If modular construction proves to be the sustainable future of real estate, Greystar Real Estate Partners wants to be a part of it.
The South Carolina-based company Announce the opening of the factory Last week in western Pennsylvania became the flagship of its modular building business, Modern Living Solutions. The Knox facility is the company’s first modular production site.
Grist Announced Modular Construction Business In December 2020, acquired 256,000 square feet of industrial real estate in Knox. At the time, the plant was expected to open in August 2021.
Greystar founder Bob Faith said in a statement that the facility will “provide cheaper, more accessible and sustainably produced rental products to meet the demand we are seeing in the market.”
In general, modular construction is similar to assembling a car. Machines and people build homes together online, reducing labor costs. The process is designed to save time, as the apartments are built at the factory while another team can work on the site and foundations at the same time. The house is then transported to the site and put into place.
Because the jigsaw process is faster and cheaper, it could make homes more affordable, a big need across the country during the affordability crisis. Buyers, on the other hand, won’t be able to customize their homes, and builders will be limited in size by transportation capacity. Additionally, local regulations make it difficult to create a one-size-fits-all system.
Greystar expects the factory to allow it to deliver modular apartments 50 percent faster because it won’t be constrained by factors such as weather delays. Greystar has also vowed to build homes with a lower carbon footprint that rent about 80% less than conventional buildings.
The Knox facility will serve the Mid-Atlantic region, primarily serving communities within 30 to 45 minutes of major cities such as Pittsburgh and Baltimore; Modern Living’s corporate headquarters are in Maryland.