Proptech provider Latch, which will soon be known as Door.com, has launched its property management business, Door Property Management (DPM), and acquired the property management division of The Broadway Co. (TBC), a real estate investment platform based in Boston.
This strategic acquisition of TBC will enable DPM to collect insights from direct management on a small multifamily portfolio in the greater Boston area. It also provides an opportunity for Latch to gain hands-on property management experience to refine and optimize its technology products and services to help owners maximize net operating income while delivering top-notch resident experience.
“Managing a small portfolio of properties enables us to shorten the product invention timeline and ultimately accelerate our ability to offer more services and technologies that increase NOI,” said Jamie Siminoff, chief doorman. “We believe that by vertically integrating technology and engineering with property management operations, we can reduce the cost of operating a building and deliver products that make residents’ lives better.”
The co-founder and former CEO of Ring added that Boston is an ideal testbed with a diverse real estate market with new and old buildings in a range of population densities.
“I am excited for what we can invent and build when we are not only developing and selling the products that make buildings more efficient, but also fully integrating them into the actual management of the buildings.”
