Asia Capital Real Estate (ACRE), a vertically integrated real estate private equity firm managing capital for institutional and family office investors, has stepped up its social impact initiatives in response to the COVID-19 pandemic.
To ease the financial hardships its residents faced as a result of the pandemic, the firm partnered with community organizations across the country to bring programs and donations to its properties.
Efforts have included a flexible rent program, conceived by ACRE and launched in collaboration with data analytics provider Hello Till. This program allowed residents to pay rent over the course of several payments throughout the month and helped eliminate defaults, late fee collections, and evictions. According to ACRE, nearly 700 residents signed up for the program since its launch. In addition, it initiated a “no deposit” program, adding this fee into monthly utilities, so residents could move in without paying upfront costs.
With many children in virtual school for the 2020-21 school year, ACRE donated 1,000 pens, pencils, notepads, and folders to residents of its Atlanta properties. In its Ohio properties, it partnered with a local Kroger to donate 300 backpacks with lunch boxes and school supplies. More than 525 grade-school children benefited from these programs.
While community gardens have been a passion for ACRE over the years, this initiative became even more invaluable during the onset of the pandemic. The firm employs professional farmers to oversee acres of farmland adjacent to several properties within its portfolio. During harvest season, residents are encouraged to walk through the gardens and collect produce, such as collard and mustard greens, herbs, and melons, free of charge. More than 600 residents benefit from these community gardens across the country.
In addition, ACRE donated 2,100 Thanksgiving meal packages to residents across its portfolio in partnership with nonprofit Can You Imagine as well as teamed with Georgia-based Berrong Food Pantries to build wooden pantries that house nonperishables, toiletries, and blankets at its properties within the state.
ACRE community manager and social impact investor April Allred was at the helm of the initiatives and oversaw all social impact and charitable giving efforts for the firm. Members of both ACRE’s corporate and property management teams spearheaded the programs, coordinating with on-the-ground organizations within their respective communities. More than 100 employees volunteered and contributed upward of 3,000 hours to initiatives in the past year.
