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
Not stated. The filings for this offering do not say whether it carries 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 real estate interests while deferring capital gains tax — holding two Fort Collins, Colorado apartment communities and a grocery-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.1
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?
All three properties sat in the sponsor's affiliated REIT, JLL Income Property Trust, before this Trust existed. LaSalle Investment Management reported the REIT bought Miramont Apartments for about $58 million and Pinecone Apartments for roughly $52 million in 2021.2 Kierland Village Center, the Scottsdale leg of the portfolio, is a grocery-anchored center built in 2001.3 How and when Kierland was acquired is unresolved in the sources reviewed.
- Property address
- 4900 Boardwalk Dr, Fort Collins, CO
- Property size
- 405 units + 118k SF
Who is the tenant, and what's the lease?
Kierland Village Center is a Safeway-anchored shopping center, carried in this record as fully occupied, and the sponsor describes it as leased to national and regional tenants.3 No tenant roster or lease expiration schedule appears in the reviewed public record. The two apartment communities lease unit by unit on short residential terms.
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?
The Form D reports equity interests and discloses no lender, loan balance, or maturity for this Trust, so property-level debt here is unresolved in the public record — that silence is not evidence the buildings are unencumbered.4
Who's behind it?
JLL Exchange is the 1031 exchange platform tied to JLL Income Property Trust, the REIT that owned these three properties first. The Form D names JLL Exchange TRS, LLC as sponsor and LaSalle Investment Management, Inc. as manager and signatory trustee.4 On August 18, 2026 the REIT announced a full-cycle 721 UPREIT — DST interests exchanged for operating-partnership units in a REIT — for a different trust, JLLX Diversified Portfolio III, its 20th such transaction and about $1.5 billion cumulatively.
- 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?
An initial Form D opened the offering, and successive amendments stepped up the reported sales tally and investor count, with the first sale dated March 7, 2025.4 Interests were offered privately, without general advertising, to accredited investors — buyers meeting SEC income or net-worth tests. The last amendment on file still showed an unsold balance.
- 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 most recent Form D amendment on file is dated July 28, 2025, and the filings report 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 before naming a replacement property.
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 in Fort Collins built in 1995, Pinecone Apartments as a 195-unit garden-style community in the same city built in 1993, and Kierland Village Center as a grocery-anchored retail center in Scottsdale, Arizona built in 2001. The sponsor's July 2025 full-subscription release put Kierland at approximately 118,631 square feet and the two apartment communities at 405 units combined.
What did the sponsor's affiliate pay for these buildings?
LaSalle Investment Management reported that JLL Income Property Trust acquired Miramont Apartments for approximately $58 million and Pinecone Apartments for approximately $52 million in 2021. Kierland Village Center's acquisition price and date are not resolved in the sources reviewed. In any case, 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 100% occupied, and the sponsor described it as fully leased in its July 2025 announcement. For the apartments, the figures available are dated statements from the 2021 acquisition releases: LaSalle Investment Management reported Miramont more than 98% leased with average occupancy above 94%, and Pinecone 97% leased with 95% average occupancy. Current apartment occupancy is not disclosed in the sources 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. The Form D reports equity securities and names no lender, loan amount, maturity, or leverage ratio, and no other reviewed source supplied property-level loan terms. This record also shows no stated 721/UPREIT feature — no disclosed right to exchange DST interests for units in a REIT's operating partnership as a later tax-deferred step. The sponsor's affiliation with JLL Income Property Trust, which announced exactly that for a different trust on August 18, 2026, does not by itself create the right here. Both debt and exit mechanics would be described in the Private Placement Memorandum, the private offering document the sponsor gives prospective investors.
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.