Top1031
JLLX San Marcos, DST
in Chandler, AZ · sponsored by JLL Exchange (JLLX)
Historical · convertedConverted into REIT units (721 exchange) Apr 2023, as reported by JLL Exchange (JLLX) · last Form D Nov 9, 2021Sponsor source (opens in a new tab)
JLLX San Marcos, DST, sponsored by JLL Exchange (JLLX), filed its first Form D with the SEC on Jul 22, 2020 for a $38.7 million offering. Converted into REIT units (721 exchange) Apr 2023, as reported by JLL Exchange (JLLX).
How it ended
Moved into a REIT, value not stated
Converted into REIT units (721 exchange) Apr 2023.
- Annualized return
- 35.0% as reported by the sponsor
- Date
- Apr 11, 2023
Key facts
- Minimum investment
- $75,000From the Form D
- Offering size
- $38,798,691Equity offered, per the Form D
- Sold
- 94.7%Form D, Nov 9, 2021; the % is our arithmetic
- Investors reported
- Form D, Nov 9, 202131
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,715,909 · 7.0% of offering
- 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 →
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Ask a 1031 specialist about this recordFree. About: JLLX San Marcos, DST. Top1031 is not a broker-dealer.What did JLLX San Marcos, DST own?
Summit at San Marcos is a 273-unit Class A apartment community in Chandler, Arizona, in the Phoenix metropolitan area. 1 The address is 445 West Chandler Boulevard. 2 JLL Income Property Trust announced its $72 million acquisition of the property on July 31, 2019. 3
- Reported location
- Chandler, AZ
How was it financed, and what did it cost to sell?
The Trust carried mortgage debt alongside the equity raised from investors. With a loan in place, the property's rent pays the lender first, and investors hold a share of what remains after debt service and operating costs.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Converted to a REIT (721)
- Yes: converted into REIT units Apr 2023
Costs and terms from the Form D
- Selling commissions
- $2,715,909 · 7.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $329,789 · 0.8% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 6 named in the Form D
Show the firms
- Commonwealth Financial Network · CRD 8032
- Concorde Investment Services, LLC · CRD 151604
- Huntwicke Securities, LLC · CRD 146993
- LaSalle Investment Management Distributors, LLC · CRD 157625
- Morgan Stanley · CRD 149777
- Realized Financial, Inc. · CRD 22333
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jul 8, 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.
Who's behind JLLX San Marcos, DST?
The Form D names JLL Exchange TRS, LLC as the Trust's sponsor and LaSalle Investment Management, Inc. as manager and signatory trustee. 5 On April 11, 2023, JLL Exchange announced it had completed this Trust's Section 721 UPREIT, swapping investors' DST interests for operating partnership units in JLL Income Property Trust, and reported 4.6% average annual income and an average annualized return of about 35%. 6
- Sponsor
- Offerings on record
What does the SEC record show?
The offering began with a Form D, the short notice an issuer files with the SEC for a private placement, reporting July 8, 2020 as the date of first sale. 5 One later amendment updated the amounts sold and lowered the stated minimum investment. Interests were offered privately, without general advertising.
- Legal Trust name
- JLLX San Marcos, DST
- SEC CIK
- 1808697
- First Form D
- Jul 22, 2020
- Latest Form D
- Nov 9, 2021
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Minimum | Filing on SEC EDGAR |
|---|---|---|---|---|---|---|
| Form D/A | $38,798,691 | $36,781,060+$36,470,497 | 31+30 | $75,000was $500,000 | EDGAR | |
| Form D | $38,798,691 | $310,563 | 1 | $500,000 | EDGAR |
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 San Marcos, DST?
- JLLX San Marcos, DST is a Historical offering. Converted into REIT units (721 exchange) Apr 2023, as reported by JLL Exchange (JLLX).
- Did JLLX San Marcos, 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 property did JLLX San Marcos, DST own?
- Summit at San Marcos, a 273-unit Class A apartment community in Chandler, Arizona, a Phoenix suburb, as identified in JLL Income Property Trust's January 14, 2021 announcement. The community's website gives its address as 445 West Chandler Boulevard, Chandler, Arizona 85225.
- Who pays the rent at Summit at San Marcos?
- Apartment residents pay the rent under individual residential leases, so there is no single corporate tenant behind the income. Rent rolls over as leases turn, which is different from a net-leased building with one long-term tenant paying taxes, insurance and upkeep.
- How did this Trust end for investors?
- Through a Section 721 UPREIT transaction. JLL Exchange announced on April 11, 2023 that it had completed the full-cycle transaction, exchanging investors' DST interests for operating partnership units in JLL Income Property Trust. A 721 exchange converts a real estate interest into REIT partnership units rather than into another replacement property.
- Who managed the Trust?
- The Form D names LaSalle Investment Management, Inc. as manager and signatory trustee, and JLL Exchange TRS, LLC as sponsor of the issuer. JLL Exchange is the DST program associated with JLL Income Property Trust.
- Who owns the property now?
- JLL Income Property Trust. Its Form 10-K for the period ended December 31, 2025 lists Summit at San Marcos as 100% owned and 92% leased, with a mortgage on the property maturing April 1, 2034.
In the news
Sources
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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.