Published ✓Sponsor-published track-record coverage
Sponsor profile
SEC filings + cited sources
JLL Exchange (JLLX) is the 1031 exchange DST platform of JLL Income Property Trust, advised by LaSalle Investment Management under ultimate parent Jones Lang LaSalle Incorporated (NYSE: JLL). Launched in October 2019, it offers private placements of Delaware Statutory Trust interests holding stabilized, income-producing U.S. commercial real estate sourced from JLLIPT's portfolio, with a multifamily-tilted mix spanning industrial, medical office, and grocery-anchored retail. The platform reported raising more than $1.95 billion across 26 DST offerings by July 2025, and its properties are structured to enable tax-efficient UPREIT roll-up exits into the trust.
Platform and sponsorship
JLL Exchange (JLLX) is the 1031 exchange arm of JLL Income Property Trust, advised by LaSalle Investment Management, with Jones Lang LaSalle Incorporated (NYSE: JLL) as ultimate parent.1 JLLIPT launched the program on October 16, 2019, extending its product set to private placements of Delaware Statutory Trust interests holding real property sourced from the trust's portfolio.2
Strategy and scale
The platform targets stabilized, income-producing U.S. commercial real estate in growth markets, with a multifamily-tilted mix that also spans industrial, medical office and healthcare, and grocery-anchored retail; properties are drawn from JLLIPT's existing holdings to enable tax-efficient UPREIT roll-up exits.4 Consistent with that mix, the $105 million two-trust JLLX Diversified VII paired a Trumbull, CT multifamily community with a Chandler, AZ industrial warehouse and reached full subscription in April 2025.4 By July 2025, JLLX reported raising more than $1.95 billion across 26 DST offerings since inception; among them, the $158 million JLLX Diversified VIII paired a Wilsonville, OR multifamily community with a Cedar Park, TX grocery-anchored center and reached full subscription in May 2025.3
Full-cycle track record
The UPREIT exit structure has produced repeat full-cycle activity. The most recent, UPREIT Diversified II, closed May 7, 2025 with roughly $185 million in assets, bringing cumulative full-cycle activity to 16 transactions totaling more than $1.2 billion.5 Among earlier exits completed April 11, 2023, JLLX Johns Creek, DST (The Reserve at Johns Creek Walk, a Class A apartment community) reported a 24% annualized total return.67 JLLX San Marcos, DST (Summit at San Marcos, Class A apartments) and JLLX Diversified I, DST (San Juan Medical Center and Mason Hill Distribution Center) reported 35% and 27% annualized total returns, respectively.7
Recent offering events
Several later JLLX programs reached full subscription in sequence: JLLX Diversified 9 raised $168 million across two Fort Collins, CO multifamily communities totaling 405 units (July 2025);8 JLLX Diversified VI raised $104 million across a Portland, OR multifamily community and a Marietta, GA grocery-anchored center (February 2025);9 and JLLX Diversified IV raised $120 million across a Coppell, TX apartment community and a central New Jersey industrial facility (September 2024).10
JLLX Ardenwood II, DST2023JLLX Ardenwood II was part of the Ardenwood Portfolio full-cycle completed via 721 UPREIT into JLL Income Property Trust, as announced in JLL Exchange's April 17, 2024 press release 'JLL Income Property Trust Completes Full Cycle Transactions in DST Platform'; the underlying $90 million Ardenwood Portfolio consists of two life-sciences/R&D buildings in Fremont, CA.jllexchange.com ↗jllipt.com ↗jllipt.com ↗SEC ↗
JLLX Ardenwood I, DST2023JLLX Ardenwood I was part of the Ardenwood Portfolio full-cycle completed via 721 UPREIT into JLL Income Property Trust, as announced in JLL Exchange's April 17, 2024 press release 'JLL Income Property Trust Completes Full Cycle Transactions in DST Platform'.jllexchange.com ↗jllipt.com ↗prnewswire.com ↗SEC ↗
JLLX Diversified III, DST2023JLLX Diversified III, DST was fully subscribed at $95 million in June 2024 (Florham Park outpatient medical + Durham life sciences); no full-cycle or UPREIT announcement has appeared as of July 2026, and SEC EDGAR Form D filings show only routine amendments, indicating the trust is still holding its properties through the required holding period [5][6].prnewswire.com ↗jllipt.com ↗sec.gov ↗SEC ↗
JLLX Townlake of Coppell, DST2023No full-cycle or 721 UPREIT announcement found; the property (398-unit Townlake of Coppell, Coppell, TX) is still listed on JLL Income Property Trust's portfolio page and actively leased/managed by Greystar, and the DST is below the typical 2-year minimum hold (Form D ran Feb 1 - Aug 27, 2024) per jllipt.com/properties/townlake-of-coppell and altswire.com coverage of JLL's 15 completed full-cycle UPREIT transactions (none named Townlake).jllipt.com ↗altswire.com ↗townlakeapartments.com ↗SEC ↗
JLLX Taunton Distribution Center, DST2023No full-cycle, sale, or 721 UPREIT press release found naming the JLLX Taunton Distribution Center, DST; a May 22, 2025 White Law Group investor alert about 'JLLX Taunton Distribution Center DST Losses' advertises potential claims but does not announce a sale, foreclosure, or full-cycle event.jllipt.com ↗whitesecuritieslaw.com ↗altswire.com ↗SEC ↗
JLLX North Andover Apartments, DST2024No full-cycle, sale, or 721 UPREIT press release found naming the JLLX North Andover Apartments, DST; a Yelp review states 'These high end apartments were sold and are under new management' referring to Haven North Andover / Princeton North Andover, but no trade-press or sponsor confirmation of a disposition was located.jllipt.com ↗yelp.com ↗yelp.com ↗SEC ↗
JLLX Grand Prairie Distribution Center, DST2024No full-cycle, sale, or disposition announcement found; the 423,000 SF Grand Prairie Distribution Center (Fruit of the Earth, Inc. tenant) remains listed on the JLL Income Property Trust portfolio site, and the Stream Realty June 2025 'RiverPoint Commerce Center' sale to LaSalle is a different property.jllipt.com ↗streamrealty.com ↗altswire.com ↗SEC ↗
JLLX Diversified VI, DST2024On March 13, 2026, JLL Capital Markets announced the $29.85 million sale of Cedar Square (a 155-unit garden-style apartment community in Beaverton/Portland, OR) — the multifamily leg of the JLLX Diversified VI, DST portfolio — to a joint venture of Glencrest Group and Sky Alps Capital; Woodlawn Point (Marietta, GA grocery-anchored retail) remains in JLLIPT's portfolio, making this a partial sale [7][8][9].jll.com ↗yieldpro.com ↗connectcre.com ↗SEC ↗
JLLX Chandler Distribution Center, DST2024No full-cycle, UPREIT, sale, or foreclosure announcement specifically naming JLLX Chandler Distribution Center, DST was found; the property appears on JLLIPT's portfolio page and was referenced in the JLLX Diversified VII $105M program (Apr 29, 2025), but no standalone disposition event for this DST could be confirmed [3][4].jllipt.com ↗jllexchange.com ↗sec.gov ↗SEC ↗
JLLX Woodside Trumbull Apartments, DST2024No full-cycle or 721 UPREIT announcement found; this DST is one of the two component trusts of the $105M JLLX Diversified VII program (fully subscribed April 2025, per altswire.com), and the Woodside Trumbull property (199 units, Trumbull, CT) remains listed on JLL Income Property Trust's portfolio page and actively leased/managed by Greystar per jllipt.com/properties/woodside-trumbull and woodsidetrumbull.com.jllipt.com ↗altswire.com ↗woodsidetrumbull.com ↗SEC ↗
Show all 18 tracked programs
JLLX Diversified VIII, DST2024No full-cycle, sale, or disposition announcement found; JLLX Diversified VIII, DST fully subscribed May 28, 2025, and both Jory Trail (Wilsonville, OR) and Whitestone Market (Cedar Park, TX) remain listed as JLL Income Property Trust portfolio properties.altswire.com ↗jllipt.com ↗jllexchange.com ↗SEC ↗
Woodside Trumbull | JLLIPTSponsor property page describing Woodside Trumbull as including 70 built-for-rent townhomes in addition to 129 multifamily units, offering differentiation in the surrounding area.
Townlake of Coppell | JLLIPTSponsor property page describing Townlake of Coppell as a 398-unit garden-style apartment community located in Coppell, TX, an affluent suburb of Dallas.
Shopping center in Fort Collins trades for $12.15MJLL Capital Markets announced the $12.15 million sale of Drake Crossing, a 56,214-square-foot shopping center in Fort Collins, Colorado — shows continued retail brokerage activity in the same Fort Collins submarket as the Diversified 9 properties.
1031 / 721 Exchanges Educational BrochureSponsor brochure listing JLLX DST offerings, confirming Woodside Trumbull as part of the JLLX program portfolio of multifamily and other institutional real estate assets.
Puma warehouse in West Valley impacted by $140 million dealA $140.2 million Puma warehouse sale in the West Valley marked the largest single-building industrial transaction in the Valley since 2023, referring to the Glendale Distribution Center bought by JLL Income Property Trust.
JLL REIT Buys Puma Distribution Center in Arizona for $140MJLL Income Property Trust acquired the approximately 1 million-square-foot Puma-leased Glendale Distribution Center in Arizona for ~$140 million, marking the largest single-building industrial transaction in the Valley since 2023.
JLL Income Property Trust Fully Subscribes $168 Million Diversified DSTSponsor-site press release announcing the full subscription of the $168M JLLX Diversified IX (a different DST than JLLX 11) by JLL Income Property Trust; included as sponsor-level context for the JLLX Diversified program immediately preceding the JLLX Diversified 11 launch.
Another JLL Exchange Three-Asset Offering Achieves Full Capital RaiseJLL Income Property Trust fully subscribed JLLX Diversified 9, DST, a $168 million three-asset program that launched in February 2025 and consists of two multifamily residential communities (Miramont, 210 units; Pinecone, 195 units) and a grocery-anchored retail center (Kierland Village Center) in Fort Collins, CO.
JLLX Taunton Distribution Center DST Losses: Investor AlertInvestor alert page referencing several JLLX DSTs (including Elgin) confirming the naming convention and existence of separate single-asset JLLX trusts alongside the Diversified series.
JLL Income Property Trust Fully Subscribes $105 Million DST ProgramJLL Income Property Trust announced the full subscription of JLLX Diversified VII, a $105 million program structured as two Delaware Statutory Trusts consisting of a 199-unit multifamily residential community in Trumbull, CT (Woodside Trumbull) and a Class A 211,000-square-foot industrial warehouse facility in Chandler, AZ.
Ardenwood Portfolio — Property ProfileSponsor property profile listing the Ardenwood Portfolio as a 132,000 SF, 100%-leased, two-building life-science/R&D campus in Fremont, CA.
