No documented loss found in searched sources. Fewer than 3 outcomes to rate (0 published results, 1 documented sales). NR is not a failing grade. A letter needs 3 counted outcomes or 3 documented sales.
Lost or impaired investor capital 0·Counted outcomes 0
No documented loss found in searched sources as of Sep 4, 2026.
Programs found in SEC fundraising filings (Form D)
JLLX Diversified VIII, DSTFirst filed 2024No 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. Source ↗As reported by the sponsor.
JLLX Elgin Distribution Center, DSTFirst filed 2024No full-cycle, sale, or disposition announcement found; the 407,000 SF Elgin Distribution Center remains listed on the JLL Income Property Trust portfolio site and is not the property sold at 1717 Gifford Drive ($24.8M, June 2026). Source ↗As reported by the sponsor.
JLLX Grand Prairie Distribution Center, DSTFirst filed 2024No 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. Source ↗As reported by the sponsor.
JLLX Woodside Trumbull Apartments, DSTFirst filed 2024No 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. Source ↗As reported by the sponsor.
JLLX Ardenwood I, DSTFirst filed 2023JLLX 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'. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
JLLX Diversified III, DSTFirst filed 2023Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record. Source ↗As reported by the sponsor.
JLLX Townlake of Coppell, DSTFirst filed 2023No 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). Source ↗As reported by the sponsor.
JLLX Diversified II, DSTFirst filed 2022Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record. Source ↗As reported by the sponsor.
JLLX Friendship Distribution, DSTFirst filed 2022JLLX Friendship Distribution, DST held the Friendship Distribution Center (4 industrial buildings, ~650,000 sf, Buford, GA); the property is listed in JLL Income Property Trust's portfolio, consistent with the sponsor's standard full-cycle 721 UPREIT structure; JLLIPT purchased the property for $95 million (source: JLLIPT property page and LaSalle news). Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX Reserve at Venice, DSTFirst filed 2022The JLLX Reserve at Venice, DST went full cycle via a 721 UPREIT acquisition by JLL Income Property Trust, confirmed by the property appearing in the JLLIPT portfolio and the sponsor's educational brochure identifying it as 'a prior DST offering of the Sponsor' [1][2][3]. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX West Phoenix Distribution Center DSTFirst filed 2022Per JLL Exchange's April 17, 2024 press release, JLL Income Property Trust completed full-cycle 721 UPREIT transactions for three DST programs (seven properties total); the West Phoenix Distribution Center DST is now part of JLLIPT's portfolio, consistent with this cycle, but the press release does not name this specific trust or state a premium/return figure for it. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX LOUISVILLE AIRPORT DISTRIBUTION CENTER DSTFirst filed 2021No sponsor-stated result on record
Still operating
Shown with a free account
JLLX Montecito Marketplace, DSTFirst filed 2021Montecito Marketplace (North Las Vegas, NV) is listed on JLLIPT's current portfolio page (originally acquired by JLLIPT in Aug 2017 for ~$63.5M and syndicated via JLLX Montecito Marketplace, DST); the property is now part of JLLIPT's permanent REIT portfolio, consistent with the April 17, 2024 press release announcing three additional JLLX DSTs completing full-cycle 721 UPREIT acquisitions [1][2][3]. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX Rockwell Apartments, DSTFirst filed 2021Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX Stony Point, DSTFirst filed 2021JLLX Stony Point, DST held 9101 Stony Point Drive (medical office, Richmond, VA), which is listed in JLL Income Property Trust's portfolio as acquired December 2021, consistent with a 721 UPREIT full-cycle transaction; the White Law Group opened an investor-loss investigation into JLLX Stony Point DST in May 2025 (source: JLLIPT property page, White Law Group alert, and SEC subsidiary listing). Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX The Preserve at the Meadows, DSTFirst filed 2021The Preserve at the Meadows property (220-unit Fort Collins, CO apartment) appears on JLL Income Property Trust's property page marked 'Acquired September 2022', consistent with a 721 UPREIT full-cycle of JLLX The Preserve at the Meadows, DST following the close of its equity raise in January 2022 [1]. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX Villas at Legacy, DSTFirst filed 2021Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX Whitestown, DSTFirst filed 2021No sponsor-stated result on record
Still operating
Shown with a free account
JLLX Johns Creek, DSTFirst filed 2020Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record. Source ↗As reported by the sponsor.
JLLX Mason Mill, DSTFirst filed 2020Per 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. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX Milford Crossing, DSTFirst filed 2020Milford Crossing (Milford, MA) is listed on JLLIPT's current portfolio page (acquired Jan 2020 for $42M by JLLIPT and syndicated via JLLX Milford Crossing, DST); the property is now part of JLLIPT's permanent REIT portfolio, consistent with the April 17, 2024 press release announcing three additional JLLX DSTs completing full-cycle 721 UPREIT acquisitions [1][2][3]. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX Penfield, DSTFirst filed 2020The Penfield (St. Paul, MN) is listed on JLLIPT's current portfolio page (acquired May 2021) after JLLX Penfield, DST was fully subscribed March 4, 2021; the property is now part of JLLIPT's permanent REIT portfolio, consistent with the April 17, 2024 press release announcing three additional JLLX DSTs completing full-cycle 721 UPREIT acquisitions [1][2][3]. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
JLLX San Marcos, DSTFirst filed 2020Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record. Source ↗As reported by the sponsor.
JLLX SJC Medical Office, DSTFirst filed 2020Per 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]. Source ↗As reported by the sponsor.
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
Chapter 3
What is raising now?
Classified active by Top1031 from SEC filings. That does not confirm an offering is still available to buy.
JLL Exchange (JLLX) is a 1031 like-kind exchange platform that uses Delaware statutory trusts to give investors fractional interests in institutional-quality real estate while preserving potential tax deferral. LaSalle Investment Management, advisor to JLL Income Property Trust, is engaged as manager of each DST. The strategy pairs an exchange into a DST with a possible later Section 721 UPREIT in which JLL Income Property Trust may acquire the DST property after a required holding period. On August 18, 2026, the sponsor reported exchange solutions for more than $2.5 billion of investor capital across 30 DST offerings since its 2019 inception, and a completed full-cycle UPREIT of JLLX Diversified Portfolio III.
JLL Exchange is a 1031 like-kind exchange platform that uses Delaware statutory trusts to provide fractional interests in institutional-quality real estate while preserving potential 1031 tax-deferral benefits, and LaSalle Investment Management, identified as JLL Income Property Trust's advisor, is engaged as manager of each DST with primary responsibility for administrative actions relating to the trust and its property.1 The strategy combines the exchange into a DST with a potential later Section 721 UPREIT under which JLL Income Property Trust may acquire the DST property after a required holding period.2 On November 7, 2024, Jones Lang LaSalle Incorporated, identified as the sponsor of JLL Income Property Trust, announced a commitment to acquire $100 million of the trust's common stock and described JLL Exchange as the trust's companion offering, with LaSalle identified as advisor to both offerings.3 Top1031's sponsor record identifies 35 named JLLX Delaware statutory trusts, with first filing years spanning 2020 through 2026.4
Reported scale and completed 721 UPREIT record
On August 18, 2026, the sponsor reported that it had provided exchange solutions for more than $2.5 billion of investors' capital across 30 DST offerings since its inception in 2019, and reported completing a full-cycle 721 UPREIT of JLLX Diversified Portfolio III, DST — a two-property portfolio syndicated between November 2023 and May 2024 that was 100% leased to two tenants with a 7.5-year weighted average lease term and, as reported, increased $1.3 million in value during the hold period.5 The press release filed with the SEC identifies that portfolio as one light industrial property and one medical outpatient building.6
On April 11, 2023, properties held by JLLX Johns Creek, DST (The Reserve at Johns Creek Walk, a Class A apartment community) and JLLX San Marcos, DST (Summit at San Marcos, a Class A apartment community) went full cycle, alongside a third JLLX program holding Class A medical office and industrial assets.7 Top1031 validated outcome records date 721 UPREIT exits for JLLX SJC Medical Office, DST and JLLX Mason Mill, DST to that same day, and record a further group of April 17, 2024 exits covering JLLX Rockwell Apartments, DST (2.5-year hold), JLLX Villas at Legacy, DST (3.2-year hold), JLLX Reserve at Venice, DST, JLLX West Phoenix Distribution Center DST, and JLLX Ardenwood I, DST.84
Reported program closings
On May 28, 2025, the sponsor reported fully subscribing JLLX Diversified VIII, a $158 million DST program containing a 323-unit multifamily community in Wilsonville, Oregon and an approximately 147,000-square-foot grocery-anchored shopping center in Cedar Park, Texas.9 On July 15, 2025, it reported fully subscribing JLLX Diversified 9, a $168 million program consisting of two multifamily communities totaling 405 units in Fort Collins, Colorado and an approximately 118,631-square-foot retail shopping center in Scottsdale, Arizona.10 On February 20, 2026, it reported fully subscribing JLLX Diversified 10, a $268 million program comprising industrial properties in Louisville, Kentucky and Dallas–Fort Worth, Texas and a grocery-anchored retail center in the Chicago MSA.11
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.
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