with MAC. According to QIP, Straits Row builds on the success of its Straits-branded student housing and co-living communities in the United Kingdom.
“We’re proud to celebrate the grand opening of Straits Row alongside our collaborators, MAC, and project partners. This is an important milestone that marks QIP’s continued expansion of our global residential living platform,” said James Coppack, head of development at QIP. “Since welcoming first move-ins in February, we’ve had strong, accelerating leasing activity, especially as young professionals, new college graduates, and interns have begun committing to roles in downtown Chicago.”
Straits Row provides a diverse range of rental options, from studios to four-bedroom layouts. In the co-living units, residents share a kitchen and living space but have private bedrooms and bathrooms. All units are fully furnished and equipped with stainless steel appliances, in-unit laundry, and keyless entry systems.
“Straits Row is well situated for students, young professionals, or anyone looking for affordable luxury options with a highly amenitized and elevated design living experience in one of Chicago’s best neighborhoods with historical character,” noted Nick Melrose, founder and CEO of MAC. “The city center is home to more students than some of the Midwest’s largest college towns, including Champaign and Ann Arbor, and they, along with recent graduates and others wanting to live downtown, find the proximity Printer’s Row offers to schools, jobs, and recreation very appealing.”
Residents have access to 15,000 square feet of amenities and social spaces over two dedicated levels. The ground-level Printers Room features a fully functional coworking lounge with private study rooms, lounge seating, an outdoor patio, and a coffee bar. The penthouse level features a resident lounge, a fitness and wellness center, and a private dining area with a kitchen. A resort-style pool deck and a dining room also is featured on the 17th floor. A curated art program pays homage to the area’s 19th century history, including a mural by Chicago artist Cody Hudson. PeakMade Real Estate serves as the building’s property manager.
