DRA holds $1.5b final close on value-added fund

DRA Advisors has held a $1.5 billion final close for DRA Growth & Income Fund IX, reaching its fundraising maximum target. The firm did not comment on its fundraising efforts.

The value-added real estate fund, which opened in April 2016, will invest in a diversified portfolio of office, industrial, multifamily and retail properties in primary and secondary markets throughout the United States. The fund had a target final close date for first quarter 2016 and officially closed Feb. 17.

DRA’s value-added strategies include an aggressive leasing approach, asset repositioning/rehabilitation, strategic capital investments, implementation of cost reduction programs, and pre-leased development, according to its website.

DRA Growth & Income Fund IX has received commitments from the $52.3 billion Pennsylvania Public School