Homes and apartments are now built faster, cheaper, and with less waste. Quality is not compromised. This isn’t some far-off idea. It’s happening now. Greystar Real Estate Partners, one of the biggest names in real estate, is leading the way.
Greystar, the largest apartment operator in the U.S., is now changing the game by switching to modular construction. With their new project, Ltd., Findlay, near Pittsburgh, Pennsylvania. They’re showing how modular construction is the future of building. Let’s dive into what this means for the real estate world and why modular construction is the new standard for building.
Greystar’s Bold Move into Modular.
Greystar isn’t just any company. They are headquartered in Charleston, South Carolina, and manage over 954,000 apartments across North America. That’s huge. They saw great success with modular construction in the U.K. Now, they’re bringing that innovation to the U.S.
In 2020, Greystar made a big investment. They purchased a factory in Knox, Pennsylvania, and established their modular division for Modern Living Solutions. Their goal is to build better, more affordable, faster, and more efficient products than ever before.
How Modular Construction Works?
You might be thinking: How does modular construction work? Think of it like building with Lego bricks, but on a much bigger scale. Instead of building everything on the construction site, the process is much more streamlined.
Modular homes and apartments are built in a controlled factory environment. These “modules” are then transported to the construction site and assembled like a puzzle in a fast and efficient manner.
For Ltd. Findlay, a 312-unit apartment complex, Greystar built the modules in its factory just 90 miles away. They shipped them to the site and assembled them quickly and easily. The result?
Construction was 40% faster, with 90% less waste, and costs were 10% lower compared to other methods. The best part? The quality remains top-notch. Residents of Findlay will enjoy upscale amenities like a gym, pool, amphitheater, and even bocce courts.
Why Modular Construction is Taking Off Now?
For years, people thought modular construction was just for low-cost or temporary housing. Now, times have changed. Rising labor and material costs have prompted developers to seek smarter solutions.
Modular construction delivers what developers want. Production is standardized in factories, ensuring high and consistent quality.
This reduces onsite labor costs and makes projects faster and less dependent on skilled workers. Allows bulk purchasing and saving money on materials at the same time.
In 2015, modular homes made up only 2% of the U.S. housing market. Now, they’re at 6.6% and growing fast. Experts predict modular construction could generate $1.1 trillion in revenue by 2040. That’s a big deal for the real estate market.
Overcoming the Challenges in Modular Construction.
Of course, modular construction isn’t without challenges. Financing is one area: Many lenders don’t yet understand modular construction.
Regulations are another challenge. Building codes vary from place to place, which can complicate matters.
Transportation costs are also a concern. Moving large modules over long distances can get pricey. Companies like Greystar are finding smart ways to tackle these issues. For example, they build projects within a 600-mile radius of their factory. This saves on transportation costs.
They’re also working to educate lenders about the benefits of modular construction. Now, modular construction is getting popular in the real estate industry.
What does this mean for the Future?
Greystar’s shift to modular isn’t just about one complex. It’s about leading a revolution in how we build. With labor shortages and rising costs, the industry needs a solution. Modular construction delivers exactly that.
Big players like Greystar show modular construction is efficient and cost-effective. It’s also sustainable and scalable. As more developers see the benefits, modular will become the norm, not the exception.
Why Modular Construction is the Best New Way to Build
If you’re a developer, builder, or investor, now is the time to consider modular construction.
Here’s why:
20-30% Lower Costs: Save money on materials and labor.
90% Less Waste: Help the environment by reducing construction waste.
High Quality: Factory-built modules ensure precision, durability, and consistency.
Sustainability: Modular construction uses fewer resources and supports green building practices.
Greystar’s commitment to modular construction extends beyond building apartments. It’s about setting the stage for a new era in real estate development through the use of modular construction.
The Time to Act is Now.
Modular construction is transforming the way we build. With leaders like Greystar paving the way, it’s clear that modular is the future.
So, what about you? Are you ready to embrace the efficiency, cost savings, and sustainability of modular construction? Whether you’re building your dream home or a large apartment complex, modular construction is the smart choice.
