Top1031

JLLX Diversified 9, DST

3 diversified properties in 2 states · sponsored by JLL Exchange (JLLX)

Sold outReported fully subscribed · latest Form D Jul 28, 2025 (opens in a new tab)

JLLX Diversified 9, DST is a DST sponsored by JLL Exchange (JLLX) that owns 3 diversified properties in 2 states. Its latest Form D, filed Jul 28, 2025, lists a $168.4 million offering with a $75,000 minimum.

Key facts

Minimum investment
$75,000
From the Form D
Offering size
$168,451,336
Equity offered, per the Form D
Sold so far
92.9%
Form D, Jul 28, 2025; the % is our arithmetic
Investors reported
150
Form D, Jul 28, 2025
Selling commissions
$11,791,593 · 6.9% of offering
Form D Item 15; the % is our arithmetic
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 →

Can I still invest?

No new interests: the offering is reported fully subscribed.

By Top1031’s calculation from the latest Form D, filed Jul 28, 2025, 92.9% of the offering had sold.

Other JLL Exchange (JLLX) offerings on record

Availability changes without a filing. The sponsor or a registered representative can confirm what is open.

Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.

Ask a 1031 specialist about this recordFree. About: JLLX Diversified 9, DST. Top1031 is not a broker-dealer.
JLLX Diversified 9, DST image 1 of 2

JLLX Diversified 9, DST · Fort Collins, CO · Photo: miramontapts.com

Multiple property locations are on record; no single map.

What does JLLX Diversified 9, DST own?

Miramont Apartments sat inside the affiliated non-traded REIT's portfolio years before this offering: JLL Income Property Trust announced buying the Fort Collins community for approximately $58 million in October 2021. 2 Pinecone Apartments is the second Fort Collins community, and Kierland Village Center is the Scottsdale, Arizona retail property. 1 The records reviewed as of October 4, 2026 do not establish acquisition dates or construction years for those two.

Property address
4900 Boardwalk Dr, Fort Collins, CO
Property size
405 units + 118k SF

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%0%92.9%Feb 25, 2025Jul 28, 20250%50%100%0%92.9%Feb 25, 2025Jul 28, 2025

How is it financed, and what did it cost to sell?

No lender, loan balance or maturity for this Trust appears in its Form D filings or in the sponsor materials reviewed, so trust-level leverage is not established. The parent REIT separately reports repaying mortgage notes of $26.0 million on Miramont and $23.9 million on Pinecone during 2025 — parent-level activity, not proof of what the Trust carries. 3

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
$11,791,593 · 6.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
15 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Mar 7, 2025
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.

What does the SEC record show?

Interests were sold privately rather than advertised, to accredited investors — buyers who meet SEC income or net-worth tests. The issuer reported March 7, 2025 as the offering's first sale. 6 Successive amendments stepped the reported sales tally upward through spring and summer 2025; the final amendment, filed after the sponsor's full-subscription announcement, still showed an unsold balance.

Legal Trust name
JLLX Diversified 9, DST
SEC CIK
2058039
First Form D
Feb 25, 2025
Latest Form D
Jul 28, 2025
Filings on record
9
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$168,451,336
$156,563,376+$8,028,575
150+11
EDGAR
Form D/A$168,451,336
$148,534,801+$28,020,517
139+24
EDGAR
Form D/A$168,451,336
$120,514,284+$25,436,474
115+27
EDGAR
Form D/A$168,451,336
$95,077,810+$34,773,102
88+29
EDGAR
Form D/A$168,451,336
$60,304,708+$32,863,064
59+24
EDGAR
Form D/A$168,451,336
$27,441,644+$10,422,013
35+16
EDGAR
Form D/A$168,451,336
$17,019,631+$10,996,063
19+14
EDGAR
Form D (new notice)$168,451,336
$6,023,568
5
EDGAR
Form D$168,451,336
$0
EDGAR
Show all 9 SEC Form D filings

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

Can I still invest in JLLX Diversified 9, DST?
No new interests: JLLX Diversified 9, DST is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
What exactly are the three properties?
Miramont Apartments at 4900 Boardwalk Drive in Fort Collins, Colorado; Pinecone Apartments at 2212 Vermont Drive in the same city; and Kierland Village Center at 6501 East Greenway Parkway in Scottsdale, Arizona. In its July 2025 full-subscription release the sponsor put the two Fort Collins communities at 405 apartments combined — 210 at Miramont and 195 at Pinecone — and described Kierland Village Center as roughly 118,631 square feet of retail. Sponsor marketing sometimes describes the retail property's wider area as Phoenix; the property itself is in Scottsdale.
What occupancy has been reported?
JLL Income Property Trust's Form 10-Q for the quarter ended June 30, 2026 reports both Miramont Apartments and Pinecone Apartments as 96% leased. Separately, the sponsor described Kierland Village Center as fully leased in its July 2025 portfolio announcement — a statement about that date, not a current reading. These are the parent REIT's and sponsor's own figures as of their stated dates; leasing at any given moment would come from the sponsor.
Who is the grocery anchor at Kierland Village Center?
The sponsor's own property page for Kierland Village Center calls it grocery-anchored and leased to a variety of national and regional tenants, but does not name the anchor. Research run on October 4, 2026 did not establish a named grocery operator or any signed lease terms from the public record. The offering documents and the sponsor's rent roll would identify tenants.
How much debt is on the properties, and does this Trust convert into a REIT?
The Form D filings name no lender, loan amount or maturity, and no trust-level financing was established in the sponsor materials reviewed as of October 4, 2026. Separately, JLL Income Property Trust's 2025 Form 10-K reports repaying mortgage notes related to Miramont ($26.023 million) and Pinecone ($23.881 million) during 2025 — parent-level debt activity, which does not establish what the DST itself carries or any loan-to-value. This record shows no stated 721/UPREIT conversion feature for the Trust, and no completed conversion or disposition involving it is established.
Am I buying one building or three properties?
Three properties held inside one Delaware statutory trust. An investor holds an undivided beneficial interest in the trust that owns all three, not a deed to any single building. The three assets share one capital structure and one set of trust-level decisions, so trouble at one property is not walled off from the others. In a DST the beneficial owners are passive by design; the trust documents govern operating and sale decisions.

In the news

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.
AltsWire ↗

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.