Drake Property Group is a privately held real estate development and investment management company with a primary focus on multi-family and office properties. Our focus is on supply-constrained markets with high barriers-to-entry in the greater San Francisco Bay Area and Los Angeles. We create value through asset management, development, repositioning, and property enhancement. Our goal is to acquire and develop assets with a strong intrinsic value and a clear opportunity for long-term fundamental growth.
Current credit conditions in the US are creating market inefficiencies and distortions in California multifamily real estate that Drake is well positioned to exploit. Investments to be targeted will have the following characteristics:
Multifamily and office real estate remains a high performing carefully chosen inflation protected long term asset class in select California markets.Investments will be made in the San Francisco Bay Area and Los Angeles. Both of these markets have strong economic, demographic and real estate fundamentals.Strong B or better location.
Good physical location is one of the factors that significantly minimizes market risk, while delivering exceptional current and total return on investment.Purchase price of $15M - $25M,
Concentrating on this market niche maximizes return without competition from large institutional investors who typically concentrate on larger assets.Expected internal rates of return on investment of 18% or better.
Each asset will have the inherent characteristics necessary to drive rents to the 75%+ market percentile; mitigation strategies may range from removing encumbering below-market leases, to repositioning the asset and its tenancy in the marketplace.
Drake will employ its operational expertise to enhance occupancy and tenant retention, enhancing the asset’s income stream and value, and delivering superior riskadjusted returns.
Since 1974, the Drake/Aegis family of companies has distinguished themselves as developers and investment advisors of both historic and contemporary properties, completing more than 50 development properties in the Western United States and acting as Advisor or Broker to numerous private clients.
Has acquired or advised on $1,600,000,000 in real estate assets and delivered a 10 year gross average IRR on assets sold of 20.4%.Well Established “Off Market” Deal Origination Network:
Approximately 70% of Drake’s transactions have been directly sourced.Purchase price of $15M - $25M,
Concentrating on this market niche maximizes return without competition from large institutional investors who typically concentrate on larger assets.Exceptional Market/Product Knowledge:
Principals have directed 5,000,000 square feet of leasing and valuation transactions and serve as Advisors or Brokers to numerous private and publicly listed clients including Long’s Drugs, Safeway and Purity Stores.Strong, Repeat Private Equity Partner Relationships:
Many of our private equity partners have invested with us on multiple transactions.