A Team on Your Side

Doing the right thing for our investors drives who we are and what we do. Every day.

At HZ, we always strive for performance, accountability, and alignment of interests. Since 2001, we have grown the HZ community to over 750 investors through our investor care, transparency, and investment success.

HZ founders Mark Hamilton and Tony Zanze independently started their careers in 1981, gaining extensive experience in the evaluation, financing, oversight, and brokerage of a wide range of property types. Mark and Tony founded HZ in 2001 with a focus on multifamily investments, and President & Chief Investment Officer Kurt Houtkooper joined the company in 2003.

HZ specializes in the pursuit, acquisition, and hands-on operations of apartment communities in the Pacific Northwest, Southwest, Mountain States, and other target markets.

How We Support You


Investor Relations

The Investor Relations team is accountable for building trust with our investors by being responsive, reliable, and knowledgeable and by providing transparent and timely communications.



The Acquisitions team lays the foundation for a successful investment through meticulous groundwork and expertly executed transactions, while the Dispositions/Refinance team carefully evaluates exit strategies for our properties.


Asset Management

Our Asset Managers achieve operational results by caring for properties like owners with a focus on improving cash flow.


Construction & Risk Management

Our Construction and Risk Management teams ensure the timely delivery of capital improvement projects and the management of insurance policies and risk.


Finance and Tax

Finance team members handle investor distributions, acquisition funding, accounting needs, and delivery of tax documents.


General Counsel

Our in-house General Counsel provides expert legal guidance on contracts, transactions, land-use and operational matters.

Our Team

Driving our success is a team of motivated people who love what they do.

CEO & Founder

Mark Hamilton

Prior to co-founding Hamilton Zanze in 2001, Mark Hamilton sponsored the acquisition, ownership, and development of nearly 40 properties in the Bay Area. Mark’s main focus has always been locating value-add properties in changing urban neighborhoods and then re-working them into higher-quality buildings with higher incomes, improved tenant profiles, and higher resale values.

Mark has considerable experience in partnership formations and operations, project planning and implementation, asset management and management oversight, landlord-tenant and rent-control issues, risk management, and zoning and building department matters. Before forming his own commercial brokerage and investment business in 1994, Mark worked in the San Francisco office of Marcus & Millichap, subsequently co-founding Property Resource Group (real estate brokerage) and Quantum Land Company (development).

Mark earned a B.A. with High Honors in English Literature from San Francisco State University and an M.A. in English and American Literature from Brandeis University, which he attended as a University Scholar and Fellow.

COO & Founder

Tony Zanze

Prior to co-founding Hamilton Zanze in 2001, Tony Zanze’s experience in real estate included capital markets, asset management, leasing, development, and investment and brokerage of multifamily and commercial properties.

Before HZ, Tony was with RREEF Real Estate Investment Managers overseeing asset disposition. Before joining RREEF, he was manager of the San Francisco office of GE Capital Real Estate, where he handled the production of mortgage-backed securities, structured finance, and equity investments. From 1986 to 1997, Tony was with Northwestern Mutual Life Insurance Company, where he originated long-term fixed-rate loans and joint ventures.

Tony began his career as a sales investment broker with Cushman & Wakefield and holds a B.A. in Psychology from Dartmouth College and an M.B.A. in Real Estate from the University of Wisconsin.

CIO & President

Kurt Houtkooper

President and Chief Investment Officer Kurt Houtkooper joined Hamilton Zanze in 2003 and has over 18 years of real estate experience in asset management, property management, leasing, acquisition, and disposition of income-producing properties. As HZ’s CIO, Kurt oversees the acquisition, disposition, and capital markets activity at the company, including developing the acquisition and disposition strategies and building relationships with institutional partners.

Kurt was previously with Tishman Speyer Properties, where he was involved in marketing, leasing, negotiating contracts, forecasting, budgeting, managing personnel and third-party vendors, and establishing asset direction of over seven million square feet of Class A and Class B office space. Prior to Tishman Speyer, Kurt was Vice President of Investment Sales at Grubb & Ellis Company, where he represented clients in the leasing, acquisition, and disposition of commercial properties.


Charlie O'Connell

Charlie O’Connell Jr. joined Hamilton Zanze in 2009 and brings over 20 years of finance, banking, and real estate industry experience to HZ. Charlie was formerly a Senior Vice President at HSH Nordbank, where he structured and syndicated real estate debt, including mixed use, apartments, condominium, commercial office, and senior housing. Prior to HSH Nordbank, Charlie was the Chief Financial Officer at The Loan Page, which focused on online mortgage origination. Charlie previously worked at Nomura Securities/Capital America, where he underwrote CMBS debt originations throughout the United States and managed a $2.5 billion portfolio of debt and equity. Before Nomura, Charlie was employed at Dai-ichi Kangyo Bank, where he managed a portfolio of real estate workout loans.

Charlie graduated cum laude with a B.A. in Political Science from Providence College and currently resides in San Francisco, CA with his three children.

Chief Counsel

Todd Williams

Todd Williams joined Hamilton Zanze as General Counsel in 2014. He works with various HZ teams, HZ affiliates and subsidiaries, and outside counsel to guide and oversee the legal matters that affect the firm’s day-to-day business and its strategic goals—from acquisitions, dispositions, and exchanges to leasing and property management, corporate governance, and risk management.

Todd’s background spans both transactions and litigation, as well as experience as inside and outside counsel. He was previously an assistant general counsel at Paul Hastings, where for over a decade he focused on real estate and complex litigation and internal and external enterprise risk management. Todd has also worked at a Sacramento law firm specializing exclusively in real estate development and transactional work.

Todd completed his undergraduate studies at the University of California, Berkeley and obtained his law degree from the University of the Pacific. Originally from Sacramento, Todd currently lives in Lafayette with his wife and three kids and enjoys coaching his son’s and daughter’s soccer, rugby, and baseball teams as well as cheering for the SF Giants and California Golden Bears.

Construction & Risk Mgmt.

John Gilmore

John Gilmore is a Managing Director at Hamilton Zanze. Since joining the company in 2006, John has worked as a Construction Manager, Risk Manager, and Asset Manager. At HZ, he specializes in budgeting, project management, insurance, energy and water saving initiatives, waste and recycling programs, telecommunications, and risk management. John also supervises physical due diligence and helps with financial evaluations.

John has a diverse real estate background encompassing development, construction, and property management. Prior to joining HZ, John worked for an emerging Northern California real estate development company as a project manager on an 80-acre mixed-use project. Previously, John worked as a project engineer for Webcor Builders on the 42-story St. Regis Museum Tower in San Francisco.

John is a San Francisco Bay Area native and has a B.S. in Industrial Engineering from Cal Poly in San Luis Obispo and an M.B.A. from Fordham University in New York. John is a LEED Green Associate. He now resides in Park City, UT with his wife and kids.

Asset Management

Sean Luthy

As Managing Director of Asset Management for Hamilton Zanze, Sean Luthy is focused on measuring and strengthening the operations at HZ properties. He oversees our team of Asset Managers, supervises the successful execution of business plans, and evaluates the opportune disposition of properties to benefit the portfolio. Sean believes the key to maximizing the success of our acquisitions is to care for our residents and make the properties a rewarding place to work for our on-site staff.

Sean began his career at HZ in 2007 as an Acquisitions & Dispositions Analyst, taking over the asset management for several regions during the 2008 economic downturn. Sean previously worked for the Department of Housing and Urban Development’s (HUD) Office of Policy Development and Research and as a residential real estate agent in Pennsylvania.

Sean graduated from Dickinson College with a double major in Economics and Spanish. On a personal note, Sean completed a 229-mile portion (Maryland to New Jersey) of the Appalachian Trail section and continues to enjoy hiking and biking. He currently lives in Berkeley, CA with his wife and two sons, Quinn and Keaton.


Dave Nelson

David Nelson is a Managing Director at Hamilton Zanze. David underpins the Acquisitions team, managing the acquisition pipeline, evaluating acquisition prospects, arranging favorable financing, raising equity, and working closely with sellers, commercial brokers, and institutional partners to identify and execute on investment opportunities for HZ.

David joined HZ in 2004 and possesses an extensive pedigree and personal background in real estate. His father teaches real estate at the Haas School of Business at the University of California, Berkeley, while his brother is a Vice President at the real estate investment banking firm Eastdil Secured. David has been actively involved in real estate from an early age as a property manager, construction manager, and leasing specialist for his family’s local real estate portfolio.
David is a Bay Area native and graduated with a B.A. in English from the University of San Francisco, where he earned a spot on the Dean’s List and was awarded the Joseph & Emily Malcewicz scholarship for outstanding academic achievement. A father of three, David resides in Marin, CA and enjoys fly-fishing, lecturing at Berkeley, golfing, and spending time with his wife and three children.

Asset Management

Tim Bruss

As a Director at Hamilton Zanze, Tim Bruss specializes in deal sourcing, underwriting, loan originations, and closing of acquisitions, as well as managing properties to strengthen operations and executing on property-specific business plans. Tim also aids with property dispositions.

Prior to joining HZ in 2010, Tim worked as a project manager for a New Jersey real estate developer, overseeing the construction of a variety of commercial, retail, and residential assets. Tim earned a degree in Engineering from Lafayette College and received his M.B.A. from the James A. Graaskamp Center for Real Estate at the University of Wisconsin, Madison. His professional credentials include a Certificate in Sustainable Design from the New Jersey Institute of Technology and LEED accreditation.

Originally from New Jersey and now residing in San Francisco, CA, Tim is a skillful woodworker and enjoys hiking and mountain biking in his downtime.


Ashlee Cabeal

Ashlee Cabeal is a Director on the Transactions team at Hamilton Zanze. Ashlee provides expertise in deal sourcing, underwriting, loan originations, and closing. She works directly with the Managing Director of Acquisitions and CIO on acquisition, disposition, and refinance activity.

Prior to joining Hamilton Zanze as an intern in 2010, Ashlee worked as a senior audit associate at Pricewaterhouse Coopers. There, she focused on servicing banking clients and private equity clients before returning to school for her M.B.A.

Ashlee has a B.S. in Accounting and a B.B.A. in Marketing from Loyola Marymount University, and an M.B.A. from the University of California, Davis. She is also a Certified Public Accountant in the state of California. In her spare time, she enjoys traveling, the great outdoors, and cooking.

Investor Relations

Lincoln Walker

Lincoln is Director of our Investor Relations team, working hand-in-hand with the Asset Management, Finance, and Acquisitions teams to translate the real estate business into plain English for our investors. Lincoln enjoys problem solving, so it is only natural he spends much of his time with 1031 exchange investors. He is also well versed in each of our apartment investments, with property performance and other details at the ready to provide investors.

Prior to Hamilton Zanze, Lincoln was an urban planner working on large transportation projects in California, including freeway improvement projects, high-speed rail, and bus rapid transit. He graduated from the University of California, San Diego with Bachelor’s degrees in Urban Studies and International Relations and also has a Master’s degree in Urban and Regional Planning from the University of California, Irvine.

A Bay Area native, Lincoln is an avid reader of news and finance and enjoys cooking for his wife and young daughter. Their weekends are often spent exploring Berkeley’s Tilden Park together.


Lai Choy

Lai Choy joined the Finance team as a Controller in 2013. Lai brings over 20 years of experience in the financial services and real estate industries to Hamilton Zanze.

Prior to HZ, Lai worked for Situs Holdings, LLC as an assistant vice president of reporting and as a controller for GMAC Commercial Mortgage Corporation.

Lai is a graduate of San Francisco State University and enjoys relaxing with family and friends, cooking, and reading.


Anthony Cianciolo

Anthony Cianciolo, an Acquisitions Senior Associate at Hamilton Zanze, is responsible for deal sourcing, aligning investor equity with new investment opportunities.

Anthony previously worked in Ernst & Young’s Advisory Services division providing risk management analyses and process improvement consulting. Prior to EY, Anthony worked at Montgomery Advisors, where he prepared property-level valuations for potential acquisitions, conducted asset management functions for multifamily investments, and executed leasing transactions for commercial office space.

Anthony earned a B.S. in Business Management from the University of Arizona, where he graduated magna cum laude. He is a Certified Public Accountant, licensed Real Estate Broker in California, and ARGUS Software Certified. Anthony is a Bay Area native residing in San Francisco, where he enjoys playing basketball and golf at the Olympic Club.

Investor Relations

Toby Costello

Toby Costello joined the Investor Relations team in 2016 and works to foster relationships with current investors and grow the investor network.

Prior to Hamilton Zanze, Toby spent over 10 years in commercial real estate brokerage in both office leasing and multifamily investment sales. Most recently, he co-lead the San Francisco multifamily investment sales practice at CBRE where he represented individual investors and small private equity firms in the purchase and sale of investment properties. Toby has deep roots in San Francisco as a fifth-generation native, and he grew up learning the real estate business from his grandfather and father through their ownership of a successful residential brokerage firm.

Toby is an avid consumer of podcasts, enjoys reading, and keeps himself sane by biking, fly fishing, and spending time outdoors. Toby resides in San Francisco's Potrero Hill neighborhood and can regularly be found in Marin visiting his parents and extended family.

Investor Relations

Sara Crooks

Sara Crooks is the Transactions Administrator for the Investor Relations team. She is responsible for managing and overseeing day-to-day transactional support for the IR team. This includes monitoring transaction details, and ensuring that Investors have completed all necessary transactional paperwork within deal timelines. Sara works with the Transactions department on acquisition, disposition, and refinance activity.

Prior to joining Hamilton Zanze in 2013, Sara gained real estate experience in her eight years at Cantrell, Harris & Associates, where she was a Property Manager/Sales & Leasing Agent and managed assets ranging from luxury condominiums to triaging foreclosures.

A San Francisco native, Sara enjoys traveling, cooking, and exploring Golden Gate Park with her family.


Jennifer Do

San Francisco native Jennifer Do joined Hamilton Zanze in 2011. Jennifer handles the company’s corporate accounting, managing the accounts payable and receivables, keeping the financial records organized, maintaining the company’s books, and helping staff accurately report expenses.

Prior to joining HZ, Jennifer worked for The Loan Page, Inc., an online financial marketplace. She has a B.S. in Accounting and Finance from San Francisco State University. Jennifer and her husband currently live in San Francisco, CA, raising their four children.


Julie Eng

Julie Eng joined the Hamilton Zanze team in 2014 and now manages HZ's Communications and Marketing. Prior to joining Hamilton Zanze, she worked as the assistant reporting manager at a private real estate company. Julie has worked in public relations, journalism, and advertising. She grew up in Loomis, CA and received her B.A. in Literature from the University of California, Santa Cruz. Julie currently lives in Oakland and is enjoying exploring the Bay Area.

Asset Management

Justin Fossum

Justin Fossum joined Hamilton Zanze as an Asset Manager in 2014. He oversees a portfolio of HZ properties, managing operations and budgets in order to maximize asset performance. Justin also assists the Transactions and Asset Management teams with acquisitions, sales, and operations strategies by analyzing economic, demographic, and apartment data and preparing market reports.

Prior to joining Hamilton Zanze, Justin worked as an associate for Rosen Consulting Group, where he analyzed economic, demographic, and real estate data and produced reports on various commercial and residential real estate topics.

Justin has B.A.s in History and Spanish from Emory University and a J.D. from Tulane University. He became interested in pursuing a career in real estate while taking real property classes in law school.

Justin currently resides in Lafayette with his wife, daughter, and dog, and in his free time enjoys reading and cooking.


Jack Grodahl

Jack joined the Hamilton Zanze Acquisitions Team in July 2015. As an Acquisitions Analyst, Jack’s work involves underwriting potential acquisitions, performing rent roll analyses, and creating business plans.

Jack graduated with degrees in economics and psychology from Claremont McKenna College in Southern California. He was born and raised in Portland, Oregon.

Office Manager

Ed Houtkooper

Ed Houtkooper is our Supply Manager, facilitating the smooth running of the office. We also rely on Ed to track and manage the thousands of pages of closing documents required for an acquisition or disposition.

Ed graduated from the University of South Dakota, and over the years, he earned enough degrees to fill a notebook. Retiring after 30 years of work in the medical field, he resurfaced at HZ in 2007. An early riser, Ed sometimes arrives at 37 Graham Street as early as 5:00 AM.

Ed was raised in South Dakota and moved to San Francisco in 1963. A year later, he met and married his wife. He still calls the city home and enjoys spending time with his six grandchildren.

Asset Management

Elizabeth Jensen

Elizabeth joined the Hamilton Zanze team as an Asset Manager in May 2017. In this role, she oversees a portfolio of assets and works with the property management team to increase cash flow and execute on property specific business plans. Additionally, she liaises with the asset management and property management teams on special projects in marketing.

Elizabeth comes to HZ with more than ten years of real estate experience, previously working at Marcus & Millichap and Pacific Urban Residential. She has a B.A. in Political Science from Bucknell University and an M.B.A. with a specialization in Real Estate from UCLA Anderson.

A Bay Area native, Elizabeth grew up in San Mateo and currently lives in San Francisco with her husband. She enjoys going to Tahoe and Giants games.

Asset Management

Trevor Jones

Trevor Jones is an Asset Manager at Hamilton Zanze and performs hands-on management of property operations for a portfolio of HZ properties. Trevor regularly liaises with property managers and staff, regional managers, and regional maintenance supervisors to strengthen cash flow and execute on property-specific business plans.

Prior to HZ, Trevor worked for Virtú Investments. Trevor is a licensed California real estate agent and has a B.S. degree in Business/Economics from the University of California, Santa Barbara, and a M.S. degree in Finance from the University of San Francisco.

A Bay Area native, Trevor grew up in Marin County.

Asset Management

Tim Joyce

As an HZ asset manager, Tim Joyce manages operations for a portfolio of HZ properties. Tim works with property managers and staff, regional managers, and regional maintenance supervisors to strengthen cash flow and execute property-specific business plans.
Prior to joining Hamilton Zanze, Tim worked as a management consultant for Deloitte Consulting.

Tim graduated from Villanova University with degrees in Finance and Management Information Systems. Originally from Los Angeles, he now resides in San Francisco and enjoys travel, cooking, and growing his own real estate portfolio.


Emily Lau

Emily Lau joined the HZ Finance team in 2017 as an accountant. Prior to joining HZ, Emily worked as an accounting assistant, tax preparer, and staff accountant. Most recently, she was a property accountant for San Francisco-based nonprofit Community Housing Partnership.

Emily earned her bachelor's degree in Business Administration from the University of San Francisco.

Dispositions & Refinance

Anthony Ly

Anthony Ly is a Senior Associate at Hamilton Zanze. He evaluates potential sale and financing opportunities and works with commercial brokers, lenders, and buyers.

Anthony has experience in asset management, leasing, and acquisitions. He received his B.A. from the University of California, Riverside in Political Science and Law and Society. He also holds an M.S. degree in Real Estate and an M.B.A. from the University of San Diego. Anthony is a licensed real estate broker and active member in the Urban Land Institute.

Born and raised in the Bay Area, Anthony enjoys working out, playing golf, and is a dedicated San Francisco Giants fan.

Executive Assistant

Diane Macken

Diane Macken joined the team in Q4, managing HZ’s San Francisco office and providing professional administrative support to the HZ partners.

Originally from the Northeast Coast of Ireland, Diane came to San Francisco in 1996. She has since worked as an office manager and executive assistant for several Bay Area companies in a variety of industries, including construction and technology.

Diane lives with her daughters in San Francisco and spends her weekends with them watching movies, reading, and taking her dog for walks on the beach.


Masa Miyashiro

Masa Miyashiro is a Tax Accountant on our Finance team, handling tax reporting for Hamilton Zanze properties and working with national accounting firms and our investors’ CPAs to prepare tax documents. Prior to joining HZ in 2011, Masa worked as a Controller for Bay West Investments and for a company that specialized in filing low-income housing and partnership tax returns.

Born and raised in Hawaii, Masa attended Menlo College on a football scholarship and graduated with a B.S. in Business Administration. He has also taken tax courses at San Francisco State University and volunteered for two years on a church mission to Osaka, Japan.

Masa currently resides in the East Bay with his wife and their three boys. He is a Boy Scout Leader, coaches football and basketball, and is active in church.


Thao Nguyen

Thao joined the Hamilton Zanze Finance Team as an Analyst in July 2015. Hailing from Saigon, Vietnam, Thao studied economics at Providence College and the London School of Economics, and has previous experience at start-ups and in insurance and private equity.

Investor Relations

Gary Paul

Gary Paul joined the Hamilton Zanze Investor Relations team in 2015, but has been an investor since 2002. Gary has a diverse background, having started his first business as a Political Science student at the University of Massachusetts. He has worked as a developer, mortgage broker, branch manager for JPM Chase and First Horizon Home Loans, and construction lending manager at Wells Fargo.

Gary has been on the board of Meals on Wheels of Alameda County since 2008, where he is now the board President. He cares deeply about the elder community and spends much of his time and energy to eliminate senior hunger.

Gary and his wife live in the Oakland hills and enjoy watching the blossoming acting career of his son as he appears on stage and screen.


Patrick Ryan

Patrick Ryan is a Fund Accountant on the Finance team and handles investor distributions, assists with taxes, and coordinates daily fund transfers. Prior to joining Hamilton Zanze, Patrick worked in branch and family private banking at Wells Fargo. He graduated from Saint Mary’s College with a B.S.E. in Business Administration. Patrick is native San Franciscan, and when not at work you can find him at a Giants game or enjoying time with his wife and dog.

Project Management

Shelly Rose

Shelly has worked with the Hamilton Zanze Construction Management team in Salt Lake City as a Project Administrator since June 2015. She has previously worked in the real estate and interior design industries and studied interior design at The Art Institutes.


Isabella Speciale

Isabella Speciale joined Hamilton Zanze as a Communications Associate in July 2017. Born in New York City and raised in Singapore, Isabella returned to the U.S. to pursue a dual major in Government and Religious Studies at Claremont McKenna College.

Prior to joining the Hamilton Zanze team, Isabella interned in interior design, alumni relations, and consumer public relations. New to San Francisco, she is excited to explore the Bay Area and all the outdoor activities it has to offer.


Scarlet Tam

Scarlet is a Senior Tax Manager on the Hamilton Zanze Finance team. She is responsible for the income tax matters for HZ properties and management companies, including Federal and States tax reporting, tax planning and structuring. She works with national accounting firms and various independent CPAs to provide tax documents and information to our investors.

Prior to joining HZ in 2016, Scarlet was a Tax Manager for Colony Starwood Homes, a publicly traded Real Estate Investment Trust (REIT). She also worked as a Tax Manager for Ernst & Young and specialized in Real Estate Taxation.

Scarlet received a B.A. in Economics from York University and a M.S. in Taxation from Golden Gate University.


Kevin Tang

Kevin Tang is a Senior Associate on the Finance team at Hamilton Zanze. He handles investor distributions, assists with taxes, and supports all departments by negotiating fund transfers.

Prior to Hamilton Zanze, Kevin worked as a Senior Accountant for eight years at a private Beverly Hills real estate firm with a portfolio of over 150 properties, where he gained valuable experience in asset management, leasing, and real estate investment management software Yardi Systems. Kevin graduated from the University of California, Riverside with a B.S. degree in Business Administration.

Kevin is a Bay Area native who spent the last 12 years in Southern California.

Project Management

Berit Tomten

Berit Tomten is a Project Manager at Hamilton Zanze, working closely with John Gilmore to make sure capital projects at the HZ properties are completed on time and within budget.

Berit joined the HZ team in 2013. She was previously a project manager for Ecological Steel Systems and an assistant project manager for Heery International. She gained experience as an architectural intern at Wattenbarger Architects and at MacDonald & Mack Architects and as a journeyman laborer in construction.

Berit is a LEED AP in Building Design + Construction and received her B.S. in Architecture and Art from the University of Minnesota, Twin Cities and an M.S. in Construction Management from the University of Washington. She was born and raised in Eau Claire, WI, and in her free time enjoys skiing and other winter sports.