HZ Deer Valley DST
sponsored by Hamilton Zanze
HZ Deer Valley DST, sponsored by Hamilton Zanze, filed its first Form D with the SEC on Apr 6, 2023 for a $90.5 million offering. Its last Form D was filed Apr 6, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Apr 6, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $90,500,000Equity offered, per the Form D
- Sold
- 53.6%Form D, Apr 6, 2023; the % is our arithmetic
- Investors reported
- Form D, Apr 6, 20236
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- 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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: HZ Deer Valley DST. Top1031 is not a broker-dealer.What did HZ Deer Valley DST own?
The asset is Springs at Deer Valley, a 296-unit rental community at 24025 N. 23rd Ave in north Phoenix that Hamilton Zanze announced buying on March 7, 2023 and renamed Ironwood at Happy Valley. 1 The sponsor put the property at 296,518 net rentable square feet across 12 two-floor residential buildings. 1 AZ Big Media reported the sale price as $90,280,000. 2
How was it financed, and what did it cost to sell?
The Form D does not describe the Trust's debt, and no loan documents are public. Multi-Housing News reported that the Deer Valley asset became subject to a $56.2 million bridge loan originated by BMO Harris Bank in 2022, though public sources do not establish that this Trust is the borrower. 3
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,134,805 · 2.3% of offeringForm D Item 16· The filing’s note: “Consists of amounts paid to affiliates of persons named in Item 3, including $372,405 for Fin Fee, $1,579,900 for Prop Acq Fees, $162,500 for Org and Offering Fees, $10,000 for Legal Acq Fee, and $10,000 for Prop Mngmnt, Due Dil and Training Fee.”
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Mar 28, 2023
- 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 HZ Deer Valley DST?
Hamilton Zanze is a San Francisco-based multifamily investor that syndicates apartment deals to 1031 investors through affiliated Delaware trusts; the Form D names HZ Deer Valley DST Manager, LLC as manager and Anthony O. Zanze as signatory. It announced the Phoenix acquisition on March 7, 2023 and moved property management to its own affiliate, Mission Rock Residential. 1 On March 22, 2025 The White Law Group, a plaintiff-side securities firm, published an investor-suitability alert naming this Trust.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust has never amended its original Form D, so every offering figure on record still dates from April 2023 rather than today.
- Legal Trust name
- HZ Deer Valley DST
- SEC CIK
- 1967954
- First Form D
- Apr 6, 2023
- Latest Form D
- Apr 6, 2023
- 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 | $90,500,000 | $48,592,125 | 6 | 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 HZ Deer Valley DST?
- HZ Deer Valley DST is a Historical offering. Last Form D filed Apr 6, 2023.
- What property is behind ICG Deer Valley DST?
- Hamilton Zanze announced on March 7, 2023 that it had acquired Springs at Deer Valley, a 296-unit apartment community at 24025 N. 23rd Ave in north Phoenix, Arizona, and would rebrand it as Ironwood at Happy Valley. The sponsor described the property as 296,518 net rentable square feet across 12 two-floor residential buildings. AZ Big Media reported the purchase price as $90,280,000.
- Why does the Trust appear under two different names?
- The entity that filed with the SEC is HZ Deer Valley DST, CIK 0001967954, a Delaware business trust based at 37 Graham Street, Suite 200B, San Francisco. The offering circulated in the market as ICG Deer Valley DST. Note that a separately registered trust also uses the ICG Deer Valley name under a different CIK — check the CIK before matching paperwork to this record.
- What kind of lease risk does an apartment DST carry?
- Unlike a single-tenant net-lease DST, where one company's rent covers the building, a 296-unit apartment community relies on many residents on short leases. Vacancy and rents can move every month, and there is no long-term corporate guarantor. Public sources do not establish current occupancy, rent levels, or whether a master lease sits between the Trust and the operating property.
- Has anything been published about this offering?
- The White Law Group, a law firm that represents investors in securities disputes, published an "ICG Deer Valley DST: Investor Alert" dated March 22, 2025. Its summary references a raise amount and a sales-commission percentage that differ from what the April 2023 Form D reports, so read the alert alongside the filing itself and the offering documents.
- Could this Trust roll into a REIT later?
- Nothing in the public filing record describes a 721/UPREIT exit — the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for units, deferring tax but ending the ability to do a future 1031 exchange. Exit mechanics for this Trust would be spelled out in the offering documents and trust agreement.
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.