Minimum investment
$25k
Offering size
$64.9M
How much has sold
26.0%
Asset type
Other property
Location
Not stated
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
HZ Foothills DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — sponsored by San Francisco-based Hamilton Zanze. Its Form D, filed October 12, 2022, registered a $64,902,000 offering sold to accredited investors, but the filing names no property.1 No later SEC filing has updated that record.
Show sources (4)Hide sources (4)
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?
The Form D names no property; it lists only a principal place of business at 37 Graham Street, Suite 200B, San Francisco.1 Hamilton Zanze announced on September 28, 2022 that it had acquired Springs at Foothills Farm, a 264-unit apartment community built in 2021 at 1203 Affirmed View in Colorado Springs, but no public record ties that purchase to this Trust.2 What this Trust owns is therefore not established in public sources.
How did it end?
No ending on record
No public disposition announcement or full-cycle press release was found for Springs at Foothills Farm (Colorado Springs, CO, acquired Sep 2022); the trust appears to still hold the asset.
Sponsor: HZ Foothills Trust Manager, LLC. SEC Form D filed Oct 12, 2022. Specific underlying property not identified in publicly available sources.
Supporting evidence
Who's behind it?
Hamilton Zanze is a San Francisco-based apartment owner-operator that buys and manages multifamily communities around the country, with day-to-day management run through its affiliate Mission Rock Residential.2 For this Trust, HZ Foothills Trust Manager, LLC signed as manager and signatory trustee, and Delaware Trust Company is named as trustee — the customary Delaware statutory trust arrangement in which the sponsor's affiliate makes the decisions.1
- Sponsor
- Hamilton Zanze
- Legal Trust name
- HZ Foothills 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?
No amendment has followed the original filing, so the public record here has not moved since 2022. The offering was made under Rule 506(b), the private-placement exemption that bars general advertising and limits sales to investors the sponsor already has a relationship with — in practice, accredited investors.
- 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 HZ Foothills DST?
Top1031 lists HZ Foothills DST as historical. It is no longer raising money.
Where does Top1031 get the data for HZ Foothills DST?
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.
What property does HZ Foothills DST own?
Public sources do not say. The Form D filed October 12, 2022 identifies the trust, its manager, and the size of the offering, but names no real estate. Hamilton Zanze separately announced a September 2022 purchase of the Springs at Foothills Farm apartments in Colorado Springs, and the names are similar, but no filing or sponsor statement links that property to this Trust. Treat the underlying asset as unconfirmed until you see the PPM (the private placement memorandum, the offering's full disclosure document).
Is this Trust still raising money?
Unclear from the public file. Only one Form D exists, dated October 12, 2022, and Form D amendments are not required at any fixed interval, so a sponsor can complete a raise without filing again. There is no SEC filing declaring the offering closed or fully subscribed, and no filing showing progress after October 2022. Ask the sponsor or your representative for current status.
What was the minimum investment?
The Form D reported a $25,000 minimum outside investment.[1] That is the figure as of the October 12, 2022 filing; minimums stated in a PPM can differ and can change during a raise.
Does the Form D disclose fees?
In part. The Form D reported $2,114,070 of gross proceeds paid or proposed to be paid to affiliates of persons named in Item 3, covering financing, property acquisition, organization and offering, legal acquisition, and property-management due-diligence and training fees.[1] That single line is not a full load; the PPM is where the complete fee table lives.
Can this Trust roll into a REIT at the end?
Nothing in the public record indicates a 721/UPREIT exit — the structure in which investors contribute their DST interest to a REIT's operating partnership for OP units instead of cash. Absent that feature, the ordinary path is a sale of the property and, if an investor wants continued deferral, another 1031 exchange.
Has anything been written about this Trust since the raise?
An investor-loss law firm, The White Law Group, published a page dated May 13, 2025 stating it was reviewing potential FINRA arbitration claims against brokerage firms that sold HZ Foothills DST. That is a solicitation page, not a finding; no court judgment, regulatory action, or other primary record involving the Trust turned up in research through August 27, 2026.
Chapter 7HZ Foothills DST: Investor Claims Under ReviewInvestor-loss law firm discussing HZ Foothills DST and possible FINRA arbitration claims against brokerage firms that sold the high-risk DST investment.