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Institutions
Since 2001, Hamilton Zanze has worked productively with its institutional partners in a variety of structures to access multifamily opportunities. These vehicles include single asset joint ventures, programmatic joint ventures, and more recently, discretionary funds.
Our work spans the risk and size spectrum, with a primary focus on value-add and opportunistic transactions greater than $100M in deal size.
Established & Durable Platform
Our robust and repeatable investment process based on real estate fundamentals has been developed over 25 years.
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Starting with our first acquisition of 16 units in 2001, our portfolio has risen to 21,820 units across 121 properties (as of Q1 2026).
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With 171 properties sold, HZ has created $5.1B in dispositional value (as of Q1 2026).
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Portfolio debt service coverage ratio (DSCR) based on a rolling 12-month period (as of Q1 2026).
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Hamilton Zanze has acquired $8.1B of properties since inception and has completed investment sales totaling $5.1B (as of Q1 2026).
Current Markets
Nationwide Footprint
Our portfolio is located across 29 markets in 16 states, providing us with critical local market knowledge that enhances our underwriting and investment strategy (as of Q1 2026). Select a market to learn more.
Joint Venture Acquisitions
Total properties purchased to date
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Purchased 83 properties alongside a joint venture partner (as of Q1 2026).
Total units purchased to date
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Purchased alongside a joint venture partner (as of Q1 2026).
Aggregate purchase price
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Total acquisition price of joint venture properties (as of Q1 2026).
In 2021, Hamilton Zanze launched its first discretionary general partner fund, HZ Capital Partners Fund I. Instead of raising money deal by deal, the Fund pooled committed capital to move quickly and decisively when the right opportunities emerged.
As a general partner investor, Fund I earned more than property-level returns. Investing alongside our joint venture partners, the Fund shared in the acquisition fees, asset management fees, and promoted interest typically reserved for the sponsor, layering additional return on top of the underlying real estate. Fund I participated in nine joint ventures with leading institutional partners. See JV partnership case study.
With $50 million of committed capital, Fund I gained access to $2.0 billion of institutional-scale multifamily real estate across approximately 6,700 apartment units, deploying capital selectively in a volatile interest-rate environment and leaning into dislocation as other buyers pulled back. Fund I’s investment period closed in Q4 2025, and its investments reflect a projected 16.5% gross IRR and a 2.36x gross equity multiple.¹
Fund I is now closed to new investment. Its successor, HZ Capital Partners Fund II, is open to accredited investors today. Learn More about HZ GP Fund II.
HZ GP Fund II — Now Open to Accredited Investors
Building on the momentum of Fund I, HZ GP Fund II is open for investment. The $100 million fund continues Hamilton Zanze’s general partner strategy: investing alongside institutional partners in multifamily joint ventures, and sharing in the acquisition fees and promoted interest typically reserved for the sponsor, so investors earn more than property-level returns.
Fund II targets a diversified portfolio across three strategies: value-add repositioning, special situations and distress, and mispriced core assets acquired below replacement cost. It is built for the opportunity we see in multifamily today, where rate volatility, lender workouts, and broken ownership groups are creating opportunities for a well-capitalized, solution-oriented buyer. The Fund targets a 20% net IRR with an 8% preferred return.
We are accepting indications of interest ahead of a targeted first close in Q4 2026. Request the Private Placement Memorandum to review the full opportunity.
¹ Fund I figures as of Q4 2025. Gross IRR and equity multiple are weighted averages across nine joint ventures and include both realized and unrealized investments; unrealized assets are valued on a proforma basis using recent appraisals and actual cash flows. Past performance is not a guarantee of future results, and proforma figures are not a guarantee of future performance. Investments are available only to accredited investors and only pursuant to a Private Placement Memorandum.
