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**Drake Real Estate Exceeds $500M Target with Fifth Fund**
Drake Real Estate Partners, a New York City-based real estate investment manager focused on under-the-radar, value-add opportunities, has announced the successful close of its fifth flagship fund—Drake Real Estate Partners Fund V (DREP Fund V)—with more than $515 million in commitments. The fund exceeded its $500 million target despite operating 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.”
David Cotterman, co-founder and Chief Investment Officer, noted that DREP Fund V presents “one of the most compelling risk/return profiles we’ve seen since the firm’s inception in 2012. 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._
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