How a successful Quext IoT pilot expedited large-scale adoption
How a successful Quext IoT pilot expedited large-scale adoption
Bonaventure Spotlight
With over $2.25 billion in completed transactions and a 30+ community portfolio across the DMV and Virginia, Bonaventure is one of the nation’s leading vertically-integrated real estate companies.
- Specializes in property development, investment, and architectural design of multifamily rental properties
- Has completed over $2 billion in transactions and $500 million in HUD loans over the last 25 years
- Over 6,000 portfolio units
Pilot Program Highlights
Challenge
In 2022, Bonaventure set out to find a trusted partner to support the implementation of smart apartment technology across their portfolio of properties, which included outfitting both new and existing multifamily communities. The search was fueled by the need to achieve 3 primary objectives:
- Implement a single, scalable system that would drive greater operational efficiencies for community management on both a property level and across the entire portfolio
- Create new revenue streams and NOI generation opportunities, including capturing energy savings
- Deliver the greatest competitive advantage in a competitive rental environment to support sustained occupancy rates and residential satisfaction
Less is More
50%
The Decision
Bonaventure selected Quext IoT's patented LoRaWAN-based IoT solution for 5 notable reasons:
- The gold standard for future-proofing
Combining industry-best IoT technology at a fraction of the cost of competing solutions allows Bonaventure to maximize ROI potential, operational efficiency, and resident satisfaction - Seamless integrations paired with real-time device management
One PMS-integrated system to manage all devices and reporting, with an intuitive dashboard and mobile app. - Always-on reliability via an independent non-WiFi network
Quext IoT eliminates WiFi infrastructure requirements and dependencies to remove points of failure and prevent lockouts. - Enhanced remote device management and access
Customizable remote device management capabilities help capture energy savings and facilitate scheduled unit access for guests, residents, and self-touring. - Unbeatable timing
Quext offers the quickest, non-invasive implementation process to ensure clients avoid project delays and operational disruptions.
The initial engagement included piloting Quext IoT at an existing property seeking an operational upgrade in competitive rental market.
"We needed more flexibility across our properties that a WiFi-based IoT solution couldn't give us."
-- Dave Ohlrich President, Bonaventure
Results
In January 2023, Bonaventure committed to Quext IoT. Over the next 39 days, Quext completed:
-
- A one-week installation window that included 461 pieces of hardware:
- 230 locks
- 230 thermostats
- 1 network gateway
- Staff training sessions
- Marketing collateral handoff with supporting communications and resident-facing materials
- A complete PMS-integrated IoT dashboard with device synchronization across the full property footprint
- In-person onsite assistance for property staff
- A one-week installation window that included 461 pieces of hardware:
Project Timeline
Quext IoT not only met all key criteria for Bonaventure, but also helped roll out new property capabilities for property management teams and residents, including:
- Community-wide guest access scheduling for both property staff and residents
- Expanded both mobile app and fob-based keyless entry to common areas
- Self-touring with smart lock guest credentialing and scheduling
- Energy management and cost savings with vacant unit temperature control
"We performed an exhaustive review of smart home systems and home automation options on the market, but these competing systems were more expensive and needed dedicated, on-site WiFi infrastructure to operate. With Quext's LPWAN system, we maintain the ability to connect to a smart hub at all times, giving us the ability to maintain temperature control in vacant units"
--- Dave Ohlrich, President, Bonaventure
Impact
The Quext IoT installation was successfully completed with no rewiring or WiFi network downtime, thanks to one single gateway using the LoRaWAN network protocol. Over the 6 months that followed, Bonaventure saw a significant increase in property value, NOI, and operational efficiency. Highlights included:
- Employee retention and labor savings associated with remote programming and virtual unit management capabilities that have allowed more timely responses from property staff in addition to flexible work schedules
- 100% elimination of resident lockouts and related maintenance requests
- A $52,000 boost in NOI (representing a payback period of under 3 years)
- 95%+ occupancy rate
- $1 million increase in property value based on 5.5% cap rate
Zero Down Time
Quext IoT's LoRaWAN gateway eliminates reliance of WiFi infrastructure, offering reliable connectivity without taxing the WiFi network or downtime due to internet outages.
The pilot program's success expedited the rollout of additional properties in Q3 and Q4 2023, with a total of 1,097 units across multiple asset types: stabilized and new construction, market rate, and senior living communities. The next phase of property rollouts for 2024 is currently underway.
Bonaventure completed their 2024 projections for the current Quext IoT enabled communities.
Hightlights include:
Quext is the premier property technology innovator offering best-in-class smart solutions that maximize operational efficiency and profitability for multifamily operators and ownership groups. Quext's intelligent tech ecosystem facilitates operational excellence across property portfolios by fusing the best technologies and integrations with decades of proven industry success.