Greystar's Andy Mest is at the forefront of a construction revolution. By championing modular, factory-built methods, Andy is reshaping the way multifamily housing is developed, as reported by Patrick Sisson of Bisnow. The recently completed Ltd. Findlay project in Pittsburgh highlights the promise of modular construction: 40% faster build time, 90% less waste, and 10% cost savings. These efficiencies aren't just numbers—they're a blueprint for tackling housing affordability, reducing environmental impact, and meeting rising demand. With six more projects in the pipeline, Greystar is proving that modular can go mainstream. As Andy puts it, "There are no problems in life, just solutions you haven’t found yet." We’re proud to lead this innovation, driving progress in multifamily housing. #ModularConstruction #Greystar #Innovation #RealEstateDevelopment
Greystar are a mature #BTR business in the US. Now coming into the Australian market. BTR requires premium rents to support their investor criteria. They control a pipeline that feeds their business model. They have developed a very systemitised approach to assembling and operating their for rent portfolios. These portfolios are very different to assembling and delivering #BTS housing. We need to be cautious about thinking that BTR and MMC are the silver bullets to solve Australia's housing supply delima. BTS are buildings built for unsofisticated purchasers via #StrataSchemes. The ownership and operational model for BTS and BTR differ considerably. The current #MMC advocacy is more about the pipeline and an unresolved business model than it is less about buildings that are fit for purpose and do not lead to the mistakes that eventually surfaced in prior easy fixes.
Simon McCarthy
3mo
This is a great article! I frequently hear from developers that they will adopt offsite construction after they see someone else do it first, that the project is successful and profitable - well, here's the proof!! In addition, Mr Mest advises that modular construction provides a lot more certainty early on and over the life of the project. "You start to eliminate risk factors that exist on every deal. The time with which they impact you is truncated." It all starts by investing in the design phase from the business case and using DfMA to design using offsite construction with its predictable costs and program.
Warren Livesey
3mo
Well done team
We need more modular strata apartments. 🌿