Crestone at Shadow Mountain
Multifamily property in Phoenix, AZ · sponsored by Hamilton Zanze
Crestone at Shadow Mountain was a DST sponsored by Hamilton Zanze that owned a multifamily property in Phoenix, AZ (248 units). Its last Form D was filed Dec 22, 2022.
How it ended
No outcome recorded · under 7 years
Last Form D filed Dec 22, 2022.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $33,476,000Equity offered, per the Form D
- Sold
- 73.1%Form D, Dec 22, 2022; the % is our arithmetic
- Investors reported
- Form D, Dec 22, 202214
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: Crestone at Shadow Mountain. Top1031 is not a broker-dealer.What did Crestone at Shadow Mountain own?
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
How was it financed, and what did it cost to sell?
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
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,022,200 · 6.0% of offeringForm D Item 16· The filing’s note: “Consists of amounts paid to affiliates of persons named in Item 3, including $317,200 for Fin Fee, $1,585,000 for Prop Acqu Fees, $100,000 for Org and Offering Fees, $10,000 for Legal Acqu Fee, and $10,000 for Prop Mgmnt Due Dil and Training Fee”
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Dec 2, 2022
- Minimum investment
- $25,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.
Who's behind Crestone at Shadow Mountain?
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
- Offerings on record
What does the SEC record show?
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
- Legal Trust name
- HZ Crestone DST
- SEC CIK
- 1956306
- First Form D
- Dec 22, 2022
- Latest Form D
- Dec 22, 2022
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $33,476,000 | $24,485,904 | 14 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- What happened to Crestone at Shadow Mountain?
- Crestone at Shadow Mountain is a Historical offering. Last Form D filed Dec 22, 2022.
- 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 offering documents, 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 offering documents govern 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. Ask for the loan summary in the offering documents.
- 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. Affiliated property management is common in sponsor-run DSTs; it also means the management fee is paid to a related party, which the offering documents 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. No public filing since December 2022 reports what was completed or what it cost.
In the news
Sources
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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 offering documents before investing.