The sales commission line on the Form D filed by HZ Seasons at Horsetooth Crossing DST reads $0. So does the finder's fee line. Across the tracked cohort of Form D filings by likely DST issuers over the trailing twelve months, amendments included and measured per filing rather than per unique Trust, the median commission is 6.5% of the maximum offering; this filing is recorded at 0.0%. No broker-dealer appears in the filing record, and whether the commission figure carries an estimate mark is not carried there either.
That zero is not new for Hamilton Zanze. Three earlier HZ trusts report $0 in sales commissions and $0 in finder's fees, with the estimate boxes unmarked. Each also carries an Item 16 line. The Fairways on Green Valley filing clarifies its Item 16 amount, not marked as an estimate, as amounts paid to affiliates of its Item 3 persons including financing and property-acquisition fees; Village of the Pines reports an amount, also not marked as an estimate, whose clarification describes payments to affiliates of Item 3 persons. Legends 267 reports $0 as its Item 16 amount while its clarification separately lists amounts paid to affiliates, including financing and property-acquisition fees. Across the four filings the commission line is constant. The Item 16 line is not.
Trust | Form D filed | Offering amount | Amount sold at filing | Investors | Minimum | Sales commissions | Item 16 amount |
|---|---|---|---|---|---|---|---|
HZ Seasons at Horsetooth Crossing DST | September 15, 2026 | $30,800,000 | $7,819,280 | 3 | $25,000 | $0 | not in the record |
HZ Fairways DST | March 31, 2026 | $71,230,000 | $34,431,638 | 2 | $0 as filed | $0 | $2,005,096 |
HZ Village of the Pines DST | December 4, 2025 | $48,400,000 | $38,639,045 | 12 | $100,000 | $0 | $1,146,184 |
HZ Legends DST | October 2, 2025 | $53,700,000 | $26,850,000 | 2 | $25,000 | $0 | $0 |
The minimum varies too. Against a tracked median minimum of $100,000, the four HZ filings range from $0 as filed up to $100,000.
The asset was public weeks before the Trust was. JLL's August 19, 2026 release identified the buyer of Seasons at Horsetooth Crossing as a Hamilton Zanze-sponsored DST; Mile High CRE reported on August 20, 2026 that the Fort Collins property sold to a Hamilton Zanze-sponsored DST; and the sponsor's own August 18, 2026 announcement said it sponsored the purchase without naming the legal entity. None of the August coverage located in that review names the Form D issuer. The filing supplies the name and little else about the real estate: nothing in it states what the Trust paid or how the purchase was financed, and the offering it opens is smaller than the tracked median offering of $48,917,049. The exemption claimed is Rule 506(b), under which general solicitation is prohibited. The public record of this deal, as located, consists of brokered property-trade coverage and an EDGAR notice.
The cast around the Trust repeats the structure HZ has used before. HZ Seasons at Horsetooth Crossing DST Manager, LLC is filed as Executive Officer and Director, clarified as Manager of Issuer; HZ Seasons at Horsetooth Crossing Depositor, LLC as Executive Officer, clarified as Depositor of Issuer; HZ Perpetual Income Fund OP, LLC as Executive Officer and Director, clarified as sole member and manager of that Manager. Those three share 37 Graham Street, Suite 120, San Francisco. CSC Delaware Trust Company, filed as Executive Officer and clarified as Trustee, is at 251 Little Falls Drive, Wilmington. Ashlee Cabeal signed as Chief Financial Officer on September 14, 2026, the title the sponsor's leadership page carries for her.
Hamilton Zanze now shows four Active trusts in the directory, a count that covers published, non-delisted records and includes fully subscribed offerings; the same record reviewed on September 3, 2026 listed three, and Active there means the reviewed filings indicate fundraising, not that interests are confirmed available today. What the Seasons at Horsetooth Crossing deal paid affiliates of its Item 3 persons is the number the record does not hold. Its absence from Top1031's copy is not the same as its absence from the form.