Top1031
Ardenwood Portfolio
Life sciences property in Fremont, CA · sponsored by JLL Exchange (JLLX)
Historical · convertedConverted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX) · last Form D Sep 12, 2025Sponsor source (opens in a new tab)
Ardenwood Portfolio was a DST sponsored by JLL Exchange (JLLX) that owned a life sciences property in Fremont, CA (132,000 sq ft). Converted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX).
How it ended
Moved into a REIT, per the REIT's SEC filing
Converted into REIT units (721 exchange) Apr 2024.
- Date
- Apr 17, 2024
Key facts
- Minimum investment
- $75,000From the Form D
- Offering size
- $32,754,881Equity 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$2,292,842 · 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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
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 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)
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
- Converted to a REIT (721)
- Yes: converted into REIT units Apr 2024
Costs and terms from the Form D
- Selling commissions
- $2,292,842 · 7.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,554,881 · 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 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
- Sponsor
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- JLLX Ardenwood I, DST
- SEC CIK
- 1966563
- 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 | $32,754,881 | $32,754,881+$2,373,989 | 93+8 | EDGAR | |
| Form D/A | $32,754,881 | $30,380,892+$1,261,291 | 85+4 | EDGAR | |
| Form D/A | $32,754,881 | $29,119,601+$4,015,182 | 81+10 | EDGAR | |
| Form D/A | $32,754,881 | $25,104,419+$4,211,779 | 71+12 | EDGAR | |
| Form D/A | $32,754,881 | $20,892,640+$6,536,532 | 59+25 | EDGAR | |
| Form D/A | $32,754,881 | $14,356,108+$13,865,783 | 34+32 | EDGAR | |
| Form D/A | $32,754,881 | $490,325+$490,325 | 2 | EDGAR | |
| Form D | $32,754,881 | $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. Converted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX).
- Did Ardenwood Portfolio convert into REIT units through a 721 exchange?
- Converted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX). In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- 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 offering documents, not in the Form D.
- 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 offering documents 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.
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.