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DRA Advisors completes value-add fund campaign above target at $2.28 billion
NEW YORK, Feb. 7, 2024 /PRNewswire/ — New York based DRA Advisors has raised $2.28 billion in its latest flagship fund series, DRA Growth & Income Fund XI (“DRA XI”) exceeding its original target. DRA XI held a first close in November 2022 and final closing in October 2023. DRA XI is the largest fund DRA has raised in its 38-year history. Like predecessor funds, DRA XI will continue to target value-add real estate opportunities across retail, industrial, multifamily, life science and office real estate sectors in the continental United States.
DRA XI attracted more than 60 investors from North America, Europe and Asia-Pacific. Over 80% of the Fund’s commitments came from DRA’s existing investor base which are represented by endowments, foundations, insurance companies, sovereign wealth funds, and corporate and public pension funds.
“We are fortunate to have a supportive investor base that continues to believe in our team, our strategy and our ability to deploy capital” said David Luski, DRA’s President and Co-founder.
DRA XI’s sole focus is on value-add real estate investments within the U.S. The Fund has already deployed approximately 15% of its capital into ten separate investments, in industrial, retail and multifamily assets.
“We have a three-year acquisition period,” said Matt Shore, DRA’s Chief Investment Officer “and during this period we expect to see many compelling opportunities to capitalize on distressed situations and motivated sellers.”
About DRA
DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened offices in Miami and San Francisco while acquiring approximately $39 billion of real estate. The acquisitions include 94 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail and 85,000 multifamily units. As of September 30, 2023, DRA has $13.2 billion in gross assets under management. http://draadvisors.com
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