On January 19, 2023, Cantor Fitzgerald announced the sale of Rivertop Apartments, a 224-unit Class A community in Nashville, Tennessee. Two days earlier, on January 17, 2023, Hamilton Zanze had filed the Form D for HZ Rivertop DST, a Delaware Statutory Trust (DST) offering named for the same property.
The announcement states that the sale 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," as reported by the sponsor that announced the sale, Cantor Fitzgerald, in its January 19, 2023 release, also carried by Blue Vault.
Cantor Fitzgerald was Hamilton Zanze's acquisition partner on the property; Hamilton Zanze's own acquisition announcement for Rivertop Apartments is among the sources on record for the sale. Who the "their" of the quoted sentence refers to, and how those investors relate to the investors in HZ Rivertop DST, is not identified in the language on the record.
HZ Rivertop DST, as filed and as recorded | |
|---|---|
Sponsor | Hamilton Zanze |
Asset class | Residential |
Exemption | 506(b) |
Total offering amount | $42,984,000 |
Minimum investment | $25,000 |
First filing date | January 17, 2023 |
Disposition type on record | Property sold |
Disposition date on record | January 19, 2023 |
Basis of the disposition record | Sponsor announcement, not an SEC filing |
Sale price | not stated |
Two days separate the two dates on this file. The hold the release describes therefore ran mostly, and perhaps entirely, before HZ Rivertop DST appeared on the SEC's records.
Because the offering was made under 506(b), its private placement memorandum is not a public document, so the distribution terms it set for the Trust's own investors cannot be read against the figures in the release.
Top1031's record for Hamilton Zanze carried one Full Cycle before this entry. What the public record documents here is the sale of a Nashville apartment property, a set of returns Cantor Fitzgerald reported, and a Trust whose own result no filing states.