Extra Income And Security For Multifamily Property
Property owners & managers: do you have a large multifamily property in your portfolio? If so, this case study on ParqEx adding extra income and security for a multifamily property is just for you!
ParqEx’s client, Horizon Realty Group, owns Sheridan Plaza, a 12-story apartment building located in the Uptown neighborhood of Chicago. The property was initially built in 1919 but has since been entirely renovated. A four-level parking garage is attached to the building offering parking to residents, guests, and external renters seeking parking.
Sheridan Plaza’s property is home to 143 apartment units and has 161 parking spaces in a secure parking garage for their tenants and guests. However, an unfortunate trend that property owners noted over time was that fewer residents were leasing parking spaces. Consequently, property owners went into a problem-solving mode to try and make up for this loss of income.
To compensate for lost revenue, they tried to offer monthly parking for non-residents. They did not anticipate the extreme amount of time it would take to run the process. They had to respond to all inquiries, collect rent, maintain the garage’s security and enforce any violations. After all their efforts, most of the parking spaces were still empty. Property management felt defeated.
Sheridan Plaza desperately needed an efficient and effective solution to monetize and manage their parking spaces.
ParqEx understood Sheridan Plaza’s exact parking needs right off the bat. It was clear that income was top-of-mind for this property. Property owners also understood that their overall operations needed to improve. Thus, ParqEx proposed the full suite of property technologies. This includes ParqEx’s: Marketplace, Access +, Enforcer App, and GuestParq.
ParqEx needed to provide tech to allow easy entry and exit with the existing parking garage without needing property management. Thus, they installed their proprietary Access + solution. With this technology on-site, authorized users simply had to use their smartphones to open the garage door.
Our technology benefited the property in numerous ways. First, this provided an added amenity for existing tenants and their guests. Another was that this opened the property on ParqEx’s Marketplace. This allowed external transient renters to access the property and book both short- and long-term rentals.
Horizon originally placed only five spaces for rent to test out the waters. However, thanks to ParqEx’s digital marketing and signage, the demand for parking increased. Horizon quickly decided to add over 20 spots to ParqEx’s platform.
ParqEx next focused on the property’s guest parking dilemma. The old-school paper-based system was no longer going to cut it! ParqEx’s GuestParq replaced it. With GuestParq, guests were quickly registered, and payment was easily collected.
ParqEx always takes it one step further! Educating all new users on our technology is essential. So, ParqEx designed custom resident handouts and hosted lobby events to raise awareness amongst existing tenants. As a result, all questions were answered, allowing a seamless transition to a more up-to-date parking system.
ParqEx’s parking solutions revolutionized the parking experience for management, tenants, and visitors. ParqEx continues to significantly impact Sheridan Plaza’s top and bottom lines. Due to Marketplace’s success, all external parking renters are now handled by ParqEx. Because of this, property management gained back as much as 25% of their time on some days.
On top of significant time savings for staff, the property saw an additional $34k added income through Marketplace and GuestParq. Moreover, with Access + operating at 99% reliability, they had over 6k secure entries on the property within the first year with ParqEx.
“ParqEx has delivered beyond our original expectations. They’ve been a great partner to help us maximize the value of our parking assets.” David Sherman (Director of Operations, Horizon Realty Group)
ParqEx is a technology platform that unlocks the hidden value sitting idle in privately-owned parking spaces. Much like Sheridan Plaza, with ParqEx, property owners and managers can increase income, reduce operating efforts, simplify management, and provide a valuable amenity to tenants and visitors.