The factory assembly-line approach offers potential savings of 10% to 20% on construction costs and speeds up the work, generating revenue sooner.

Rise Modular founder and CEO Christian Lawrence said factory-built apartment construction can save costs and speed construction time.Rise Modular founder and CEO Christian Lawrence has set his sights on “industrializing construction” using proprietary modular technology to build apartment buildings and hotels faster and at lower cost in a climate-controlled factory.

Lawrence launched the startup in 2018 when he couldn’t find a supplier to build a modular apartment project he envisioned. Real estate has been a passion of his along with a desire to help address the affordable-housing deficit.“It just makes sense, industrializing construction and building in a climate-controlled assembly line in a factory environment like we do with so many other products in our lives,” Lawrence said.

Lawrence, who has worked in investment banking and private equity, spent six months validating his idea and six more recruiting a “best-in-class” team and designing a production facility.Several more months and “several million dollars” went into buying and retrofitting a 141,000-square-foot-factory in Owatonna, Minn., Lawrence said.