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 launch of a new dedicated brand, Ltd. by Greystar ("Ltd."). Ltd. will exclusively focus on Greystar's impact housing product, delivering more attainable housing opportunities for key populations affected by the lack of rental options in the United States.
Working in tandem with Greystar's recently opened 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 – Ltd. will allow for the building and operating of essential housing communities at scale. 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.
"Over the course of my career, I have seen the incredible need for attainable housing options across the United States," said Bob Faith, Founder, Chairman, and CEO of Greystar. "We are excited for the opportunity to apply our platform and our culture of innovation to build housing supply that offers an attainable, high-quality experience for renters while also serving as an attractive proposition for both Greystar and our partners."
"What we're doing with our newly created Ltd. brand is a game-changer for renters who want to live in a Greystar-managed community and for an industry that needs more housing supply," said Scott Berka, Senior Managing Director, Brand and Customer Experience. "When you consider how big the challenge at hand is, I'm proud to be part of a team that's willing to throw out the rulebook and challenge ourselves to make a true impact while delivering the Greystar-level experience people should have. Through this effort and our Ltd. brand, we're at the start of a great journey."
All Ltd. branded communities will have standard amenities appropriate for their location, including community pools and gyms, among other options. Additionally, cutting-edge technology packages in multi-family will be included in each Ltd. community and apartment, with property-wide high-speed internet, smart locks, and resident apps that streamline everything from maintenance requests to guest access. This package of amenities and innovative technology helps to set Ltd. communities apart from most of the existing attainable supply in the United States.
Greystar currently has 5 Ltd. branded projects underway across 4 cities, with approximately 1,600 units expected to come online in the next 18 months. The first Ltd. community, Ltd. Med Center, in Houston, Texas with 378 units is now in lease-up and more information can be found here.
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/.
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 Greystar
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.