ICG Deer Valley DST
Other property — sponsored by Hamilton Zanze
Files with the SEC as HZ Deer Valley DST
Minimum investment
$25k
Offering size
$90.5M
How much has sold
54.0%
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?
ICG Deer Valley DST is a Delaware statutory trust — a passive, pre-packaged property co-ownership that 1031 exchangers can buy into — sponsored by Hamilton Zanze. It holds a 296-unit apartment community in north Phoenix, bought in March 2023 and rebranded Ironwood at Happy Valley.1 The Trust is raising against a $90.5 million offering of Class A and Class B Units, sold privately to accredited investors.
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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?
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
Who is the tenant, and what's the lease?
There is no single corporate tenant here: income comes from hundreds of short-term apartment leases that turn over continuously, so the rent roll rests on local demand rather than one company's credit. Day-to-day management sits with Mission Rock Residential, a Hamilton Zanze affiliate.1 Public sources do not establish a master lease.
How did it end?
No ending on record
No public disposition announcement or full-cycle press release was found for Springs at Deer Valley (Phoenix, AZ, acquired March 2023); the trust appears to still hold the asset.
Form D filed 2023-04-05 by issuer HZ Deer Valley DST at 37 Graham Street, Suite 200B, San Francisco, CA 94129. Issuer is a Delaware business trust; industry group Real Estate, sub-group Residential (no revenues). Total offering $90,500,000 across Class A and Class B Units; related-party fees $2,134,805. Manager signatory Anthony O. Zanze. Property-level address, asset type, square footage and lease terms not located in publicly available sources.
Supporting evidence
How is it financed, and what does it pay?
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
Who's behind it?
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
- Hamilton Zanze
- Legal Trust name
- HZ Deer Valley 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 Trust has never amended its original Form D, so every offering figure on record still dates from April 2023 rather than today. That filing disclosed $2,134,805 in fees to related parties and reported no sales commissions, and the units were offered privately — no public advertising — to accredited investors, meaning people who meet SEC income or net-worth tests.
- 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 ICG Deer Valley DST?
Top1031 lists ICG Deer Valley DST as historical. It is no longer raising money.
Where does Top1031 get the data for ICG Deer Valley 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 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.
Is the Trust still open to new investors?
Top1031 classifies it as raising, based on the only Form D on record. Because that filing has never been amended, the sold and remaining amounts shown here are a snapshot as of April 2023, not a live figure. A DST that is close to full or already closed will often look unchanged in EDGAR, so confirm current availability with the sponsor or your representative before relying on it for a 45-day identification.
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 private placement memorandum (PPM), the offering's full legal disclosure document.
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 PPM and trust agreement.
Chapter 9ICG Deer Valley DST: Investor AlertLaw firm publishes investor-suitability alert for the ICG Deer Valley DST, noting a Form D filed in 2023 to raise $47.2 million and identifying sales commissions exceeding 9%.