Greystar Debuts Its First Modular US Apartment Project in Coraopolis, PA

Greystar, the largest US apartment owner, is preparing to open its first multifamily project built with modular structural pieces completed in its Pennsylvania-based factory as it looks to develop a system to counter the rising cost of development while offering moderately priced rents, CoStar News reported (11-11-24).

Greystar’s Ltd. Findlay in Coraopolis, Pennsylvania, consists of 312 units across six separate buildings. Apartments come in a mix of one-, two-, and three-bedroom layouts between 662 and 1,373 square feet. The company expects Ltd. Findlay to open on December 2nd.

Although the project looks like a typical garden-style development both inside and out, it is the first to emerge from Greystar’s Modern Living Solutions, a modular construction factory located roughly 90 miles north of Ltd. Findlay that promises to change how Greystar thinks about development in the US.

Greystar is the biggest of just three companies in the US developing modular construction capabilities that are vertically integrated as both developers and modular factory owners, according to the Modular Building Institute. The others include Impact Housing in Georgia and Michigan’s Ginosko Modular.

Greystar’s Knox factory, which has created more than 350 jobs in the area, is currently the company’s only modular production facility in the United States. And although the company is exploring options for additional locations, it’s pushing ahead with projects in the Northeast and mid-Atlantic that will begin on the Knox factory floor.

According to Andy Mest, managing director of development for Modern Living Solutions, Greystar has close to 15 total modular deals in various stages of its pipeline, including six under contract.

Greystar, which has focused on development and property management in rental housing, logistics, and life sciences since its founding in 1993, has grown into the largest apartment owner and operator in the US, according to the National Multifamily Housing Association. As of the association’s 2024 rankings, Greystar owns more than 108,500 US apartments—a 10,000-unit increase from the year prior—with more than 9,100 units in various stages of development.