Greystar Opens Manufacturing Facility in Western Pennsylvania to Produce Modular Apartments
Greystar Real Estate Partners, LLC (Greystar), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the opening of its flagship manufacturing facility for its modular construction business, Modern Living Solutions ("MLS"), which focuses on attainable and sustainable housing. The milestone was met with a ribbon-cutting ceremony at the western Pennsylvania site where MLS is in the process of hiring 170 full-time employees to execute the ramp-up and operations of its first modular factory.
Greystar's Modern Living Solutions business is focused on addressing the chronic undersupply of housing by delivering design-conscious and cost-effective modular apartments while combining development, construction, and modular manufacturing in a vertically integrated business. As a wholly owned subsidiary of Greystar, the largest manager and developer of apartments in the US, Modern Living Solutions has the opportunity to utilize this size and scale to make a positive impact on increasing the housing supply in America. The MLS corporate office is located in Baltimore, MD, and the first factory is located in Knox, PA.
"Greystar recognizes the significant undersupply of housing options across the US today and we believe what we're doing with MLS will begin to address this challenge," said Bob Faith, Founder, Chairman, and CEO of Greystar. "We are harnessing the innovative power of the private sector to deliver a rental product that is less expensive, more attainable, and sustainably produced to meet a need we are seeing in the market."
Modular construction offers several key advantages that lead to a product that is more sustainably produced and provides a high quality and more affordable option to renters. At the manufacturing facility, MLS conducts both the design and assembly of modular apartments, streamlining the process on all fronts.
Manufacturing the modules in a factory-controlled environment means that projects can be delivered up to 50 percent faster than traditional construction with less external risk presented by factors including weather, labor shortages, or on-site safety concerns. With sustainable designs, efficient usage of materials, and speed of construction, MLS units will have a smaller carbon footprint than traditionally built projects. Through a one-of-a-kind process, roughly 80 percent less waste will be produced compared to traditional builds.
"We are excited to be joining the Knox community and are proud to bring a positive impact to the economy of Northwest Pennsylvania. We're looking forward to building our network of talented team members who I know will play important roles in the work we do at Modern Living Solutions," said Andy Mest, Managing Director, Modern Living Solutions.
Initially, the factory will serve the Mid-Atlantic region, particularly 30 to 45 minutes outside major metropolitan areas like Pittsburgh, PA, and Baltimore, MD, where the essential worker lives and the housing supply is low.
About the Modern Living Solutions
Modern Living Solutions is a leading fully integrated modular construction company offering expertise in the design, development, and delivery of modular construction residential real estate products. Headquartered in Baltimore, MD, with its state-of-the-art offsite manufacturing facility in Knox, PA, Modern Living Solutions develops thousands of modular products on behalf of dedicated partners and capital annually. Modern Living Solutions was founded in 2020 with the intent to become a provider of world-class services in the modular construction residential real estate business.
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $250 billion of real estate in 234 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 817,000 units/beds globally, and has a robust institutional investment management platform comprised of more than $69 billion of assets under management, including over $29 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world class service in the rental residential real estate business. To learn more, visit www.greystar.com