Monday, September 11, 2023

The Future of Housing? Greystar Modular Home Factory Puts Out

Greystar, a leading multifamily developer and the largest operator of multifamily housing in the U.S., has begun work on its first U.S. modular housing project named Ltd. Spring Run in Coraopolis, Pennsylvania. This 312-unit property, constructed entirely from modules produced at Greystar's Modern Living Solutions factory in Knox, Pennsylvania, represents the third installment in the Ltd. by Greystar brand. This brand emphasizes affordable housing by capping annual rent hikes at either 3% or the trailing 12-month rise in the Consumer Price Index, whichever is higher. Following Ltd. Spring Run, Greystar plans to introduce the Ltd. Chesapeake Club in North East, Maryland, and two additional Maryland projects, cumulatively adding 1,600 units over the forthcoming 18 months.

Dive Insight reveals that Ltd. Spring Run, constructed from over 880 prefabricated modules, will span six residential buildings on a 24-acre plot. These units will be almost fully finished upon arrival, with only utilities, slab preparation, and exterior finishing remaining. Andy Mest, who supervised Greystar's initial modular projects in the U.K., including the world's two tallest modular residential structures at 38 and 44 stories in London, highlighted the company's success in integrating U.K. experiences into their U.S. operations. 

While the current focus is on the Mid-Atlantic region, Greystar envisions expanding its modular manufacturing to other parts of the U.S. in the future.

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