Top1031

JLLX Mason Mill, DST

in Buford, GA · sponsored by JLL Exchange (JLLX)

Historical · convertedConverted into REIT units (721 exchange) Apr 2023, as reported by JLL Exchange (JLLX) · last Form D Nov 10, 2021Sponsor source (opens in a new tab)

JLLX Mason Mill, DST, sponsored by JLL Exchange (JLLX), filed its first Form D with the SEC on Nov 19, 2020 for a $18.5 million offering. Converted into REIT units (721 exchange) Apr 2023, as reported by JLL Exchange (JLLX).

How it ended

Moved into a REIT, per the REIT's SEC filing

Converted into REIT units (721 exchange) Apr 2023.

Annualized return
27.0% as reported by the sponsor
Date
Apr 11, 2023

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
$18,534,268
Equity offered, per the Form D
Sold
95.3%
Form D, Nov 10, 2021; the % is our arithmetic
Investors reported
31
Form D, Nov 10, 2021
Selling commissions
$1,297,399 · 7.0% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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 Mason Mill, DST. Top1031 is not a broker-dealer.

What did JLLX Mason Mill, DST own?

JLLX Mason Mill, DST is a Delaware statutory trust organized in 2020. 1 Its filings name JLL Exchange TRS, LLC as sponsor and LaSalle Investment Management, Inc. as manager and signatory trustee. 2 A DST lets 1031 exchange investors hold a fractional interest in institutional real estate. JLL Income Property Trust later listed the trust as a wholly owned Delaware subsidiary as of March 14, 2025. 3

Reported location
Buford, GA

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

This Trust carries debt, so a mortgage on the real estate sits alongside the equity raised from 1031 investors. Debt at the trust level also gives an exchanger replacement debt to match a mortgage paid off on the property sold.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.
Converted to a REIT (721)
Yes: converted into REIT units Apr 2023
Sponsor document

Costs and terms from the Form D

Selling commissions
$1,297,399 · 7.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$139,007 · 0.7% of offering
Form D Item 16
Broker-dealers named in the Form D
5 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Nov 6, 2020
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 filed a Form D, the brief notice an issuer gives the SEC for a private placement, reporting a first sale on November 6, 2020. 4 A later amendment updated the reported sale figures. Rule 506(b) bars general advertising of the offering.

Legal Trust name
JLLX Mason Mill, DST
SEC CIK
1829195
First Form D
Nov 19, 2020
Latest Form D
Nov 10, 2021
Filings on record
2
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 soldInvestorsMinimum
Form D/A$18,534,268
$17,668,939+$17,585,653
31+30
$75,000was $280,627EDGAR
Form D$18,534,268
$83,286
1
$280,627EDGAR

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 Mason Mill, DST?
JLLX Mason Mill, DST is a Historical offering. Converted into REIT units (721 exchange) Apr 2023, as reported by JLL Exchange (JLLX).
Did JLLX Mason Mill, DST convert into REIT units through a 721 exchange?
Converted into REIT units (721 exchange) Apr 2023, 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 is JLLX Mason Mill, DST?
It is a Delaware statutory trust organized in 2020 that offered beneficial interests to accredited investors, meaning investors who meet SEC income or net worth tests. A Delaware statutory trust, or DST, holds real estate and lets 1031 exchange investors own a fractional interest in it. The trust's Form D filings were made with the SEC under the exemption for private placements.
Who sponsors and manages the Trust?
The Form D amendment filed November 10, 2021 names JLL Exchange TRS, LLC as sponsor and LaSalle Investment Management, Inc. as manager and signatory trustee. JLL Exchange is the DST program associated with JLL Income Property Trust, a REIT advised by LaSalle Investment Management.
How large was the offering?
The Form D reported a total securities offering amount of $18,534,268. The November 10, 2021 amendment reported a minimum outside investment of $75,000, down from the $280,627 minimum shown in the original November 19, 2020 filing.
Is the Trust financed with a loan?
Yes. The Trust is leveraged, meaning a mortgage on the real estate sits alongside the equity contributed by investors. The Form D filings do not set out the lender or the loan terms.
What does JLL Income Property Trust's SEC filing say about this Trust?
JLL Income Property Trust's subsidiary list, dated March 14, 2025, shows JLLX Mason Mill, DST as a 100.00%-owned Delaware subsidiary. That disclosure speaks as of its own date and was filed by JLL Income Property Trust, not by the Trust itself.
How was the offering allowed to be marketed?
It was offered under Rule 506(b) of Regulation D, which permits sales to accredited investors but prohibits general advertising or public solicitation. Offerings of this kind typically reach investors through financial advisers and broker-dealers with an existing relationship.

In the news

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.