Ardenwood Portfolio
Life sciences property in Fremont, CA · sponsored by JLL Exchange (JLLX)
Ardenwood Portfolio was a DST sponsored by JLL Exchange (JLLX) that owned a life sciences property in Fremont, CA (132,000 sq ft). Its last Form D, filed Sep 12, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Sep 12, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $75,000From the Form D
- Offering size
- $56,724,512Equity offered, per the Form D
- Sold
- 100%Form D, Sep 12, 2025; the % is our arithmetic
- Investors reported
- Form D, Sep 12, 202593
- Selling commissions
- Form D Item 15; the % is our arithmetic$3,970,716 · 7.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: Ardenwood Portfolio. Top1031 is not a broker-dealer.What did Ardenwood Portfolio own?
The Ardenwood Portfolio is a pair of life-sciences and R&D buildings in Fremont, California's Ardenwood submarket; this Trust held the second of them, at 34801 Campus Drive. 1 JLL Income Property Trust's page for the two-building portfolio dates the construction to 1990. 3 The sources reviewed here do not establish when the Trust took title, what it paid, or how the portfolio's value was allocated between the two buildings.
- Reported location
- Fremont, CA
- Property size
- 132,000 sq ft (portfolio total); ~44,000 sq ft (this building)
How was it financed, and what did it cost to sell?
Neither the Form D filings nor the sponsor's public materials state whether this Trust carried mortgage debt, so lender, loan size and terms remain unresolved. 4
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $3,970,716 · 7.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $4,424,512 · 7.8% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 12 named in the Form D
Show the firms
- Commonwealth Financial Network · CRD 8032
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- Emerson Equity LLC · CRD 130032
- Independent Financial Group, LLC · CRD 7717
- Janney Montgomery Scott LLC · CRD 463
- LaSalle Investment Management Distributors, LLC · CRD 157625
- Morgan Stanley · CRD 149777
- RBC Capital Markets, LLC · CRD 31194
- Realized Financial, Inc. · CRD 22333
- Rockefeller Financial LLC · CRD 291361
- Sanctuary Securities, Inc. · CRD 205
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Apr 24, 2023
- Minimum investment
- $75,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind Ardenwood Portfolio?
JLL Exchange is the 1031 exchange platform affiliated with JLL Income Property Trust; the Trust's Form D names JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters, with Gregory A. Falk as a related executive officer. 5 On September 12, 2023 the sponsor announced that the $90 million, two-property Ardenwood life-sciences DST in Fremont had been fully subscribed. 6
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed its first Form D in 2023 and amended it repeatedly as subscriptions came in, with a final amendment arriving nearly two years after the raise wound down. It was sold as a private placement to accredited investors — buyers meeting SEC income or net-worth tests — without general advertising.
- Legal Trust name
- JLLX Ardenwood II, DST
- SEC CIK
- 1966560
- First Form D
- Mar 20, 2023
- Latest Form D
- Sep 12, 2025
- Filings on record
- 8
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $56,724,512 | $56,724,512+$4,188,881 | 93+8 | EDGAR | |
| Form D/A | $56,724,512 | $52,535,631+$2,184,289 | 85+4 | EDGAR | |
| Form D/A | $56,724,512 | $50,351,342+$6,953,445 | 81+10 | EDGAR | |
| Form D/A | $56,724,512 | $43,397,897+$8,744,941 | 71+12 | EDGAR | |
| Form D/A | $56,724,512 | $34,652,956+$10,883,817 | 59+25 | EDGAR | |
| Form D/A | $56,724,512 | $23,769,139+$22,920,000 | 34+32 | EDGAR | |
| Form D/A | $56,724,512 | $849,139+$849,139 | 2 | EDGAR | |
| Form D | $56,724,512 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to Ardenwood Portfolio?
- Ardenwood Portfolio is a Historical offering. The last Form D, filed Sep 12, 2025, reports the offering fully sold.
- What property did this Trust own?
- The second building of the two-building Ardenwood life-sciences and R&D portfolio, at 34801 Campus Drive in Fremont, California, leased to AnaSpec/Eurogentec. The companion building sits at 34175 Ardenwood Blvd. JLL Income Property Trust's portfolio page dates the buildings to 1990.
- Was the Trust leveraged?
- Unknown. The Form D filings do not disclose debt, and no sponsor document located in research states a lender, loan amount, or loan-to-value for this Trust. Anyone reconstructing the deal would need the offering documents.
- What was the minimum investment?
- The Form D filings report a $75,000 minimum investment from outside investors, and the offering was conducted under Rule 506(b), which permits private sales to accredited investors without general solicitation or advertising.
In the news
Sources
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These links support the record as a whole; individual details may come from different sources.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.