Multifamily vacancies are some of the lowest in the country at 5.5%, and approximately 10,000 new units are needed over the next two years to keep up with the demand in Las Vegas alone. The industrial land market has enjoyed a significant decline in vacancy due to the favorable business climate and tax incentives offered by the state of Nevada.

Cambridge Companies president Michael Bash has specialized in adding value to land through rezoning and other cost effective administrative measures since 1963. Bash commented, “We're pleased to work with Diamond Rock Partners. Their ability to close deals quickly has allowed Cambridge to best utilize the limited opportunity from an REO acquisition standpoint, as well as having cash on hand to make needed value add enhancements.”

“We see a great opportunity here to make land investments in and around Las Vegas. Cambridge Companies, LLC has the right team and has demonstrated their ability to make phenomenal investments,” said Makharadze, managing partner at Diamond Rock Partners.

Diamond Rock Partners, LLC is a privately held real estate owner and investment company. The firm advises on and invests alongside high net worth and institutional clients in a broad range of commercial and residential real estate, including single property acquisitions, property development and redevelopment, multiproperty portfolio acquisitions and joint ventures.