Rivertop Apartments
Multifamily property in Nashville, TN — sponsored by Hamilton Zanze
Files with the SEC as HZ Rivertop DST
Minimum investment
$25k
Offering size
$43.0M
How much has sold
100.0%
Asset type
Multifamily property
Location
Nashville, TN
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
HZ Rivertop DST is a Hamilton Zanze-sponsored Delaware statutory trust — a co-ownership structure eligible for 1031 exchanges — tied to Rivertop Apartments, a luxury community completed in 2019 in West Nashville.1 It is closed to new investors: one Form D from January 2023 is the entire filing record, and the property's reported January 2023 sale appears in press materials naming a different Rivertop trust.6
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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?
Rivertop Apartments is a Class-A, garden-style luxury apartment community completed in 2019 by LIV Development at 5800 River Road in West Nashville.1 Hamilton Zanze and Cantor Fitzgerald acquired the property in a transaction that closed on October 4, 2019.1 Reviewed records do not show a separate acquisition by this Trust, whose Form D reports a first sale of securities on December 29, 2022.2
- Reported location
- Nashville, TN
- Property size
- 224 units
Who is the tenant, and what's the lease?
Rivertop is an apartment community, so income comes from hundreds of short-term residential leases rather than one corporate tenant. Mission Rock Residential took over management under an agreement from Hamilton Zanze Real Estate Investments in October 2019.3 Its property page still markets leasing at 5800 River Road.4
How did it end?
Sold after 3.0 years; sponsor reported 1.37x
On January 19, 2023, Cantor Fitzgerald (HZ's acquisition partner on Rivertop Apartments, a 224-unit Class-A community in Nashville, TN) announced the sale of the property, stating it resulted "in a total return of 137% of their aggregate original investment and an internal rate of return of 12% over the approximately three-year hold period," per the joint Cantor Fitzgerald/Blue Vault release [1][2][3].
Rivertop Apartments is a 224-unit Class-A luxury garden-style multifamily community in West Nashville, completed in 2019 by LIV Development. Hamilton Zanze and Cantor Fitzgerald acquired the property on October 4, 2019. The HZ Rivertop Multifamily DST raised more than $32 million in investor equity when launched in October 2019. On January 19, 2023, the property was sold on behalf of original DST investors, generating a 137% total return. Mission Rock Residential assumed property management responsibilities following the acquisition.
224 units1.37×Equity multiple · as reported by the sponsor
137.0%Total return · as reported by the sponsor
12.0%Annualized return · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
Nothing in the Form D or any other reviewed source states whether this Trust carries mortgage debt, so it cannot be described here as leveraged or all-cash. Form D notices do not disclose property-level financing; the offering documents do.
Who's behind it?
Hamilton Zanze is a multifamily-focused sponsor whose 1031 program runs through a series of Delaware statutory trusts. It acquired Rivertop with Cantor Fitzgerald, whose alternative-investment arm announced the January 19, 2023 sale of the property.5 The White Law Group, an investor-rights firm, published a page on May 23, 2025 investigating potential claims involving HZ Rivertop DST; no court complaint or docket appears in the reviewed record.
- Sponsor
- Hamilton Zanze
- Legal Trust name
- HZ Rivertop 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?
One Form D notice sits on this Trust's EDGAR record, reporting a first securities sale on December 29, 2022 and stating the offering was not intended to last more than one year.2 Rule 506(b) is the private-placement route that bars general advertising and limits sales to accredited investors. No amendment has followed.
- 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 Rivertop Apartments?
Top1031 lists Rivertop Apartments as historical. It is no longer raising money.
Where does Top1031 get the data for Rivertop Apartments?
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 HZ Rivertop DST?
No. The Trust is closed to new investors. Its only SEC filing is a single Form D notice covering an offering whose first sale was December 29, 2022, and no amendment or later notice has been filed since. Hamilton Zanze has other Delaware statutory trusts currently raising; those are separate offerings with separate documents.
Did this Trust earn the 137% total return reported for Rivertop Apartments?
That is unresolved from public records. Cantor Fitzgerald announced on January 19, 2023 that the sale of the 224-unit Rivertop Apartments produced a 137% total return, a 12% internal rate of return, and an approximately three-year hold. However, the sale coverage names CF Rivertop Multifamily DST, a separate SEC issuer (CIK 1791077) with a 2019 first sale date, while this Trust's Form D (CIK 1960775) reports a first sale in December 2022. Ask the sponsor which entity the reported result belongs to.
What is the property and who operates it?
Rivertop Apartments is a garden-style luxury apartment community at 5800 River Road in West Nashville, Tennessee, completed in 2019 by LIV Development. Mission Rock Residential assumed property management in October 2019 under an agreement from Hamilton Zanze Real Estate Investments and still markets leasing at the site.
Is the Trust leveraged?
No reviewed source says. A Form D does not disclose property-level mortgage debt, and neither the sponsor's acquisition release nor the disposition coverage states loan terms for this Trust. Leverage, lender identity, loan maturity, and any refinancing are questions for the private placement memorandum (PPM), the offering's governing disclosure document.
What does Rule 506(b) mean for how this was sold?
506(b) is the private-placement exemption that lets an issuer raise money without registering the securities, provided it does no general advertising or public solicitation. Investors typically come through pre-existing relationships with the sponsor or a broker-dealer, and in practice sales go to accredited investors — those meeting SEC income or net-worth thresholds.
Does the Trust have a 721/UPREIT exit?
The record shows no REIT conversion feature. A 721/UPREIT exit is the structure where a DST's property is contributed to a real estate investment trust's operating partnership in exchange for partnership units; nothing in this Trust's data indicates that path.
Chapter 9HZ Rivertop DST Lawsuit Investigation : Investor AlertInvestor-rights firm alert investigating potential claims involving HZ Rivertop DST, with references to other Hamilton Zanze-sponsored DST programs. Cantor Fitzgerald Completes Tennessee Disposition of 224-Unit Rivertop Apartment CommunityTrade-press coverage of the disposition of the 224-unit Rivertop community in Nashville, Tennessee. Cantor Fitzgerald Sells Nashville Apartments for Total Return of 137%Trade-press coverage of the Rivertop Apartments disposition confirming the $32M+ raised at the August 2018 offering and the 137% aggregate total return. Cantor Fitzgerald Announces the Sale of Rivertop Apartments in Nashville, TennesseeCantor Fitzgerald press release disclosing the sale of the 224-unit Rivertop Apartments on behalf of DST investors, generating a 137% total return.