JLLX Rockwell Apartments, DST reached full cycle on April 17, 2024. That day, JLL Income Property Trust announced three additional DST full-cycle UPREIT acquisitions from the JLL Exchange (JLLX) platform, covering seven properties in all.
The release describes the mechanism: in a 721 UPREIT transaction, real estate is exchanged on a tax-deferred basis for partnership interests in a REIT. How that treatment applies to a particular holder depends on that holder's own facts.
As filed | Record |
|---|---|
Form D filed | October 26, 2021 |
SEC CIK | 1887535 |
Exemption | 506(b) |
Maximum offering amount | $43,732,004 |
Minimum investment | $75,000 |
Asset class as recorded | Other Real Estate |
Property named in the filing | not stated |
Source: Form D, filed October 26, 2021.
Between that filing and the announcement lies a hold of 2.5 years, computed from the two dates.
One point about the identification belongs on the record. The release, both on JLL Income Property Trust's site and in the PR Newswire version, names neither the three trusts nor the seven properties, so which property belonged to which program is not stated in it. Top1031 records this Trust as having gone full cycle in that announcement on two bases: The Rockwell appears in the REIT's multifamily portfolio, and the property was part of the April 17, 2024 announcement.
No disposition value, total return, annualized return, or equity multiple for this Trust appears in the announcement. The private placement memorandum, where the offering's distribution terms are set out, was not filed publicly, and the Form D carries no performance figures.