LAS VEGAS-Vegas developer Cambridge Companies, LLC, has formed a joint equity partnership agreement with a family office in San Francisco, structured by Pelican Point Capital Partners, Newport Beach, CA.

"We look for value-added opportunities in land acquisitions and land rezoning, as well as residential and commercial development. Our investments are made in projects with healthy return potentials, combined with a discernible social impact," said Filipp Chebotarev, Cambridge Companies chief operating officer.

City analysis from Colliers International, Cambridge says that in 2014, Las Vegas construction projects are expected to re-energize the economy.

Multi-family 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, Colliers says.

Cambridge Companies president Michael Bash has adding value to land through rezoning and other cost-effective administrative measures since 1963.

"We're pleased to work with Pelican Point Capital," Bash said. "Their ability to close deals 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 invest in and around Las Vegas land; the markets show great potential for returns," said Ike Suri, co-CEO and co-founder of Pelican Point.

Instant Insights /

Cambridge Companies Forms Partnership with Pelican Point

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