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Q3-Q4 2025 Fund Update: Lessons from Year Two
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Q3-Q4 2025 Fund Update: Lessons from Year Two

Combining an overdue Q3 update with end-of-year reflections: lessons from Year Two of fund operations.

  • Muhan Zhang

    Muhan Zhang

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    Muhan Zhang

Muhan Zhang

16 Jan 2026 • 7 min read
Q3-Q4 2025 Fund Update: Lessons from Year Two

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21 Russo Underwriting & Deal Memo (Closing Date: 7/26/2025)
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real estate underwriting

21 Russo Underwriting & Deal Memo (Closing Date: 7/26/2025)

Younger sibling to 65 Russo is also being sold. Both properties are pretty similar financially, but are getting slammed by higher appraisals, property taxes, and insurance. Is there a commercial BRRRR hail Mary here?
  • Muhan Zhang
    Muhan Zhang
Muhan Zhang 24 Jul 2025 • 2 min read
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