AMLI Residential is cashing in on its empty parking spaces. The apartment owner has registered seven of its communities with technology partner WhereIPark (WIP), which helps it to lease unused spaces in crowded areas to persons who work or live nearby.
AMLI earns approximately $130,000 per year in ancillary income, Ken Veltri, its Senior Vice President of Asset Management, says.
“At a 4.5 percent cap rate, this equates to an additional $2.9 million in value to our portfolio,” he says.
Participating communities post WIP signs at its available parking spaces. Nearby office workers lease the space through the WIP app after WIP runs a criminal background check on the potential parker. The parker then visits the community’s leasing office to sign an agreement and is given a fob that has restricted access to that garage only.
AMLI is using the program at five Seattle properties and one apiece in Los Angeles and Denver, totaling 120 spaces. WIP has more than 100 clients.