JLLX Diversified 11, DST
Diversified property in Florida, MA — sponsored by JLL Exchange (JLLX)
Assets undisclosed (506b); min $500k; $10.2M/$197M sold, 2 investors, first sale 2/24/26 per Form D
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What is this, in one paragraph?
JLLX Diversified 11, DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests qualify for 1031 exchange treatment — sponsored by JLL Exchange. The sponsor says it holds twelve properties: industrial buildings near Chicago's O'Hare, four healthcare buildings across four states, and a Las Vegas grocery-anchored center.2 JLL Income Property Trust announced on September 3, 2026 that the roughly $197 million offering was fully subscribed.2
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 sponsor describes twelve institutional-quality properties across three sectors: seven industrial buildings totaling 646,000 square feet in Chicago's O'Hare submarket, four healthcare buildings totaling 83,000 square feet in Florida, Massachusetts, Kansas and Missouri, and one 49,000-square-foot grocery-anchored shopping center in Las Vegas, Nevada.2 Neither the Form D nor that release names the individual buildings, their addresses, or when they were acquired.
- Reported location
- Florida, MA
Who is the tenant, and what's the lease?
Neither the Form D nor the September 3, 2026 sponsor release identifies the tenants or operators of the twelve buildings, and no lease structures, occupancy levels, or expiration dates appear in the public record.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $10,203,170
- Reported unsold
- $186,840,308
- Investors reported
- 2
- Total offering
- $197,043,478
How is it financed, and what does it pay?
The Form D covers equity interests only and states no mortgage debt, so whether this Trust is leveraged or all-cash is not settled by the public record.1 Lender identity and loan terms, if any, would be set out in the PPM — the private placement memorandum given to prospective investors.
Who's behind it?
JLL Exchange is the 1031 exchange platform associated with JLL Income Property Trust; the Form D names JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters of this Trust.1 On August 18, 2026 the REIT reported completing its 20th full-cycle UPREIT transaction in that DST platform — a structure that moves DST investors into REIT operating-partnership units — reaching roughly $1.5 billion in completed transactions.3
- 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?
One Form D notice sits on the SEC record for this Trust, with no later amendment reflecting the sponsor's September 3, 2026 full-subscription announcement.2 Interests are offered privately under Rule 506(b) — no general advertising, accredited investors only — with the first sale reported as February 24, 2026.1
- Form D filedFirst and latest filing on record.
- Legal Trust name
- JLLX Diversified 11, DST
- Filings on record
- 1
- 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
Is JLLX Diversified 11, DST still raising money?
Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
Where does Top1031 get the data for JLLX Diversified 11, DST?
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.
What does JLLX Diversified 11, DST own?
JLL Income Property Trust said on September 3, 2026 that the Trust holds twelve properties: seven industrial buildings totaling 646,000 square feet in Chicago's O'Hare submarket, four healthcare buildings totaling 83,000 square feet in Florida, Massachusetts, Kansas and Missouri, and one 49,000-square-foot grocery-anchored retail center in Las Vegas. Individual building names, addresses, and tenants have not been disclosed publicly.
Is the offering still open?
JLL Income Property Trust announced on September 3, 2026 that JLLX Diversified 11, DST was fully subscribed. The only SEC filing on record is the Form D filed March 5, 2026, which reports a point-in-time snapshot from earlier in the raise; no amendment reflecting the announcement has been filed. Availability at any moment is a question for the sponsor or your representative.
How large is the offering, and what is the minimum investment?
The Form D reports a total offering amount of $197,043,478 and a $500,000 minimum accepted from an outside investor. Sponsors can apply different or discretionary minimums in the offering documents, so the private placement memorandum controls.
Can anyone invest in a Rule 506(b) offering like this?
No. Under Rule 506(b), interests may be sold only to accredited investors — those meeting SEC income or net-worth thresholds — and the sponsor may not use general solicitation or advertising. Access typically comes through a pre-existing relationship with the sponsor or a registered representative.
Is the Trust leveraged?
The public filings do not say. The Form D covers equity interests and names no lender, loan amount, or maturity, and the sponsor's release does not address financing. Establishing leverage and debt terms requires the PPM and the loan documents.
Who pays the offering costs?
The Form D reports estimated sales commissions of $13,793,044 and states that JLL Exchange TRS, LLC is required to pay approximately $15,763,478 in costs and expenses related to the offering and the acquisition of the properties.