JLL Income Property Trust announced on April 17, 2024 that it had completed full-cycle Section 721 UPREIT transactions for three Delaware Statutory Trust (DST) programs from the JLL Exchange platform, seven properties in all.
Per that release, the West Phoenix Distribution Center DST is now part of JLL Income Property Trust's portfolio, consistent with the cycle the release describes. The release does not name this specific trust. It attaches no premium and no return figure to it. Top1031 dates the disposition to the announcement on that basis, and the qualification travels with the date: the identification rests on the property's presence in the REIT's portfolio, not on a document that names the Trust.
Term | Detail |
|---|---|
Sponsor | JLL Exchange (JLLX) |
Asset class as filed | Other Real Estate |
Exemption | 506(b) |
First Form D filed | |
Offering ceiling | $146,515,397 |
Minimum investment | $75,000 |
Exit type | Section 721 UPREIT roll (contribution to a REIT for operating-partnership units) |
Hold, first Form D to announcement | 1.3 years, measured from those two dates |
The hold above is measured from dates, not taken from a stated term: no document in the record sets a hold period for this Trust. Nor does the record carry a disposition value, a total return, or an equity multiple for it. The sponsor's announcement is a statement that a cycle was completed, and it stops there.
Top1031's record for JLL Exchange carried five completed cycles before this one. The public file documents a mechanism and a date. It does not document what any unitholder received on the exchange.