Fraley is the founder of Evolve, a real estate investment and management company. He was previously a partner and national head of research for Rockwood Capital. From 1999 through 2011, he was responsible for acquisitions and asset management on the East Coast, including sourcing transactions and negotiating joint venture partnerships. From 1992 to 1997, Fraley worked for the Tax Incentive Programs for the New York City Department of Housing Preservation and Development. He holds a degree in Metropolitan Studies from New York University and an M.B.A. from Yale University.