JLLX Ardenwood II, DST reached full cycle on April 1, 2024, when its interest in the Ardenwood Portfolio was contributed to JLL Income Property Trust for operating-partnership units in a Section 721 UPREIT. JLL Income Property Trust announced the completion in an April 17, 2024 release titled "JLL Income Property Trust Completes Full Cycle Transactions in DST Platform." A 721 exchange trades real estate for partnership interests in a REIT; whether that defers tax for any individual investor depends on that investor's own facts.
Top1031's disposition record describes the underlying holding as two life sciences and R&D buildings in Fremont, California, a portfolio put at $90 million, as reported by the sponsor in the same release. How that portfolio was divided is not in the documents. The record places this Trust inside the Ardenwood Portfolio full cycle without stating what share of it the Trust held, and the Trust's offering ceiling is below the portfolio figure.
Item | As filed |
|---|---|
Sponsor | JLL Exchange (JLLX) |
Trust | JLLX Ardenwood II, DST (CIK 1966560) |
Exemption | 506(b) |
Offering amount | $56,724,512 |
Minimum investment | $75,000 |
Asset class as filed | Other Real Estate |
The Form D was filed March 20, 2023, and the completion is dated April 1, 2024. That span is what the public documents fix, not the time the buildings were held. The record does not state when the offering closed or when the Trust took title.
Neither document states a value assigned to the portfolio at contribution, an exchange value per Trust interest, or a distribution history. The Form D carries no performance figures. What each investor received in units, and what the position has done inside the REIT since, are not in the public record that marks this full cycle.
This one is the fifth.
Two documents mark the ending: a Form D and a press release. Between them they fix the mechanism and the date.