Greystar Announces Groundbreaking of Ltd. Spring Run, Its First Modular Development
Coraopolis, PA – August 15, 2023 – 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.
About Modern Living Solutions, by Greystar
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. To learn more, visit https://www.modsbymodern.com.
About Ltd., by Greystar
Ltd. by Greystar is Greystar’s dedicated brand focused on impact housing that offers cost certainty for residents. Ltd. branded communities will limit future rent increases, not raising rents by more than the greater of the CPI or 3%. An Ltd. community combines the opportunity to live in a high-quality, professionally managed Greystar apartment with the comfort of cost certainty, emphasizing value for our residents. To learn more, visit https://ltd.greystar.com/.
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 $275 billion of real estate in 238 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 803,000 units/beds globally, and has a robust institutional investment management platform comprised of more than $74 billion of assets under management, including nearly $32 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.