Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
JLL Exchange (JLLX) is the 1031 exchange platform JLL Income Property Trust introduced on October 16, 2019, offering private placements of Delaware statutory trust interests in real properties sourced from the trust's own portfolio or from third parties, with LaSalle Investment Management named to manage each DST. Its stated approach pairs Section 1031 replacement property with a potential later Section 721 exchange into Operating Partnership units. A February 20, 2026 release reported more than $2.3 billion of exchange solutions across 27 DST offerings since inception, and an August 18, 2026 release reported 20 completed full-cycle UPREIT transactions totaling $1.5 billion. Top1031's record tracks 35 named JLLX trusts.
Sponsor-stated figures are as reported by the sponsor.Evidence 1234567
Published Grade summary
The public record tracks 35 Programs from this Sponsor, 16 of which have reached a lifecycle-eligible stage over 6 years; 14 of those rest on sponsor or open-web evidence and 2 are corroborated in an acquiring REIT's SEC filing. No material adverse events and 0 distress items appear in the record, which is not itself evidence of safety. Outcome disclosure is mixed: 5 Programs have a published figure, 3 are acknowledged without one, and 8 remain silent, across 52 citations.
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16Programs with an ending or 7+ years of history
0 of 16Programs with a documented problem
31%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth95.2Published-outcome coverage31%
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Published Grade historyOne published letter, unchanged since
B2026-Q3 · Moved from B. Binding constraints: H below 85; T below 60; published outcome coverage below two-thirds and no reconciled aggregate.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Per JLL Income Property Trust's April 11, 2023 press release, JLLX Diversified I, DST (which held San Juan Medical Center and the Mason Hill/Mason Mill Distribution Center) completed a 721 UPREIT full-cycle transaction with JLL Income Property Trust, delivering a blended 5.0% average annual income and ~27% average annualized return across both properties combined, not attributable solely to a single-asset Mason Mill trust.
Per the JLL Exchange / JLL Income Property Trust April 11, 2023 press release, the JLLX SJC Medical Office, DST (as part of JLLX Diversified I, DST combining San Juan Medical Center and Mason Hill Distribution Center) went full cycle via a 721 UPREIT acquisition by JLL Income Property Trust, delivering investors an average annualized return of approximately 27% [1][2][3].
JLL Income Property Trust introduced JLL Exchange (JLLX) on October 16, 2019 as a program of private placements of Delaware statutory trust interests in real properties sourced from the trust's own portfolio or from third parties. The announced trust agreement structure included JLL Exchange, LaSalle Investment Management as the trust's external advisor and the manager of each DST, the Operating Partnership, a Delaware resident trustee, and DST investors, and the stated strategy offered DST interests as like-kind replacement property for accredited investors deferring gain under Section 1031, with a stated potential later exchange into Operating Partnership units under Section 721.1 Top1031's sponsor record tracks 35 named JLLX Delaware statutory trusts, with first filings ranging from 2020 through 2026.2
Full-cycle UPREIT record
An April 11, 2023 sponsor release reported full-cycle transactions in which JLL Income Property Trust acquired properties from the DST platform, including JLLX Johns Creek, DST, holder of the Class A apartment community The Reserve at Johns Creek Walk, and JLLX San Marcos, DST, holder of the Class A apartment community Summit at San Marcos.3 On April 17, 2024, the sponsor announced full-cycle UPREITs for three additional JLLX programs, acquiring seven properties and exchanging investors' DST interests into fractional, tax-deferred partnership interests in the trust's diversified core real-estate portfolio.4 On August 18, 2026, JLL Income Property Trust reported that it had exercised its option to acquire the properties of JLLX Diversified Portfolio III, DST, a light industrial and medical outpatient portfolio, completing the transaction as a 721 UPREIT, and stated 20 completed full-cycle UPREIT transactions totaling $1.5 billion.5
Program closings and platform scale
As reported on February 20, 2026, JLL Exchange had provided exchange solutions totaling more than $2.3 billion across 27 DST offerings since inception in 2019; that release announced the full subscription of JLLX Diversified 10, DST, a $268 million program.6 A July 15, 2025 release reported the full subscription of JLLX Diversified 9, DST, a $168 million program holding two Fort Collins multifamily communities totaling 405 units and Kierland Village Center, a fully leased retail center of approximately 118,631 square feet in Scottsdale.7
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.
96 workers losing jobs as logistics contract ends at West Valley warehouseNational Distribution Centers is laying off 96 workers at the Glendale warehouse at 8900 N. Sarival Ave. (the Puma-occupied facility underlying JLLX Glendale Distribution Center, DST) after its logistics contract with Puma ends August 1, with layoffs beginning July 18, 2026.
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.
JLL Income Property Trust Fully Subscribes $158 Million Diversified DSTJLL Income Property Trust announced full subscription of the different JLLX Diversified VIII DST, a $158 million program containing a 323-unit Wilsonville, Oregon multifamily community and an approximately 147,000-square-foot grocery-anchored center.
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.
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.
