Greystar Launches Modular Attainable Housing Brand

Multifamily giant Greystar is betting that it can hit the sweet spot for what it calls “attainable” housing by building residential campuses from prefabricated modular units.

This company has launched a new brand, Ltd. by Greystar, that is scaling up five site-built projects using prefab units produced at a new plant in Knox, PA opened in April by its subsidiary, Modern Living Solutions.

A key selling point of the modular apartments is the company’s pledge to cap any annual rent increases at Ltd. communities at either 3% or the trailing 12-month increase in the Consumer Price Index, whichever is greater.

One of the five Ltd. branded projects in Greystar’s pipeline, which will encompass a total of 1,600 units when completed, opened last month in Houston; another is scheduled to debut in Davenport, FL in July, with three more Ltd. communities to be delivered in the next 18 months.

Ltd. Med Center, a three-story community in Houston’s Brentwood neighborhood encompasses 378 one- and two-bedroom apartment units. Amenities include an outdoor pool, a fitness center, a lounge area and a game room.

Technology packages at all Ltd. communities will include property-wide high-speed internet, keyless smart locks and resident apps that streamline everything from maintenance requests to guest access, Greystar said in a release.

Rents at Ltd. Med Center range from $970 to $1,410. Half of Ltd. Med Center’s units are set aside for applicants making 60% to 80% of the area median income.

The second LTD. community, known as Champions Ridge, will open in Davenport, FL in July. The three other communities in the pipeline will be in proximity to the Modern Living Solutions factory; one community is planned for Knox and the remaining two will be built in nearby Elkton, MD.

Charleston, SC-based Greystar is aiming to streamline the modular construction line at the Knox plant and replicate it at a second factory it is planning to build as a prelude to taking the Ltd. by Greystar brand nationwide, according to a report in MultifamilyDive.

“Greystar’s modular construction business focused on building off-site, prefabricated modular apartments sustainably and at an attainable price point – Ltd. will allow for the building and operating of essential housing communities at scale,” the company’s release said. ”To achieve this goal, Ltd. guarantees not to increase rents by more than the greater of CPI or 3%, providing ‘certainty of housing’ for existing residents.”