Top1031

JLLX Diversified II

Diversified portfolio in Scottsdale, AZ · sponsored by JLL Exchange (JLLX)

Historical · convertedConverted into REIT units (721 exchange) May 2025, as reported by JLL Exchange (JLLX) · last Form D Apr 3, 2023Sponsor source (opens in a new tab)

JLLX Diversified II was a DST sponsored by JLL Exchange (JLLX) that owned a diversified portfolio of 5 properties in Scottsdale, AZ. Converted into REIT units (721 exchange) May 2025, as reported by JLL Exchange (JLLX).

How it ended

Moved into a REIT, value not stated

Converted into REIT units (721 exchange) May 2025.

Equity multiple
1.46× as reported by the sponsor
Sale price
$185,000,000 as reported by the sponsor
Date
May 7, 2025
Held
2.4 years

Sponsor document (opens in a new tab)

JLL Exchange (JLLX) has 4 active offerings on record →

Key facts

Minimum investment
$75,000
From the Form D
Offering size
$219,810,811
Equity offered, per the Form D
Sold
90.2%
Form D, Apr 3, 2023; the % is our arithmetic
Investors reported
150
Form D, Apr 3, 2023
Selling commissions
$15,386,757 · 7.0% 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 →

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: JLLX Diversified II. Top1031 is not a broker-dealer.

What did JLLX Diversified II own?

Silverstone Marketplace, a 78,000-square-foot grocery-anchored center in Scottsdale, Arizona, was built in 2015 and counts Sprouts Farmers Market among its tenants. 3 Suwanee Distribution Center, an industrial building outside Atlanta completed in 2013, is leased to Mitsubishi Electric. 4 Three medical office buildings complete the mix: South Reno Medical Center in Nevada, Duke Medical Plaza in Durham, North Carolina, and Sugar Land Medical Plaza outside Houston. 1

Reported location
Scottsdale, AZ
Property size
5 properties

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

Public filings do not show how the Trust was capitalized beyond equity. The final Form D/A reported the offering as equity only and named no mortgage amount, lender, maturity, or leverage ratio. 7

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 May 2025
Sponsor document

Costs and terms from the Form D

Selling commissions
$15,386,757 · 7.0% 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
16 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jun 14, 2022
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?

The Trust was offered under Rule 506(b), the private-placement exemption that bars general advertising and limits sales to accredited investors the sponsor already had a relationship with. A run of amended Form D filings tracked the raise from mid-2022 into 2023, each one updating the amount sold and the investor count.

Legal Trust name
JLLX Diversified II, DST
SEC CIK
1930808
First Form D
May 25, 2022
Latest Form D
Apr 3, 2023
Filings on record
19
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$219,810,811
$198,431,353+$10,109,996
150+8
EDGAR
Form D/A$219,810,811
$188,321,357+$7,003,567
142+11
EDGAR
Form D/A$219,810,811
$181,317,790+$4,869,791
131+8
EDGAR
Form D/A$219,810,811
$176,447,999+$27,442,624
123+12
EDGAR
Form D/A$219,810,811
$149,005,375+$15,018,227
111+12
EDGAR
Form D/A$219,810,811
$133,987,148+$10,735,235
99+8
EDGAR
Form D/A$219,810,811
$123,251,913+$4,746,944
91+6
EDGAR
Form D/A$219,810,811
$118,504,969+$7,319,644
85+10
EDGAR
Form D/A$219,810,811
$111,185,325+$27,364,840
75+16
EDGAR
Form D/A$219,810,811
$83,820,485+$5,499,095
59+6
EDGAR
Form D/A$219,810,811
$78,321,390+$8,322,680
53+8
EDGAR
Form D/A$219,810,811
$69,998,710+$11,289,695
45+4
EDGAR
Form D/A$219,810,811
$58,709,015+$4,336,728
41+6
EDGAR
Form D/A$219,810,811
$54,372,287+$11,172,351
35+11
EDGAR
Form D/A$219,810,811
$43,199,936+$9,436,894
24+11
EDGAR
Form D/A$219,810,811
$33,763,042+$9,375,438
13+5
EDGAR
Form D/A$219,810,811
$24,387,604+$23,975,258
8+7
EDGAR
Form D (new notice)$219,810,811
$412,346
1
EDGAR
Form D$219,810,811
$0
EDGAR
Show all 19 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

What happened to JLLX Diversified II?
JLLX Diversified II is a Historical offering. Converted into REIT units (721 exchange) May 2025, as reported by JLL Exchange (JLLX).
Did JLLX Diversified II convert into REIT units through a 721 exchange?
Converted into REIT units (721 exchange) May 2025, 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 properties did the Trust hold?
Five: Silverstone Marketplace, a grocery-anchored retail center in Scottsdale, Arizona; Suwanee Distribution Center, an industrial building in the Atlanta suburbs; South Reno Medical Center in Reno, Nevada; Duke Medical Plaza in Durham, North Carolina; and Sugar Land Medical Plaza near Houston, Texas. The sponsor described the group as diversified by property type, geography and tenant profile.
Did the Trust carry mortgage debt?
The public record does not say. The final Form D/A, filed April 3, 2023, reported the offering as equity and did not report a mortgage amount, lender, maturity, or loan-to-value ratio. An investor would have to look to the offering documents for the capital structure.
What was the minimum investment, and who could buy in?
The Form D filings reported a $75,000 minimum investment. The offering used Rule 506(b), which means no general advertising and sales limited to accredited investors — broadly, those meeting SEC income or net-worth thresholds — typically introduced through existing broker-dealer relationships.

In the news

Sources

Show sources (18)Hide sources (18)

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.