Modern Living Solutions Purchases Modular Facility in Northwest Pennsylvania to Develop Luxury Bathroom Modules
Investing in Construction Innovation: Introducing Modern Living Solutions
PITTSBURGH, PA – December 17, 2020 – Modern Living Solutions, a wholly-owned subsidiary of Greystar Real Estate Partners, LLC (Greystar), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the strategic purchase of a 256,000 square foot industrial factory site on over 40 acres of land in Knox, Pennsylvania. The site will be repurposed to execute the preconstruction and assembling of luxury modular bathrooms to fast-track the costly traditional construction sequences the industry has become accustomed to with outdated construction methods. The purchase marks Greystar’s first investment in offsite manufacturing, providing Modern Living Solutions a competitive advantage within the residential housing industry.
Modern Living Solutions is uniquely positioned to embrace innovation through offsite construction to operate a sustainable, vertically integrated Bathroom Module business with robust support from capital resources combined with Greystar’s track record of providing best in class products and services in the residential real estate sector. Bathroom Modules are factory-made turnkey bathrooms sized, designed, and accessorized to specific architectural plans delivered to site, fully tested, and ready for immediate connection. The interspersion of Bathroom Modules into traditional construction consolidates more than ten trades into one prefabricated product. The benefits of using Bathroom Modules (“Bathroom Pods”) are well-documented in the modular construction industry, including higher quality products, shortened schedules, immediate cost savings, less general contractor overhead required on-site, sustainability benefits, and safer construction projects. Modern Living Solutions delivers on its commitment to sustainable development and construction by reducing material waste while decreasing material delivery transportation emissions associated with traditional construction.
Modern Living Solutions will create over 50 jobs in its first year of full operations, ultimately creating over 130 permanent jobs in total with future planned phases of expansion, positively impacting the local economy in Northwest Pennsylvania. Offsite construction expert and Pennsylvania native Andy Mest will lead all investment and construction operations for Modern Living Solutions. “Attentive planning is the foundation upon which all successful projects are built. We have built a world-class team of expert professionals across the modular construction industry to support this venture. Our unsurpassed preconstruction experience enables us to see the master plan and ensure that our plans are designed to attain our capital objectives. Working with our dedicated partners from a project’s earliest stages promises a seamless transition from the design phase to the project site, resulting in fewer construction-phase changes and schedule impacts, and yields cost savings; it also provides a certainty that the finished product we deliver matches our vision.” said Andy Mest, Managing Director, Offsite Construction. “We are optimistic about what Modern Living Solutions will do for the advancement of our industry and our partners success, along with the opportunity to largely contribute to the evolving construction industry through streamlined efficiencies by following and establishing best practices to deliver state-of-the-art residential modules to the residential housing sector.”
Modern Living Solutions is poised for success with a pre-established competitive pipeline with over 2,000+ pods in queue following the opening of the Modern Living Solutions Modular Factory in August 2021.
About Modern Living Solutions
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 Knox, Pennsylvania, at its state-of-the-art offsite manufacturing facility, 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.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 713,000 units/beds, and has a robust institutional investment management platform with approximately $37.2 billion of assets under management, including over $16 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
Greystar Joins Leading CEOs in Unprecedented Commitment to Advance Diversity and Inclusion in the Workplace
Greystar Wins 2020 PERE Global Awards in Three Categories
Greystar acquires five purpose-built student accommodation assets across the UK for £291m
Greystar Announces A$1.3 Billion Final Close of Greystar Australia Multifamily Venture I (“GAMV I”)
Cyrela, CPP Investments and Greystar Announce Partnership with SKR in Brazilian Multifamily Development Venture