Ardenwood Portfolio
Life sciences / R&D property in Fremont, CA — sponsored by JLL Exchange (JLLX)
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
JLLX Ardenwood I, DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in institutional real estate — holding two life-science and R&D buildings in the Ardenwood submarket of Fremont, California.1 Sponsored by JLL Exchange, it is closed to new investors: the sponsor announced full subscription of its $90 million Ardenwood DST program on September 12, 2023.2
Minimum investment
$75k
Offering size
$32.8M
How much has sold
100.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The Ardenwood Portfolio is a two-building life-science and R&D campus in the Ardenwood submarket of Fremont, California.1 JLL Income Property Trust's property profile dates the buildings to 1990.1 The records reviewed for this page do not establish when the portfolio was acquired or at what price, so no acquisition date is stated here.
- Reported location
- Fremont, CA
- Property size
- 132,000 sq ft (portfolio total); 72,500 sq ft (this building)
Who is the tenant, and what's the lease?
JLL reports the buildings are fully leased to three tenants working in life sciences, medical devices, and electronics R&D, and does not name them publicly.1 Its property profile lists a weighted-average lease term of 7.3 years.1
How did it end?
Converted to REIT units (721 exchange)
JLLX Ardenwood I was part of the Ardenwood Portfolio full-cycle completed via 721 UPREIT into JLL Income Property Trust, as announced in JLL Exchange's April 17, 2024 press release 'JLL Income Property Trust Completes Full Cycle Transactions in DST Platform'.
Two-property life sciences / R&D portfolio in the Ardenwood submarket of Fremont, CA totaling ~132,000 sq ft (72,500 sq ft at 34175 Ardenwood Blvd + ~44,000 sq ft at 34801 Campus Dr); 100% leased to three tenants in life sciences, medical devices and electronics R&D; weighted-average lease term >6 years; built 1990; acquired April 2021 for $82 million and re-pooled into JLLX Ardenwood DST under JLL Exchange; $90 million offering fully subscribed September 2023.
132,000 sq ft (portfolio total); 72,500 sq ft (this building)Supporting evidence
Counted on JLL Exchange (JLLX)’s Record Card as: Moved into a REIT, per the REIT's SEC filing Document
How is it financed, and what does it pay?
The public record here is quiet on financing. The Form D filings address the securities offering, not property debt, and JLL's published profile for the Ardenwood Portfolio names no lender, loan balance, or loan terms — so whether this Trust carries a mortgage is not established by the sources reviewed.
Who's behind it?
JLL Exchange is the 1031 exchange platform tied to JLL Income Property Trust; the September 2025 Form D/A names JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters of this Trust.3 On September 12, 2023, the sponsor announced that its broader $90 million Ardenwood life-sciences DST had been fully subscribed, in a release carrying comments from Drew Dornbusch.2 Research for this page surfaced no adverse regulatory finding involving the sponsor.
- Sponsor
- JLL Exchange (JLLX)
- May convert to a REIT
- No
- Offerings from this sponsor
- 6 active / 20 total offerings from JLL Exchange (JLLX)
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The filing history reads as a subscription log: an initial Form D, then a run of amendments that stepped up reported sales as investors came in, and a final amendment filed nearly two years after the previous one to close out the record.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- JLLX Ardenwood I, DST
- Filings on record
- 8
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Ardenwood Portfolio?
Ardenwood Portfolio is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Ardenwood Portfolio?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in JLLX Ardenwood I, DST?
No. This Trust is Historical — closed to new investors. JLL Exchange announced on September 12, 2023 that its $90 million Ardenwood life-sciences DST program had been fully subscribed, and the Trust's final Form D amendment, filed September 12, 2025, reported the offering complete. Sponsors occasionally have other offerings open; this one is not among them.
What does the Trust actually own?
Interests in a two-building life-science and R&D campus in the Ardenwood submarket of Fremont, California, which JLL Income Property Trust's property profile dates to 1990. The sponsor reports the space is fully leased to three tenants in life sciences, medical devices, and electronics R&D, with a weighted-average lease term of 7.3 years. Tenant names are not disclosed publicly.
How was this offering sold, and to whom?
Under Rule 506(b), the private-placement exemption that bars general advertising and marketing to the public, so interests reached investors through existing broker-dealer and adviser relationships. Buyers had to be accredited investors — meeting SEC income or net-worth thresholds. Form D filings report a $75,000 minimum investment. All terms that govern the deal live in the private placement memorandum (PPM), not in the Form D.
Did this Trust go full cycle or convert into REIT units?
No outcome is reported for this Trust in the sources reviewed. A 721 exchange — sometimes called an UPREIT, where DST interests are contributed to a REIT's operating partnership in return for units — is a path some sponsors use, but the records checked here do not establish that it happened for JLLX Ardenwood I, DST. The Trust's own filing record shows no conversion.
Is there debt on the property?
Not established. The Form D record covers the securities offering rather than property financing, and JLL's public property profile for the Ardenwood Portfolio does not state a lender, loan balance, loan-to-value, or maturity. An investor reviewing an offering like this would find debt terms, if any, in the PPM and the loan documents.
Why is the Form D amount smaller than the $90 million JLL announced?
The $90 million figure the sponsor published on September 12, 2023 refers to the broader Ardenwood DST program covering the two-property Fremont portfolio. This page tracks one SEC filer within that program — JLLX Ardenwood I, DST, CIK 1966563 — whose own Form D reports a separate, smaller offering amount, shown in the sales rows on this record.
Chapter 9Ardenwood Portfolio — Property ProfileSponsor property profile listing the Ardenwood Portfolio as a 132,000 SF, 100%-leased, two-building life-science/R&D campus in Fremont, CA. JLL IPT Fully Subscribes $90M Life Sciences OfferingConnect CRE coverage of JLL Income Property Trust's full subscription of the $90 million, two-property life sciences DST in Fremont, California. Strong life sciences demand fuels $82M sale of Fremont LabsJLL Capital Markets announced the $82 million sale of Fremont Labs (Fremont Technology / Life Sciences portfolio), a Class A life sciences property in Fremont, California.