It’s finally happening. South Carolina-based Greystar Properties is going for it. Greystar launched in 1993, the real estate company is hitting its stride with $224 billion in global assets. Their next chapter will include modular housing for affordable housing apartments.
In order to execute the plan, Greystar purchased a factory in Knox, Pennsylvania to construct their apartment buildings. The factory is called Modern Living Solutions, or MLS. Their first site is in Pennsylvania scheduled to open in June 2024. Their second and third sites will be in Maryland. To truly be affordable, annual rents will not go over the Consumer Price Index or 3%, whichever is greater.
They built their first multi-story modular housing projects in the UK in 2015 and 2018. With this experience, they fell confident that the time has finally come. Almost two years ago the Biden Administration created policies to ease the burden of housing costs for big and small scale projects. With so much need, support, initiative, and innovation we wholeheartedly wish Greystar enormous success.
