JLLX Diversified 9, DST
Diversified: multifamily (2) + grocery-anchored retail (1) property in Multi-state (2) — sponsored by JLL Exchange (JLLX)
Minimum investment
$75k
Offering size
$168.5M
How much has sold
93.0%
Asset type
Diversified: multifamily (2) + grocery-anchored retail (1) property
Location
Multi-state (2)
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
JLLX Diversified 9, DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate while deferring capital gains tax — owning two Fort Collins, Colorado apartment communities and a Safeway-anchored retail center in Scottsdale, Arizona. JLL Income Property Trust announced on July 23, 2025 that the $168 million offering was fully subscribed; it is closed to new investors.
Miramont Apartments; Pinecone Apartments; Kierland Village Center · Fully subscr 7/2025; Kierland Safeway-anchored 100% occ; names matched to JLLIPT 10-K (210u/195u/118k SF)
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These links support the public record as a whole; individual details may come from different 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?
Miramont Apartments, a 210-unit garden-style community in Fort Collins, was built in 1995.1 Pinecone Apartments, also in Fort Collins, holds 195 units and was built in 1993.2 The sponsor's affiliated REIT, JLL Income Property Trust, announced Miramont's purchase for roughly $58 million in October 2021.3 It had bought the Scottsdale retail center, Kierland Village Center, for $34.5 million in 2016.4
- Property address
- 4900 Boardwalk Dr, Fort Collins, CO
- Property size
- 405 units + 118k SF
Who is the tenant, and what's the lease?
Two apartment communities mean hundreds of residential leases repricing each year, while the Scottsdale center leans on its grocery anchor. Safeway anchors Kierland Village Center, with reported tenants including Walgreens, Panda Express and The UPS Store.4 This record notes the center fully occupied; no lease terms or rent schedules appear in the filings reviewed.
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.
93.0% reported sold
- Amount sold
- $156,563,376
- Still available
- $11,887,960
- Investors reported
- 150
- Total offering
- $168,451,336
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How is it financed, and what does it pay?
No lender, loan balance, maturity or leverage ratio appears anywhere in the public record reviewed — silence that is not evidence the buildings are unencumbered. Whether the Trust carries mortgage debt or was funded all-cash would be set out in the PPM, the private offering document a sponsor gives prospective investors.
Who's behind it?
JLL Exchange is the 1031 exchange platform tied to JLL Income Property Trust, the affiliated REIT that acquired all three of these properties years before this Trust existed. The Trust's Form D names JLL Exchange TRS, LLC as the related sponsor entity.5 On August 18, 2026 the REIT said it had completed its 20th full-cycle 721 UPREIT — DST interests swapped for units in a REIT's operating partnership — reaching about $1.5 billion cumulatively. On September 3, 2026 it announced full subscription of a separate program, JLLX Diversified 11, DST.
- Sponsor
- JLL Exchange (JLLX)
- Legal Trust name
- JLLX Diversified 9, DST
- 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?
Successive Form D amendments stepped up the reported sales tally and investor count. Interests were offered privately, without general advertising, only to accredited investors — buyers meeting SEC income or net-worth tests. The last amendment on file still reported an unsold balance after the sponsor's full-subscription announcement, and the record does not reconcile the two.
- 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.
- Filings on record
- 9
- 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 9, DST still raising money?
Top1031 lists JLLX Diversified 9, DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for JLLX Diversified 9, 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.
Can I still invest in JLLX Diversified 9, DST?
JLL Income Property Trust announced on July 23, 2025 that the $168 million program was fully subscribed, and this record is marked fully subscribed. The latest Form D amendment on file is dated July 28, 2025, and that amendment still reported an unsold balance, which the sponsor's announcement does not reconcile. The filings state a $75,000 minimum investment. An investor working a 45-day identification clock would confirm current availability directly with the sponsor or a selling broker-dealer.
Am I buying one building or three properties?
Three properties held in a single trust: two apartment communities in Fort Collins, Colorado and a Safeway-anchored retail center in Scottsdale, Arizona. You would hold an undivided beneficial interest in the Delaware statutory trust that owns all three, not a deed to any single building. The three assets therefore share one capital structure and one set of trust-level decisions.
What exactly are the three properties?
JLL Income Property Trust's property pages describe Miramont Apartments as a 210-unit garden-style community at 4900 Boardwalk Drive in Fort Collins, built in 1995, and Pinecone Apartments as a 195-unit garden-style community at 2212 Vermont Drive in the same city, built in 1993. The third asset is Kierland Village Center, a grocery-anchored retail property at 6501 E Greenway Parkway in Scottsdale, Arizona, which AltsWire reported in October 2016 as roughly 118,000 square feet anchored by Safeway.
What did the sponsor's affiliate pay for these buildings?
LaSalle Investment Management announced on October 27, 2021 that JLL Income Property Trust had acquired Miramont Apartments for approximately $58 million, and on October 21, 2021 that it had acquired Pinecone Apartments, 195 units across 13 buildings, for approximately $52 million. AltsWire reported in October 2016 that the REIT purchased Kierland Village Center for $34.5 million. These are historical costs to the sponsor's affiliate, not what the DST paid or what investors subscribed at.
How occupied are the properties?
This record notes Kierland Village Center as Safeway-anchored and fully occupied. For the apartments, the only occupancy data located is historical: LaSalle Investment Management's 2021 acquisition announcements said Miramont was more than 98% leased with average occupancy above 94% over the prior three years, and Pinecone was 97% leased with a 95% three-year average. Current unit-level occupancy for the two communities does not appear in the public record reviewed.
How much debt is on the properties, and does this Trust convert into a REIT?
The reviewed public record does not disclose trust-level debt: no lender, loan amount, maturity or leverage ratio appears in the Form D filings or the July 2025 closing coverage. This record also shows no stated 721/UPREIT feature — no disclosed right to exchange DST interests for operating-partnership units in a REIT as a later tax-deferred step — even though the sponsor's affiliated REIT has completed such transactions for other JLLX trusts. Both debt and exit mechanics would be described in the Private Placement Memorandum.
Chapter 9JLL Income Property Trust Fully Subscribes $168 Million Diversified DSTPR Newswire distribution of JLLIPT's press release on the full subscription of JLLX Diversified 9, DST ($168M) covering two Fort Collins multifamily assets and a Safeway-anchored retail center. Another JLL Exchange Three-Asset Offering Achieves Full Capital RaiseJLL Income Property Trust fully subscribed JLLX Diversified 9, DST, a $168 million three-asset program that launched in February 2025 and consists of two multifamily residential communities (Miramont, 210 units; Pinecone, 195 units) and a grocery-anchored retail center (Kierland Village Center) in Fort Collins, CO.