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Drake Real Estate Exceeds $350M Target with Fourth Fund
Drake Real Estate Partners, a real estate investment and asset manager headquartered in Midtown Manhattan, closed its fourth flagship fund, Drake Real Estate Partners Fund IV, with more than $410 million in commitments, exceeding its $350-million target.
“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,” said David Cotterman, co-founder and CIO.
To date, the fund, which launched last May, has made nine investments across multifamily, industrial and single-tenant office. 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,” said partner Jonathan Garonce.
- ◦Sale/Acquisition
- ◦Financing
