Unlocking the Future of Access Control


Minute Read

Door locks have been used for over 6,000 years, with only incremental enhancements in design and materials along the way. However, as one of the world's largest investors in real estate, we believe there’s significant room for improvement—and innovation—in access control.

That’s why we partnered with Latch, a smart-lock innovator with a true enterprise-grade product and a powerful digital operating system, known as LatchOS. In addition to providing capital to support Latch’s growth, we also installed thousands of the company’s products in multifamily units across North America.

Our partnership with Latch culminated in its $1.56 billion IPO in June 2021. To us, it’s clear that Latch’s journey is only just beginning, and we are excited to continue serving as an investor in the public company. 

An enterprise-grade solution

Smart locks first emerged on our radar during an RFP process run by our Real Estate Group for a new multifamily development in Brooklyn. Before investing in Latch, we ran a competitive bid with 16 different providers. We found that Latch’s software-driven approach to access control set it apart. 

Latch’s automated distributed credentialing enables users to grant access to delivery people, maintenance crews or cleaners while knowing that once those visitors leave, their access rights will end. Users also have streamlined control over lighting and temperature, and building staff can monitor vacant properties and maximize energy efficiency. In addition, Latch partners with delivery companies such as UPS to provide frictionless in-home deliveries. 

Opening doors

Latch’s valuation came as no surprise to us. Led by CEO Luke Schoenfelder, the team is using its smart-lock hardware to deliver a full spectrum of software solutions, partnerships and advanced capabilities that provide a tangible ROI for large landlords. Today, more than one in 10 new U.S. apartments is powered by LatchOS.

Brookfield is proud to have been an early investor in Latch, as well as an early adopter of LatchOS. With at least 21% of households poised to install smart locks within the next five years, and the commercial space expected to grow to $12.8 billion by 2025, the company has found a compelling market to service. And by developing an enterprise-grade platform in partnership with large customers like Brookfield, Latch has proven its ability to scale—and help define the future of access control.
 

Latch products