Morgan Whiteley, director of investments in the Chicago office of real estate development and investment firm CRG, has already made an impact with both her company and her industry in just two years with CRG. She supports CRG’s investment team on development projects from site selection through land closings.
Whiteley began her commercial real estate career with Guggenheim Partners, JLL and Walker & Dunlop before moving to CRG to work in her preferred development side of the business.
Here is what she has to say about building a career in commercial real estate, the rewards of this industry and the strategies she’s followed to succeed.
Tell us about your background. Where did you grow up? Where did you go to school?
I grew up in Eden Prairie, Minnesota, a suburb of the Twin Cities. From there, I moved to Madison to attend the University of Wisconsin, where I majored in finance and real estate. Madison quickly became a place I cherished, and my time there provided me with the ideal groundwork for my professional journey.
I have always excelled at analytical work, so the number-crunching and financial modeling that’s part of real estate development appealed to me. I also joined the UW Madison Real Estate Club, which is one of the largest student-run organizations on campus, to learn more about the industry and meet other like-minded professionals.
What really clinched my decision to pursue a career in real estate was its diverse nature – it seamlessly blends analytical tasks with creativity. Every project presents unique challenges that require both strategic thinking and innovative vision. It’s this perfect balance between logic and creativity that makes real estate so exciting for me.
How did you get your start in the industry?
My first job out of college was with Guggenheim Partners, working as an analyst with the firm’s commercial real estate lending platform. It was there that I learned the skills that are key to success in this line of work. Immersed in market research and financial statement analysis, I honed my analytical abilities and gained valuable insights into the industry.
I then transitioned to the brokerage side of the business when I joined the debt and equity capital markets team at JLL. I gained a broad spectrum of experience by working with developers and investors on acquisitions, refinancings of projects and ground-up developments. I sourced debt and equity across all asset classes, including office, multifamily and industrial, so it was the perfect place to get that bird’s-eye view of the industry and the various asset classes that comprise it.
I was first introduced to the CRG team when they were clients at JLL, and I was fortunate to work with them on a few development projects. I found development projects to be both challenging and rewarding, as you have insight into the entire project life cycle, from the initial site selection to the eventual delivery and operation of a completed asset.
After spending a few years at JLL and some additional time at Walker & Dunlop, I decided the brokerage side of the business was not my long-term path and wanted to explore real estate development. I reached out to my former contacts at CRG and was delighted to learn there was an opportunity to join the multifamily investment and development team.
What does an average day at work look like?
In my role as the Director of Investments within CRG’s multifamily investment and development team, I actively contribute to the firm’s new projects, guiding them from site selection through to land closing, conducting due diligence and financial underwriting, and sourcing debt and equity. There are always multiple projects at various stages of development, so every day presents different opportunities and challenges.
Most of my time is spent on underwriting and assessing the feasibility of projects. Ensuring we have a robust pipeline of development opportunities is crucial, so I regularly engage with land sellers and brokers to identify attractive sites and negotiate beneficial terms to secure them for eventual development.
What do you like most about your job?
I love the dynamic and multifaceted nature of the real estate industry. Every day is different, and so is every project. It’s like solving a puzzle where each piece represents a different aspect of the transaction – the market trends, the property’s potential, and the potential risks involved. Seeing a concept and excel financial model evolve into a tangible, functional building that enhances communities is immensely gratifying and drives my passion for real estate development.
A notable project from last year involved the acquisition of a site adjacent to my alma mater, the University of Wisconsin–Madison, where CRG is building a new student housing community, Chapter at Madison. Knowing that I played a role in creating this beautiful building where students will live is a full-circle moment that is especially fulfilling.
Looking to the future, what do you hope to work on/achieve that you haven’t already?
Looking ahead, I am excited about the prospect of taking on new challenges and expanding my skill set. I aspire to lead teams and contribute to innovative projects that not only shape physical landscapes but also positively impact communities by creating spaces that enhance quality of life for residents and visitors alike. By pushing my boundaries and embracing opportunities for both professional and personal growth, I hope to make a lasting positive impact in the real estate industry.
How do you spend your time away from the office?
Outside the office, I love immersing myself in the vibrant energy that city life in Chicago has to offer, whether that’s trying a new restaurant or exploring a new neighborhood. When the weather is nice, my husband and I love to go on nightly walks along the lakefront – it’s my favorite thing about Chicago. Those skyline views never get old! When at home relaxing, I always am up to binge-watch the latest streaming series or movie.
