Niche Investment Model

Drake Real Estate Partners focuses on real estate niches that require hands-on execution and deep local expertise. Their strategy centers on segments like industrial outdoor storage, manufactured housing, secondary-market industrial, multifamily repositioning, student housing, and marinas—areas where institutional capital is limited but operational complexity creates opportunity.

To win in these markets, Drake leans on efficient sourcing, typically uncovering off-market or mis-marketed assets purchased below replacement cost. Each investment is built on strong in-place cash flow, day-one yield, and the involvement of “sharp shooter” operators who understand the nuances of their local market. This combination allows Drake to unlock value where others struggle.

Operator-First Platform

Drake’s model is built around long-term partnerships with deeply knowledgeable local operators. More than 90% of their deals come from repeat partners who are vertically integrated and manage day-to-day operations, leasing, and capital projects.

Drake complements this execution strength with an institutional framework—bringing underwriting discipline, capital structuring, financing, asset management, and clear reporting. The same people who greenlight a deal remain involved through exit, giving operators consistency and alignment that’s rare in private equity.

Thematic Playbooks

Over time, Drake has concentrated most of its capital into a set of themes supported by long-term demand and limited supply. Residential, industrial, industrial outdoor storage, and manufactured housing together represent nearly 80% of the firm’s total invested equity.

These categories share a common profile: operational complexity paired with secular tailwinds. Drake’s expertise, combined with its operator partnerships, allows the firm to execute value-add business plans that institutional investors often overlook.

Illustrative Projects

Drake’s approach is best understood through the projects they’ve completed. In Miami, they transformed an underutilized IOS site into a stabilized truck-parking infrastructure asset, ultimately achieving a 44% gross IRR. In Greensboro, they acquired a complex industrial asset out of a fractured ownership situation, restructured the lease directly with the tenant, and delivered a 70% gross IRR at exit.

Their multifamily repositioning in California demonstrates how Drake enhances NOI through targeted renovations, improved amenities, and strategic capital planning, resulting in a 43% gross IRR. And their ongoing national IOS aggregation strategy—67 assets acquired since 2023 with 94% occupancy—shows how the firm scales niche operational models into institutional-quality portfolios.

The Team

David Cotterman (Co-Founder, CIO)
Institutional background (MSD Capital); deep experience across asset classes.

Nicolas Ibáñez (Co-Founder, President)
Family office perspective; capital discipline; cultural alignment.

Jonathan Garonce (Partner, Head of Asset Management)
Execution specialist; oversees operator partnerships.