Q Investment Partners (QIP), a Singapore-headquartered private equity real estate firm specializing in the multifamily sector, along with project partner Melrose Ascension Capital, a private equity real estate development and investment firm based in Chicago, announced the beginning of leasing at Straits Row, a new 18-story rental tower combining traditional apartments with co-living units in the South Loop.
Located at 633 S. LaSalle Street within the South Loop’s Printers Row neighborhood, the 132-unit hybrid building will offer 358 private, fully furnished residential spaces within its traditional and co-living units. With only 266 new Class A rental units expected to deliver in downtown Chicago in 2025, according to appraisal and consulting firm Integra Realty Resources, Straits Row represents almost half of the city’s new inventory. The building’s first move-ins are scheduled to begin in early February.
“Straits Row will set a new standard in attainable urban living with exceptional design and amenities that address the growing demand among those who want to live in this highly desirable quiet pocket near the Loop, where they can walk to work, multiple colleges and Grant Park,” said Peter Young, chief executive officer of QIP. “We are filling a gap in housing by offering a Class A living experience at a greater value, and we believe this will appeal to a wide range of prospective residents, including those who are studying at the city’s world-class educational institutions, as well as those who have come to Chicago to launch their careers.”
QIP sponsored the Straits Row project and partnered with Melrose Ascension Capital as its U.S.-based and local firm in Chicago, with Straits Row marking their first project together. QIP and Melrose Ascension Capital joined forces to reposition and revamp the legacy scheme, previously acquired from PMG and The Collective.
“The vision of Straits Row was to create a vibrant community that meets the needs of Chicago’s diverse workforce and student populations by offering modern, furnished and amenity-rich apartments in a prime downtown location with historical character, offering high quality with exceptional value for Chicagoans who are often priced out of other luxury developments,” said Nick Melrose, founder and chief executive officer of Melrose Ascension Capital.
Straits Row offers a wide selection of rental layouts, ranging from studios to four-bedroom floor plans. Both traditional full units as well as co-living units, where residents share a unit’s kitchen and living area but have their own private bedroom and bathroom, are available. All residences come fully furnished and include stainless steel appliances, generous cabinet storage, in-unit laundry and keyless entry to both the unit and for individual bedrooms in units with two or more bedrooms. Straits Row is offering discounted initial lease terms for early move-ins.
“By offering fully furnished, co-living residences, we’re creating a solution that fosters community while keeping housing costs within reach for so many people who want to enjoy living in a new, luxury downtown Chicago building,” Young said. “Our co-living units also help eliminate some of the challenges of moving to a new city or living with roommates – such as having your own bathroom, furnishing your home, finding a roommate and other inconveniences. It can be an ideal living solution for everyone from college students and flight attendants to hospital interns/residents and other young professionals.”
Residents at Straits Row can enjoy 15,000 square feet of expansive amenity space including a lobby-level “Printers Room” co-working space that nods to the history of Printers Row and features three private study rooms, a printer center, coffee station with cold brew on tap, lounge seating and adjacent outdoor patio. The tower’s 17th-floor amenity level features a resident lounge with a gas fireplace, a fitness and wellness center, multiple club rooms and a private dining room with a kitchen. Outside, residents have access to a panoramic pool deck offering skyline and lake views, grilling stations and outdoor dining areas. Other building benefits include a 24/7 lobby attendant and security, a secure package center and an indoor bike storage room with direct access to LaSalle Street.
For QIP, Straits Row will be the firm’s flagship residential development in the United States. The project builds on the success of its Straits-branded student housing and co-living communities in the United Kingdom.
“There are so many reasons why we’re proud to celebrate our official entry into the U.S. multifamily market that it’s hard to pick just one,” said James Coppack, head of development at QIP. “For anyone developing a building in the early part of this decade, there were a number of hurdles. In our case, addressing those challenges only served to push us to bring something truly different to downtown Chicago, which is a testament to our team within QIP Development Group and our partnership with Melrose Ascension Capital. This development leverages our vertically integrated real estate platform and aligns perfectly with our mission to deliver high-quality, thoughtfully designed living spaces that cater to modern urban lifestyles.”
Paying further homage to its location in Chicago’s historic Printers Row, the building incorporates an extensive art program. Its first-floor “Printers Room” co-working lounge features sheet metal stylized like reams of paper to honor the neighborhood’s past as a 19th-century printing hub for the Midwest. The printing theme continues throughout the building with future installations expected to incorporate art from students at local universities.
Located near LaSalle and Harrison streets in Chicago’s vibrant South Loop neighborhood, Straits Row is convenient to several CTA bus routes and L lines, as well as multiple Metra commuter rail lines. Nearby local universities include Columbia College Chicago, Roosevelt University, School of the Art Institute of Chicago, DePaul University’s downtown campus and the University of Illinois Chicago (UIC). Straits Row also offers easy commuter access to the Illinois Medical District and RUSH University Medical Center.
