PROVIDENCE – Acorn Inc., a Quincy, Mass.-based real estate development and management company, was awarded as the 2018 Apex Small Business of the Year by the SouthCoast Chamber of Commerce, the company announced Thursday.
Acorn’s success in “turning unused but historically significant structures into bustling centers of residential life” has generated more than $800,000 to the city of New Bedford annually, and created both job opportunities and new business for local vendors, according to a news release announcing the award.
The award committee acknowledged Acorn’s development and management of the Lofts at Wamsutta Place, Victoria Riverside Lofts and Riverbank Lofts. These properties, which span 500 units across 1 million square feet, equate to $100 million in private-investment funds for the local economy and maintain above a 98 percent occupancy rate.
Now, after more than 50 years, Acorn owns more than 3 million square feet of assets. The business was also recognized for its energy efficiency, as it has solar panels on the roofs of all its properties.
“We are deeply honored to receive this award,” said Acorn CEO Quentin Ricciardi. “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.”
Haley Hunt is a PBN contributing writer.
