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

by Jody Barhanovich

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

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