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Modular apartment build to rent startup promises lower-cost living with backing from VC veteran.
A former SpaceX engineer, Curtis Wong, has launched what he’s claiming will lower the cost by 30% to build to rent apartment with more luxury features and cutting-edge technology than presently available. (main pic: Cloud San Jose, Cloud Apartment’s launch build to rent development.)
Wong founded Cloud Apartments, a build to rent development company that’s committed to using modular construction, and partners with established modular builders to manufacture them.
The business has caught the interest of venture capitalists and they recently concluded a US$3 million funding round that closed in December 2022. Wong said Cloud, which is based in the Bay Area, will use the funds to hire additional engineers, construction experts, and designers.
According to company sources, “Cloud Apartments is creating a new brand of modular apartments for the modern renter. Our mission is to fundamentally change the economics and efficiencies of housing construction so more people can live in the cloud. We hope you join us as we set a new standard for beautiful, affordable apartments.”
As reported in Business Insider, Wong said that in San Jose, the company is planning a 200-unit building, targeting a cost of US$340 per square foot compared with the city average of US$475 per square foot, as quoted by local general contractors.
They have three designs: a 500-square-foot studio, a 1,000-square-foot one-bedroom, and a 2,000-square-foot two-bedroom.
Wong said his background in construction and development coupled with his experience in the tech industry made him uniquely prepared to tackle this task.
