On April 11, 2023, JLL Income Property Trust reported completing a Section 721 UPREIT transaction covering the property held by JLLX Mason Mill, DST, with trust interests exchanged for operating-partnership units in the REIT. The release titles it as one of three full-cycle transactions the REIT completed by acquiring properties from its DST platform, as posted by the REIT.
The offering as filed:
Item | As filed |
|---|---|
Trust | JLLX Mason Mill, DST |
Sponsor | JLL Exchange (JLLX) |
Asset class as filed | Other Real Estate |
Exemption | 506(b) |
First Form D | November 19, 2020 |
Offering amount | $18,534,268 |
Minimum investment | $280,627 |
Disposition | Section 721 UPREIT roll |
Disposition date | April 11, 2023 |
Hold period, first filing to disposition | 2.4 years |
That hold runs from the first filing, not from any individual investor's closing.
The two public accounts describe the structure differently. This trust holds its own CIK and filed its own Form D. The April 11, 2023 release treats the assets as a single program, JLLX Diversified I, DST, holding San Juan Medical Center and a distribution center it renders as Mason Hill Distribution Center; the REIT's property page names that property Mason Mill Distribution Center. The record does not describe how interests in the program were allocated between the two properties. For the offering terms this report relies on the Form D, the filed record of this trust; for the disposition it relies on the April 11, 2023 release, the only public account of the transaction.
What the release reports on the exit:
As reported for JLLX Diversified I, DST | |
|---|---|
Blended average annual income | 5.0% across both properties combined, as reported by the sponsor in the April 11, 2023 release, not attributable solely to a single-asset Mason Mill trust |
Average annualized return | Approximately 27% across both properties combined, as reported by the sponsor in the same April 11, 2023 release, not attributable to this trust alone |
No value is disclosed for the April 2023 contribution of the property. The Form D names neither the property, the tenant, the debt, nor the distribution terms.
The dates and the structure of this one are documented; the economics of this trust alone are not.