New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Drake Real Estate Exceeds $500M Target with Fifth Fund
Drake Real Estate Partners, a New York City-based real estate investment manager pursuing under-the-radar value-add opportunities, has closed its fifth flagship fund, Drake Real Estate Partners Fund V (DREP Fund V) with more than $515 million in commitments. The company said the fund exceeded its $500-million target in one of the most challenging fundraising environments in recent history.
“This outcome is a testament to the long-term relationships we’ve built and our deliberate expansion into the U.S. and European institutional landscape, which complements our longstanding ties in Latin America,” said Nicolas Ibanez, co-founder and president of Drake. “Achieving this scale of fundraising in the current environment is not only a major milestone; it’s a strategic advantage as we deploy capital in a heavily dislocated environment.”
DREP Fund V presents “one of the most compelling risk/return profiles we’ve seen since the firm’s inception” in 2012, said David Cotterman, Drake co-founder and CIO. “We’re creating value-add to opportunistic type returns while taking core plus to light value-add risk, in longstanding themes we’ve researched and invested in for more than 13 years.”
Pictured: Representative image of a manufactured housing community targeted for the DREP V portfolio.
- ◦Sale/Acquisition
- ◦Financing
