NEW YORK, Jan. 4, 2022 /PRNewswire/ -- Drake Real Estate
Partners, a real estate investment and asset manager targeting
under the radar value-add investment opportunities, announced the
closing of its fourth flagship fund, Drake Real Estate Partners
Fund IV ("DREP Fund IV" or the "Fund") with more than $410 million in commitments, exceeding its target
raise of $350 million.
Drake Real Estate Partners announced the closing of its fourth
flagship fund with more than $410
million in commitments.
The raise adds significant new strategic U.S. institutional
relationships to Drake's investor mix, in addition to continuing
the Firm's decade-long partnerships with prominent family offices
and other institutional investors from across the globe.
Founded in 2012, Drake implements a value investment philosophy
by investing in income-producing real estate assets, generally at a
significant discount to replacement cost, and driving value by
focusing on repositioning, leasing and improving operations. The
Firm focuses predominantly on smaller investment sizes – typically
between $5-25 million of equity – in
non-major U.S. markets where it has historically achieved outsized
risk-adjusted returns.
"Our team specializes in accessing overlooked opportunities –
whether off-market or mis-marketed investments – adding value
through asset-level improvements and executing successful asset
sales to generate 12-14%+ net returns to our investors," commented
David Cotterman, co-founder and
Chief Investment Officer.
Co-founder and President Nicolas
Ibanez added, "We have built a successful track record over
the past decade thanks to our focus on long-term partnerships, from
our operating partners to our investors. This alignment of interest
is evidenced in the Principals' sizable commitment across the
funds, as well as that of my family office, which accesses its real
estate exposure through the Drake funds. Drake is a
uniquely-aligned investor."
To date, the Fund, which launched in May
2021, has made nine investments across multifamily,
industrial and single-tenant office – which constitute the Firm's
core product types over the past decade. Examples include class-B
multifamily opportunities in North
Carolina and Georgia; a
portfolio roll-up of small, singe-tenant industrial assets located
in infill locations across the East Coast; and a single-tenant net
lease office building near Charlotte serving as the recently consolidated
headquarters of a tire manufacturer with a "credit enhancement
story," as Partner Jonathan Garonce explains.
The Firm has completed $1.8
billion in transactions to date across a variety of
geographies and property types, including multifamily, industrial,
office (including medical office and creative office),
self-storage, senior housing, retail, and hospitality.
About Drake Real Estate Partners
Founded in 2012,
Drake Real Estate Partners is a real estate investment and asset
management firm based in New York
City. Drake seeks to invest in high quality,
income-producing real estate assets at a significant discount to
replacement cost, and drives value by focusing on repositioning,
leasing, and improving operations. Drake uses the flexible,
long-term nature of its capital to its advantage by seeking out
opportunities that have been overlooked by other investors. Drake
has completed $1.8 billion in
transactions to date and has invested across a variety of
geographies and property types, including multifamily, industrial,
office (including medical office and creative office),
self-storage, senior housing, retail, and hospitality.
Drake is a proud member of 1% For The Planet, donating 1%
of the firm's revenues to not-for-profit environmental initiatives
in the markets in which it invests.
For further information, visit www.drakerep.com.
Contact
Drake Real Estate Partners
Press@drakerep.com
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SOURCE Drake Real Estate Partners