Case Study: Academy at Drexel Court – How Parking is Upgraded And Monetized For A Multifamily Community
Academy at Drexel Court is a residential property in Chicago’s Woodlawn neighborhood. With over 100 parking spots and a growing resident base, the management team needed a better way to manage tenant parking, monitor occupancy, and start generating income from underutilized space. In November 2024, they partnered with ParqEx to deploy a smarter parking solution prioritizing ease of use, efficiency, and profitability. Keep reading this short case study and discover how parking is upgraded and monetized for a multifamily community!
THE SITUATION
Before ParqEx, the Academy at Drexel Court had no centralized parking system in place, making it challenging to manage parking tenant registration or optimize parking occupancy. The property had:
- No revenue-generating model for parking
- No enforcement or access control
- No visibility into usage data or occupancy trends
The management team needed a fast, low-friction rollout that would accommodate tenants, offer real-time control to the management team, and heighten security.
THE SOLUTION
For this property, ParqEx deployed a suite of tools to bring the parking operation online, including:
✅ Internal Tenant Management – ParqEx’s internal tenant management platform offers the Academy at Drexel Court a seamless tenant registration process and simplifies parking space assignments.
✅ Marketplace Setup – By setting up the property on ParqEx’s private parking marketplace platform, the ParqEx parking app enabled monetization of unused spaces.
✅ Enforcement Tools – Through using ParqEx’s vast slew of parking enforcement tools, the property gained control of unauthorized parking.
✅ Real-Time Dashboard – ParqEx’s real-time analytics dashboard provides the Academy at Drexel Court complete visibility into parking usage and performance metrics.
This solution allowed management to clearly distinguish between authorized resident use and public parking while monetizing excess parking inventory.
THE RESULTS (as of April 2025)
- 📈 87% occupancy rate with 90 active parkers out of 104 spots
- 💰 $1,264.93 in revenue generated within the first two months
- 🚀 +278% increase in revenue over the last 90 days
- 📅 708 reservations completed—a significant jump of +88% over the previous 90-day period
- 📊 Transaction volume ramping up sharply, with revenue nearly tripling month-over-month
- 💡 96.67% of transactions are monthly, showing high adoption among residents
TESTIMONIAL
“Onboarding with ParqEx’s staff was easy! The team is responsive and makes the most challenging situation easy. The hardest part of a new program at the Academy at Drexel is immediately getting our residents’ full attention and cooperation, and ParqEx is helping get that done! We are looking forward to continuing to work with ParqEx in the future and generating more income.”
— Ms. Betty, Property Manager, Academy at Drexel Court
THAT’S A WRAP!
In just five months, ParqEx has helped Academy at Drexel Court:
- Launch a fully digital parking solution
- Achieve nearly full occupancy
- Generate and grow parking revenue month-over-month
- Offer a better resident experience and gain operational oversight
With strong tenant usage and climbing revenue, the property is on track for sustained, long-term parking profitability. If The Academy at Drexel Court’s case study on how parking is upgraded and monetized for a multifamily community strikes a chord with you, do not hesitate to contact a ParqEx sales representative! We would be thrilled to create a custom proposal for your property.
📞 Contact ParqEx
To replicate this success at your property:
www.parqex.com | sales@parqex.com | (855) PARQEX-1
