Chicago, IL (Jan 5, 2022)
Sterling Bay, a Chicago-based real estate investment and development firm, and Ascentris, a Denver-based real estate private equity firm, announced a joint venture to develop 160 N Morgan, a Class A residential tower with ground-floor retail in the Fulton Market district.
The partnership combines Sterling Bay’s experience developing large-scale, experiential projects with Ascentris’ expertise in luxury multifamily real estate investment, strengthening both firms’ presence in Chicago’s residential market.
“Sterling Bay is pleased to partner with Ascentris to bring a new standard for residential development to Chicago’s top-performing submarket, Fulton Market,” said Andy Gloor, CEO of Sterling Bay. “The city is experiencing strong demand for modern, highly amenitized residential development, a niche that Sterling Bay has become known for in its development of future-forward spaces like McDonald’s Global Headquarters and Google’s Midwest Headquarters. Forming a JV with Ascentris allows us to access their team’s decades of investment knowledge and operational experience in the multifamily space.”
Once complete, 160 N Morgan will feature a 29-story Class A residential tower with ground-floor retail in one of Chicago’s most prominent “live-work-play” neighborhoods. The development received Chicago City Council approval in October 2021.
Located directly across from the CTA Morgan Station, the building will include:
- 254 market-rate residential units
- 28 affordable residential units
- 89 parking spaces
- 2,600 square feet of ground-floor retail
The building will also feature amenities including a private outdoor amenity deck, fitness center and rooftop pool.
Designed by bKL Architecture, the development will feature glass, masonry and metal construction designed to complement the character of Fulton Market, a former industrial meatpacking district that has transformed into a major business and cultural hub.
“Ascentris is incredibly excited to partner with Sterling Bay, whose track record of developing beautifully designed places in Chicago is second-to-none,” said Gabe Finke, CEO of Ascentris. “160 N Morgan is an excellent site within Fulton Market which, in addition to being one of the most exciting micro-markets in the nation, is also Sterling Bay’s backyard.”
Construction on the project is expected to begin in the first quarter of 2022 with completion anticipated in the fourth quarter of 2023.
About Sterling Bay
Sterling Bay is an experience-driven real estate company that places people at the center of design. The firm is known for creating innovative and collaborative spaces for companies including Google, McDonald’s, WPP, Pinterest, Dyson and Tyson Foods.
Sterling Bay’s team of more than 185 professionals manages a portfolio exceeding $5 billion and a development pipeline of more than $12.4 billion.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado. The firm manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across major property types and geographic regions within the United States.
Since 2003, Ascentris’ management team has followed an investment philosophy designed to give investors access to opportunities ahead of the market while providing high levels of service, transparency and accountability. Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting its investors’ needs first. Additional information is available at https://ascentris.com/.
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