Greystar Announces Groundbreaking of Ltd. Spring Run, The Company's First Modular Development

Greystar Real Estate Partners, LLC ("Greystar"), a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, today announced the groundbreaking of Ltd. Spring Run, the first property made up entirely of units created in the Modern Living Solutions ("MLS") factory – Greystar's modular construction business focused on building off-site, prefabricated modular apartments sustainably and at an attainable price point under Greystar's dedicated impact housing brand, Ltd. by Greystar.

MLS is currently hiring for several positions at the factory in Knox, Pennsylvania. Production at the factory is ramping up at an unprecedented pace, and this increased delivery drives the need for new team members. MLS is currently seeking enthusiastic candidates with no specific experience necessary, offering a sign-on bonus of $1,500 along with competitive wages and access to state-of-the-art facilities. To learn more about MLS career opportunities, visit the Modern Living Solutions website.

"We are excited about the increase in production, and as this growth continues, we are looking for best-in-class talent to join our growing team here at the factory in Knox," said Andy Mest, Managing Director of Modern Living Solutions. "With the groundbreaking of Spring Run, we are eager to witness the realization of our first MLS-built community and actively seeking suitable land to bring more Ltd.-branded communities to life."

This 312-unit project is the first of many in the pipeline for Greystar's dedicated brand for impact housing, Ltd. by Greystar, which focuses on delivering more attainable housing opportunities for key populations affected by the lack of rental options in the United States. Unique to the Ltd. brand, Greystar will create certainty of housing for existing renters by capping rent increases at the greater of CPI or 3%.

"At Greystar, we are very aware of the acute undersupply of housing in markets like Pittsburgh," said Scott Berka, Senior Managing Director, Brand and Customer Experience. "Ltd. Spring Run is the first of many communities under Greystar's Ltd. brand that will provide high-quality housing at an attainable price point to critical workers like the teachers, nurses, and firefighters who are integral to our communities."

The project site for Ltd. Spring Run is approximately 24 gross acres in Coraopolis, Pennsylvania, in the Pittsburgh metropolitan area, and delivery of the first units is expected in June 2024. The site is a convenient 7-minute drive from the Pittsburgh International Airport and retail along University Blvd, and a 25-minute drive to downtown Pittsburgh.