OnsiteIQ Provides Critical Project Insights Across ACRE’s Ever-Growing Real Estate Portfolio

Introduction

ACRE is a real estate private equity and investment firm that specializes in investment, development, and management of quality multifamily housing. With extensive debt and equity capabilities and a strong focus on sustainability and responsible investment practices, ACRE continues to have a positive impact on residents, employees, and investors. The firm’s success is demonstrated through the completion of its fifth capital fundraise, an ever-growing development pipeline, and its $3.8 billion global portfolio. ACRE’s continued growth can also be attributed to its emphasis on leveraging innovative technology to identify inefficiencies and optimize operations.

Challenge

With a development pipeline spanning across the United States, ACRE faces a significant challenge in effectively and efficiently managing its projects. In addition to collaborating with numerous developers with varying degrees of reporting standards, ACRE acts as a GP, Co-GP, LP and Lender on projects, further complicating operations. While day-to-day involvement varies, maintaining consistent construction performance and oversight is crucial. The team has faced difficulty ensuring the transparency and accountability needed for timely and effective construction execution, quality installation and safety/risk management of such a geographically disparate portfolio.

A critical part of its evolving Environmental, Social & Governance (ESG) strategy, ACRE has undertaken several measures to chart its path to net-zero across its entire portfolio. Following a complete Greenhouse Gas (GHG) inventory, the team is pursuing the development and implementation of a decarbonization strategy that addresses GHG emissions stemming from all areas of its operations, including construction and travel. To address this challenge and further support its real estate development team, ACRE’s Founding Partner Les Menkes, sought a solution to effectively monitor the progress of multiple projects.

Solution

Following a thorough examination of the technology marketplace, ACRE’s in-house development team contracted with OnsiteIQ to capture 360-degree imagery of their projects and track progress. Now, every project has a turn-key solution upon commencement, including a local data Capture Specialist walking the job site to capture critical project information. With comprehensive 360-degree scans taken weekly, ACRE can ‘walk’ the job site virtually and leverage OnsiteIQ’s time travel feature to monitor progress over time. This oversight has significantly increased the effectiveness of the development team by allowing them to confidently collaborate with project stakeholders using intuitive, up-to-date imagery of each site, and ultimately reduce project risk.

• Verifiable Progress Tracking
• Payment Application Verification
• Collaborating with Project Stakeholders
• Identifying and Mitigating Project Risk