Latch, creator of the world’s first smart access system, announced today that 1 in 10 new apartments in the US are being built with Latch. The pace of adoption for this technology is without clear precedent, as Latch only began selling its access systems in the summer of 2017. “Access is fundamental, and we’ve built our hardware and software from the ground up to solve today’s access problems and empower an entire new set of services and experiences,” said Luke Schoenfelder, co-founder and CEO of Latch.
To enable this rapid adoption, Latch has partnered directly with building developers and operators to bring smart access to both their new buildings and also retrofit existing portfolios. Now available across the United States, many of the world’s leading real estate developers are choosing Latch, including Brookfield, Prometheus, Related, RXR, and Alliance Residential.
For building operators, Latch offers significant efficiencies by eliminating the friction caused by key handoffs during the leasing process, the need to schedule maintenance activities when a resident is home, the inevitable hassle of opening doors when residents are locked out, the need to mechanically rekey locks when residents move, and the uncertainty about staff activities at buildings.
For residents, Latch offers the simplest way to unlock every door at their building, manage who has access to their space, and share access with friends, family, and a host of new Latch-enabled services. By providing each resident with an app on their iOS or Android smartphone, a personal doorcode that they can enter on the Latch device’s built in touchscreen, or with a smart NFC keycard, the resident can confidently eliminate keys from their life and gain a host of other benefits.
For service providers, Latch opens up an entire new set of efficiency gains and possibilities for partners across sectors and geographies. After launching the world’s first unattended deliveries in the Fall of 2017 with Walmart, Latch added UPS and other national carriers in 2018, proving double digit efficiency gains to buildings where Latch is installed. With new buildings coming online every day, the value for service providers is just beginning.
As part of extending this value to these three stakeholders in real estate, the company has appointed Peter Weiss as its first Chief Real Estate Officer to manage major client relations, oversee strategic capital, and lead real estate initiatives. “Historically, real estate has been a slow-adopting industry challenged by inefficiencies and idiosyncrasies. In the 18 months it typically takes to build an apartment building, Latch has swiftly grown its footprint across the United States,” said Peter Weiss, Chief Real Estate Officer at Latch. “By introducing smart access to the multifamily space, Latch is poised to bring the benefits to millions of residents. I’m honored to join this innovative team to help shape the next chapter of urban living.”
Peter was previously Managing Director at Ackman-Ziff Real Estate Group, a real estate capital advisory company, where he led strategic capital allocation efforts for many of the country’s largest real estate firms. Before Ackman-Ziff, Peter served as the Chief Investment Officer at Capital Properties. He holds a master’s degree in real estate finance from New York University and a master’s degree in molecular biology from the University of Pennsylvania.
“For the last five years, we’ve focused on building an amazing product that solves the access challenges facing everyone at the modern building. We’ve reached a point where we are now enabling new experiences and services through our family of products,” continued Luke. “We’re thrilled to learn from Peter’s extensive real estate and operational expertise as we empower people to use smart access in totally new and exciting ways.”