Greens at Van de Water Apartments, a 252-unit property in Loveland, Colorado, left HZ Greens DST on February 26, 2026, contributed to the HZ Evergreen Fund as the Fund's ninth asset, Hamilton Zanze announced that day. The Delaware Statutory Trust (DST) had acquired the property in June 2023. Whether the Trust itself has been wound up is not documented: the announcement does not name HZ Greens DST, and the sponsor has published no separate disposition or termination notice for it.
Item | Record |
|---|---|
Trust | HZ Greens DST |
Sponsor | Hamilton Zanze |
Property | Greens at Van de Water, Loveland, Colorado, 252 units |
Asset class | Residential |
Offering exemption | 506(b) |
Offering amount stated on the Form D | $89,100,000 |
Minimum investment | $25,000 |
Exit type | Section 721 UPREIT roll (contribution to a REIT for operating-partnership units) |
Hold period | 2.6 years, measured from the July 18, 2023 first Form D filing to the February 26, 2026 contribution |
The classification rests on one line in the announcement: the Fund permits tax-deferred exchanges under IRC Section 721 for DST and 1031 investors, which places this exit on the record as a contribution rather than an open-market sale. The announcement attaches no value to the contribution and does not state what HZ Greens DST holders received. How a Section 721 contribution lands for any one investor depends on that investor's own facts.
The single dollar figure the public record attaches to this Trust is the price it paid, not a price it received. BizWest reported HZ Greens DST as the buyer of the property for $75.15 million in a transaction recorded June 8, 2023 (BizWest, June 21, 2023). The Trust's first Form D filing followed that recording, so the hold above runs from the filing and not from the day title changed hands. No total return, annualized return, or equity multiple for HZ Greens DST appears in the public record.
The Trust's Form D discloses no distribution terms, nothing in the record shows how much of its stated offering amount was subscribed, and a 506(b) offering's private placement memorandum is not public. The terms the Trust originally set out for its investors, including the hold it described, are therefore not on the record for comparison against the outcome.
HZ Greens DST is the third Hamilton Zanze offering on Top1031's full-cycle record. For this one, the record fixes the property, the price paid for it, the destination, and the dates on either side. What the Trust's investors realized is not in it.