Hamilton Zanze Expands HZ Evergreen Fund to 12 Properties With Eugene, Fredericksburg Additions

SAN FRANCISCO — Hamilton Zanze has added two multifamily communities to its HZ Evergreen Fund, expanding the vehicle's holdings to 12 properties across six states and pushing its gross asset value above $800 million, the San Francisco-based real estate investment firm announced Sept. 22.

The two contributions — Ecco Apartments, a 192-unit garden-style community at 60 Hatton Ave. in Eugene, Ore., and The Kingson, a 240-unit Class A community at 4900 Allertow Road in Fredericksburg, Va. — bring the fund's net asset value to more than $340 million. The portfolio now spans Arizona, Colorado, Kansas, Oregon, Virginia and Washington, with an average property vintage of 1997.

"Ecco and The Kingson represent more than our 11th and 12th property contributions. They demonstrate the Fund's continued growth and progress toward greater diversification for investors," said Kurt Houtkooper, CEO of Hamilton Zanze. "The Kingson establishes the Fund's presence in Virginia and on the East Coast, a region we have long viewed as a strategic priority, while Ecco strengthens our position in Oregon with exposure to a stable, university-anchored submarket. As the Fund continues to grow, we remain committed to delivering predictable income, tax efficiency and long-term value creation for our investors."

Ecco Apartments: University-Anchored Eugene Submarket

Ecco Apartments is a Class B+ garden-style community built in 2015 on nearly seven acres near the Willamette River in Eugene. The property comprises 14 three-story residential buildings totaling 192 units, with unit sizes ranging from 667 to 1,215 square feet. Amenities include granite countertops, breakfast bars, in-unit washers and dryers, 9-foot ceilings and large windows.

The property sits 4.4 miles northwest of Downtown Eugene, which Hamilton Zanze describes as a hub for professional, technology, medical and government services employers. The University of Oregon, which enrolls approximately 24,000 students and employs 10,000 people, is 5.3 miles from the property. Hamilton Zanze previously acquired Ecco in August 2023 for $31 million, or roughly $161,500 per unit.

The Kingson: First East Coast Foothold for the Fund

The Kingson marks the HZ Evergreen Fund's first presence in Virginia and its initial East Coast exposure. The 240-unit, Class A garden-style community at 4900 Allertow Road in Fredericksburg sits within the greater Washington, D.C., metropolitan area and was built in 2020. The property offers walkability to nearby shopping and dining, with unit amenities that include granite countertops and stainless-steel appliances. Community amenities include a business center, grand lobby and fitness center.

Fredericksburg's position within the Washington, D.C., corridor gives the property access to one of the country's larger employment and population concentrations, providing a demand profile that differs from Ecco's university-driven tenant base.

Fund Structure and Growth Trajectory

The HZ Evergreen Fund launched in August 2024 as Hamilton Zanze's flagship long-term, diversified real estate investment vehicle. The fund pools institutional-quality multifamily assets into an actively managed portfolio targeting growth markets nationwide. It offers investors twice-yearly redemptions at net asset value, consolidated tax reporting through a single K-1, simplified estate planning and the ability to complete tax-deferred Section 721 exchanges by converting existing property ownership into fund units, subject to certain restrictions.

With the two additions, the fund is working toward a stated target of 50 institutional-quality multifamily communities. The portfolio's average vintage of 1997 reflects a mix of asset ages across the six-state footprint.

Market Context: Occupancy Recovery and Easing Supply

The contributions come as multifamily fundamentals show signs of improvement. Hamilton Zanze reported that its portfolio occupancy climbed from approximately 91.8% in January 2026 to 93.7% in June 2026, while national multifamily occupancy reached 91.6% in the second quarter. The firm has attributed improving conditions in part to a sharp decline in construction starts from their 2022 peak, with most excess supply expected to be absorbed by mid-2027.

Debt-market conditions have also become more supportive. Fannie Mae and Freddie Mac each raised their 2026 multifamily loan-purchase caps to $88 billion, up from $73 billion in 2025, while insurance companies, commercial mortgage-backed securities lenders and debt funds have remained active participants. Hamilton Zanze has cited borrowing costs of approximately 5% and going-in capitalization rates of approximately 5.5% as producing positive leverage in the current environment, though those figures reflect the firm's general market view and are not specific to either Ecco or The Kingson.

Since its founding in 2001, Hamilton Zanze and its affiliates have completed a total transaction volume of $14.9 billion in multifamily assets. The firm's current portfolio comprises 87 ventures totaling 24,916 units across 29 markets nationwide.

Sources

Hamilton Zanze — HZ Evergreen Fund Expansion Announcement (Sept. 22, 2026)