Crestone at Shadow Mountain
Multifamily property in Phoenix, AZ — sponsored by Hamilton Zanze
Files with the SEC as HZ Crestone DST
Minimum investment
$25k
Offering size
$33.5M
How much has sold
73.0%
Asset type
Multifamily property
Location
Phoenix, AZ
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Crestone at Shadow Mountain is a Delaware statutory trust (DST) — a structure that lets 1031 exchange investors hold fractional interests in real estate — built around a 1992-vintage garden-style apartment community in northeast Phoenix, Arizona. Hamilton Zanze sponsors it and closed on the property November 15, 2022.1 The Trust is still shown as raising from accredited investors, and nothing has been filed with the SEC since December 2022.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Crestone at Shadow Mountain is a garden-style apartment community at 3033 East Thunderbird Road in northeast Phoenix, built in 1992 on roughly 14.83 acres.1 Hamilton Zanze acquired it on November 15, 2022 — the firm's 25th Arizona multifamily purchase, with CBRE representing the seller. The sponsor reported the community was 96.77% occupied at closing and that planned work covered site and life-safety items, amenity upgrades, and HVAC, electrical, and plumbing systems.1
- Reported location
- Phoenix, AZ
- Property size
- 248 units
Who is the tenant, and what's the lease?
There is no single tenant. Income comes from residents on individual apartment leases rather than one long-term corporate lease, so the rent roll turns over continuously. Mission Rock Residential, a Hamilton Zanze affiliate, took over day-to-day management at closing.1
How did it end?
No sale or other ending on record
Mission Rock Residential's current leasing and resident-service pages show Crestone at Shadow Mountain operating at 3033 E Thunderbird Rd, while Hamilton Zanze's acquisition release identifies Mission Rock as its property-management affiliate; no disposition or stated return figures were found.
Crestone at Shadow Mountain is a 248-unit garden-style multifamily community built in 1992 on approximately 14.83 acres in northeast Phoenix, Arizona. The community offers one-, two-, and three-bedroom apartments ranging from 624 to 1,147 square feet. Hamilton Zanze acquired the property on November 15, 2022, representing the firm's 25th Arizona multifamily acquisition. CBRE represented the seller in the transaction.
248 unitsSupporting evidence
How is it financed, and what does it pay?
The public record does not say how the Trust is capitalized — whether the property carries mortgage debt, and on what terms, is not disclosed in any filing on record. The Form D did report a $317,200 financing fee among $2,022,200 of payments proposed to related persons.2
Who's behind it?
Hamilton Zanze is a multifamily owner-operator with a substantial Arizona footprint; this community was its 25th acquisition in the state, and its affiliate Mission Rock Residential manages it.1 On May 23, 2025, investor-rights firm The White Law Group published an alert naming this Trust among Hamilton Zanze DST programs referenced in its brokerage-suitability investigations — an inquiry into how the interests were sold, not a court finding about the property.
- Sponsor
- Hamilton Zanze
- Legal Trust name
- HZ Crestone DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 3 active / 18 total offerings from Hamilton Zanze
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The offering reported its first sale on December 2, 2022, and no amendment or later filing has followed.2 The Form D names HZ Crestone DST Manager, LLC as manager and signatory trustee, HZ Crestone Depositor, LLC as depositor, and Delaware Trust Company as Delaware trustee.2
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Crestone at Shadow Mountain?
Top1031 lists Crestone at Shadow Mountain as historical. It is no longer raising money.
Where does Top1031 get the data for Crestone at Shadow Mountain?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in this Trust?
The record still lists it as raising, because the only Form D on file — dated December 22, 2022 — reported interests remaining unsold as of that date. No later filing has updated that status in more than three years, so actual current availability has to be confirmed directly with Hamilton Zanze or the selling broker-dealer. A stale Form D is not evidence that an offering is open.
What does it mean that this is offered under Rule 506(b)?
Rule 506(b) is a private-placement exemption that lets a sponsor raise money without registering the offering with the SEC, but bars general advertising or public solicitation. In practice, interests are offered only to accredited investors — broadly, those meeting SEC income or net-worth thresholds — who already have a relationship with the sponsor or its broker-dealer. Terms live in the private placement memorandum (PPM), not in any public filing.
Is there a 721/UPREIT exit?
The record shows no 721/UPREIT conversion feature — the arrangement in which DST investors exchange their interests for operating-partnership units in a REIT instead of taking cash at sale. Absent that, the expected outcome is a sale of the property, with proceeds available for another 1031 exchange or taxed on receipt. The PPM governs what exits are actually permitted.
How much debt is on the property?
Not disclosed. No filing on record states a loan amount, lender, rate, or maturity for the 2022 acquisition, and the Trust's leverage is recorded as unknown here. A separate 2014 report on an earlier sale of the same property described a Freddie Mac loan under a prior owner, which says nothing about the current capital stack.[3] Ask for the loan summary in the PPM.
Who runs the property day to day?
Mission Rock Residential, a Hamilton Zanze affiliate, assumed management when the sponsor closed on the community in November 2022 and continues to market apartments there.[1] Affiliated property management is common in sponsor-run DSTs; it also means the management fee is paid to a related party, which the PPM should itemize.
What did the sponsor plan to do with the buildings?
Hamilton Zanze stated at acquisition that planned capital improvements included site and life-safety work, amenity upgrades, and HVAC, electrical, and plumbing improvements at the 1992-built community.[1] No public filing since December 2022 reports what was completed or what it cost.
Chapter 9Hamilton Zanze Expands in ArizonaTrade-press coverage of the Crestone at Shadow Mountain acquisition noting 248 units on 14.8 acres with one- to three-bedroom floor plans. Hamilton Zanze Acquires Property in PhoenixPress release announcing Hamilton Zanze's November 15, 2022 acquisition of the 248-unit Crestone at Shadow Mountain in Phoenix, its 25th Arizona multifamily acquisition.