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HZ GP Fund II

Invest alongside institutional partners to gain exposure to promote and acquisition fees in addition to property-level returns. Fund II builds on Fund I’s track record: $2 billion of institutional real estate from a modest capital base.

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Target Fund Size
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Target IRR
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%
Preferred Return
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Target Number of Joint Ventures

Join Our Live Webinar on September 10 @ 11 AM PT

Join Aaron Sagin, Director of Investor Relations; Pete Casey, Managing Director of Capital Markets; and Toni-Ann Anderson, Portfolio Manager, for a walk-through of the Fund I track record, the San Francisco story, and the Fund II opportunity, followed by a live Q&A.

Reserve Your Spot Today
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A Strategy That Is Proven, Active, and Delivering Realizations

Fund I has a progressing track record. Across nine joint ventures and 6,739 apartment units, the portfolio projects a weighted average gross fund IRR of 20 percent. Three chapters of that story show where the strategy stands today.

PROVEN

The San Francisco Platform

Through our affiliate Revere Housing, Hamilton Zanze has built one of the largest multifamily portfolios in San Francisco by acquiring distressed loan notes and transitioning assets from lender to owner. It is the clearest evidence of the solution-provider approach that defines the fund strategy.

  • 3,713 units

  • $1.1B acquired

  • 171 assets over 24 months

EVIDENCE

SF 82: Executing Now

A 1,256-unit San Francisco portfolio closing now, positioned alongside the broader San Francisco story as live proof that the strategy is sourcing and completing complex transactions in the current market.

  • 1,256 units

  • Special situation

  • Lender to owner

COMING

Reno: The Realization Ahead

Two Reno-area assets acquired off-market from a distressed seller at an attractive basis, with a substantial value-add program underway. A sale is targeted for 2027, the realization on the horizon.

  • 776 units

  • Value-add underway

  • Sale targeted 2027

Investment Strategy and Target Allocations

Fund II is expected to invest through 80/20 joint ventures, targeting three- to seven-year holds. The fund participates in sponsor economics, including acquisition fees and promoted interest, which are targeted to add an estimated 400 to 1,000 basis points above deal-level returns. The targeted result: return potential beyond what property performance alone would deliver.

Value Add
40
%
Value Add

Renovation and repositioning strategies to upgrade assets and increase net operating income in high-growth markets.

Special Situations
30
%
Special Situations

Complex transactions involving broken ownership groups, lender workouts, note purchases, and foreclosures.

Mispriced Core
30
%
Mispriced Core

Basis plays focused on acquiring newer assets at a discount to replacement cost in supply-constrained markets.

Case Study: SF 66

Fund II is not expected to start from zero. The Fund will have an opportunity to acquire a $5 million follow-on seed investment into SF 66, a 1,565-unit San Francisco multifamily portfolio acquired off-market through a distressed note purchase, giving new investors immediate exposure to an executing deal.

  • Acquired directly from the lender, 19% below the outstanding principal balance, with no broker
  • Extends HZ’s San Francisco platform, among the largest multifamily portfolios in the city
  • The Fund receives its proportional distribution from the promote associated with the venture
$5 Million Fund Commitment
1,565 Apartment Units
19% Below Loan Balance
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Key Fund Terms

HZ Capital Partners Fund II, LP
Fund Size $100M (cap $125M)
Target IRR 20%
Preferred Return* 8%
Carried Interest 80% LP / 20% GP

*Internal Rate of Return (IRR)

Seed Deal SF 66 (1,565 units)
Legal Counsel Baker McKenzie LLP
First Close Targeted Q4 2026
Sponsor Alignment Up to 5% GP Commitment

25 Years. $9.2 Billion Purchased. One Asset Class.

Hamilton Zanze is a vertically integrated multifamily platform headquartered in San Francisco. Since 2001, the firm has built a track record of disciplined investing, deep institutional relationships, and operational excellence through its affiliate, Mission Rock Residential.

$9.2 Billion Acquired
$6.09 Billion Portfolio Value
25,028 Units Under Management
2,300+ Investors
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Ready to Learn More?

We are accepting indications of interest ahead of our first close, targeted for end of October, 2026. To learn more, fill out the form or contact a member of our Investor Relations team directly.

 

Toby Costello
Senior Director, Investor Relations
415-539-0099
[email protected]

Corey Sherk
Senior Director, Investor Relations
415-539-0104
[email protected]

Aaron Sagin 
Director, Investor Relations
415-539-0084
[email protected]

Pete Casey
Managing Director, Capital Markets
415-561-6800
[email protected]

The contents of this communication: (i) do not and shall not constitute an offer of securities or a solicitation of an offer to buy securities, (ii) any offer can be made only by the confidential Private Placement Memorandum (the “PPM”) which will be available upon request, (iii) do not and cannot replace the PPM and shall be qualified in its entirety by the PPM, and (iv) may not be relied upon in making any decision to invest or not invest in connection with any subsequent investment offering by Hamilton Zanze & Company, HZ II, LLC, or any affiliate (collectively, “Hamilton Zanze”).  All potential investors must read the PPM and no investor, entity, or person may invest without acknowledging receipt and complete review, understanding, and acknowledgment of the PPM.  With respect to any “targeted” or “expected” acquisitions, goals, or performance levels/metrics outlined herein (described as anticipated, expected, or otherwise unqualified) these do not and shall not constitute a promise of performance, nor is there any assurance that the investment objectives of any program will be attained.  These “targeted” or “expected” occurrences or factors are based upon reasonable assumptions that shall be more fully outlined and qualified in the PPM.  Consult the PPM for investment conditions, risk factors, minimum requirements, fees and expenses and other pertinent information with respect to any investment.  These potential investment opportunities have not been, and shall not be, registered under the Securities Act of 1933 and would be offered, if at all, pursuant to an exemption and safe harbor therefrom (e.g., Regulation D; Rule 506b or Rule 506c) and from applicable state securities laws.  All offerings are intended only for accredited investors unless otherwise specified.  Past performance is no guarantee of future results.  All information is subject to change.  You should always consult a tax, investment, and/or financial professional prior to investing.  Investment offerings and investment decisions may only be made on the basis of a PPM.  Hamilton Zanze does not warrant the accuracy or completeness of the information contained herein.

The information contained in the presentation was prepared for general information purposes only and is not intended as legal, tax, accounting, or financial advice or as an offering of or a recommendation to invest in or buy or sell securities, real estate or to engage in any specific transactions.