May 4, 2020

Case Study: Smart Access Residents Will Pay For

Founded in 2009, Core Redevelopment transforms historic buildings into sought-after multifamily spaces. But they aren’t just facilitating renovations. Their larger goal is to revitalize communities and help them refresh the city’s history. “We feel like these buildings are being entrusted to us, and bringing them back to life gives us a real sense of accomplishment,” Core Redevelopment managing member John Watson told the Tribune-Star.  “We’re not just helping cities economically, we’re also helping them maintain a connection with their past.”

Since their founding, the development group has transformed over 20 properties across five cities, including Indianapolis, Cincinnati, and Terre Haute—10 of which use Latch to differentiate themselves from the competition.

The Challenge
Standing out from the Competition

One of Core Redevelopment’s biggest continual challenges is differentiating themselves from nearby competitors. They have, however, found a unique way to solve this problem.

“We call ourselves historical building specialists. We specialize in renovating and maintaining the historic aspects of our buildings to create a unique living experience for our residents,” said Gavin Railing, Property Portfolio Manager at Core Redevelopment.

The Core team is unrivaled in transforming unconventional buildings like baseball stadiums and schools, into modern multifamily buildings. Properties like Alumni Lofts in Cincinnati and RiverFront Lofts in Terre Haute get a second life with renovations that integrate original details. Alumni Lofts, for example, was the first public school in Cincinnati. There, the newly renovated units incorporate original details like blackboards, built-ins, and even a stage—all with the goal of giving each space individual character and its own piece of history.

“You can find renovated, cookie-cutter apartments that have little or no historic character, but when you have original wood beams running through your apartment or original stained glass windows or baseball stadium ticket windows that have been converted into closets, it’s a whole different experience,” Railing added. “We bring buildings back to life for modern living without sacrificing their history and integrity.”

But they knew that there was one other integral area where they also needed to be leaders: technology.

The Solution
Technology Residents Actually Use—and are Willing to Pay for

When evaluating what technology offerings would set them apart, Latch smart access was the clear first choice. Residents have become more and more tech-savvy over the years—and Latch is just a natural extension of that evolution. “In the past six years, our online payments have gone from around 70 percent to about 94 percent,” said Railing. “Residents want technology that makes their lives more convenient, and what better than having an efficient way to access your doors?”

Latch now allows residents to have this convenience by going keyless and allowing easy access-sharing capabilities with the people they trust. “Now, you carry your smartphone for everything. You don’t even need your wallet because your phone is a form of payment, too. Residents don’t want to worry about anything—keys included—and still want to be able to give friends and family access quickly. Latch is the best thing out there for that,” said Railing.

Residents are so excited by the benefits of Latch that they are willing to pay the $5 per unit per month technology fee. “Sometimes residents are hesitant about the fee. But as soon as you walk them through the building and they see Latch in action, they immediately get it,” explained Railing. “Seeing the benefits is really all it takes for them to understand the value.”

The Result
Positive Return for Owners and Convenience for Residents

Across their portfolio, Core Redevelopment has Latch at common entrances, unit doors, and amenity spaces like package rooms. The resident response at each of the properties has been overwhelmingly positive. “We had great feedback from residents at our first property, and then at our second, and third, and fourth. We’ve used Latch at both big and small buildings, and the residents always love it,” said Railing.

In addition, Latch has also allowed Core Redevelopment’s building staff to increase operational efficiencies by allowing scheduled access, temporary access for vendors, and gives maintenance faster access. Latch also increases building security by allowing property managers to oversee who is coming and going from all of the commons spaces with a visual access history, giving both the tenants and property managers peace of mind.

By reducing operational costs and increasing revenue with the $5 per month technology fee, the Core Redevelopment team has seen a positive return on investment across their portfolio. “You don’t have to worry about unit keys, and you’re saving money on repairs,” Railing explained. “It helps with faster access for staff and allows our maintenance teams to get their jobs done more efficiently. It helps set us apart. Latch really pays off at the end of the day.”

Interested in Latch to help improve your NOI? Talk to our Sales team.