The joint venture partners have acquired the site at 101 George Street, from Tide Construction and plan to build two towers of 44-storeys and 38-storeys.
The scheme, which has full planning permission, will accommodate 550-apartments and include roof gardens at the top of each tower, fully equipped gyms, residents lounge and private dining and event rooms.
Greystar managing director of investments, Troy Tomasik, said this would make Croydon stand out in south London.
“This is an ambitious development and an exciting milestone for Greystar which signals our commitment to finding innovative solutions to London’s housing challenge,” he said.
“Croydon is emerging as an economically-vibrant and culturally dynamic centre but it’s going to need high-quality rental homes to support this stellar growth.
“101 George Street, as well as claiming the title ‘tallest modular towers in the world’, will set a new standard for rental accommodation in south London, with fantastic facilities for residents as well as civic space for the local community.”
The total build time for the project will take just 24 months, from construction starting to residents moving in to their new homes.