THE PREMIER PLATFORM FOR LOS ANGELES REGULATORY ARBITRAGE

Institutionalizing Value Creation in High-Barrier, Rent-Controlled Markets

Moriah Real Estate Master Fund, L.P. captures asymmetric returns in the highest-barrier market in the United States — manufacturing double-digit yields without reliance on market appreciation.
The Strategy

The Opportunity in Three Acts

Regulatory Arbitrage
01 — ACQUISITION
Disciplined Acquisition
We buy at a ~40% discount to replacement cost. The margin of safety is built in before we close.
Los Angeles
02 — OPTIMIZATION
The Vacancy Reset
Our proprietary engine transitions rent-capped units to full market rates — manufacturing appreciation rather than waiting for it.
Authority
03 — REALIZATION
Vertically Integrated Execution
We act as our own General Contractor. $10K–$30K per unit renovations. No builder markup. No timeline drift.

Snapshot of
Authority

Portfolio Metrics FY24
Targeted IRR
18-22%
Equity Multiple
2.4x
Market Focus
L.A.
Asset Class
Multi
As seen in:
CoStar · Largest SFV Multifamily Deal of 2024
Execution

A Track Record of
Proven Resilience

$52M deployed across 12 properties. $70.3M current portfolio value. 2.06x equity multiple to date — without a single distressed exit.
Built on Principles
That Hold in Any Market
The structural advantages that define Moriah's edge.
01
Price Discipline
Every acquisition begins with a hard underwritten floor. We do not chase markets — we wait for them to come to us.
02
Regulatory Moat
Rent-control restrictions create pricing inefficiencies inaccessible to most institutional capital. We specialize here.
03
Vertically Integrated
From acquisition to renovation to lease-up, every stage is controlled in-house — eliminating margin leak at each step.
For Accredited Investors & Family Offices
Built for Investors Who Demand
Institutional Rigor
Moriah offers accredited investors and family offices a transparent, institutionally structured vehicle to access one of real estate's most defensible alpha strategies.