Posted Sep 6, 2018 at 4:46 PM
The SouthCoast Chamber of Commerce has awarded Acorn, Inc. as the 2018 APEX Small Business of the Year, citing the company’s success in “turning unused but historically significant structures into bustling centers of residential life” in New Bedford.
The award committee noted that the Acorn had the vision to recognize New Bedford’s potential, and the desire to preserve its historic character with the development and management of the Lofts at Wamsutta Place, Victoria Riverside Lofts, and the Riverbank Lofts.
With nearly 500 units across 1 million square feet, maintaining above 98 percent occupancy rate, these buildings represent $100 million in private investment funds to the local economy, a press release from the company states. The properties proudly contribute over $800,000 to the city annually, create multiple job opportunities, and generate business for local vendors.
“We are deeply honored to receive this award,” said Quentin Ricciardi, CEO, “And of all our investments, the one that’s most important to us is our investment in our staff. As a family-owned and run business for over 70 years, we treat our employees like an extension of that family and as a result we have a team who believes in the mission of providing stunning and unique quality housing at reasonable rates. You can see this is the relationships they build with residents who contribute to canned food and clothing drives, and they way they give back to the community through Operation Clean Sweep and other community projects.” The majority of Acorn’s 30 management company employees reside locally and the company emphasizes the sourcing of operations and maintenance supplies to come from companies within the region.
Acorn was recognized for its commitment to sustainable and renewable energy as an example of their forward thinking, the release states. They currently have 2 megawatts of solar panels across the roofs of all properties.
Acorn Inc. is a Massachusetts-based real estate development and management company specializing in large scale, market rate adaptive reuse projects. For over 50 years, the company has taken a holistic hands-on approach, through each stage of the process from development to construction and management. Acorn, Inc. currently owns 3 million square feet of assets under management, primarily in Massachusetts.
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