JLL Income Property Trust, a non-traded daily net asset value real estate investment trust, has fully subscribed JLLX Penfield DST, a 1031 exchange Delaware statutory trust offering.
According to a filing with the Securities and Exchange Commission, the private placement offering launched at the end of December and sought to raise $40.3 million from accredited investors.
The DST owns The Penfield, a Class A, 254-unit apartment community located in downtown St. Paul, Minnesota, which includes ground-floor commercial space leased to a local grocer on a long-term basis.
Allan Swaringen, president and chief executive officer of JLL Income Property Trust, said that the offering was “fully subscribed at a near record pace”.
“Since the launch of our market-redefining, core, daily NAV REIT program more than eight years ago, the most asked for solution from financial advisors has been a companion 1031 exchange offering, and the market’s rapid response to our offerings continues to exceed our expectations,” said Swaringen.
In 2020, The Penfield became the first apartment community in Minnesota to receive a Fitwel certification, receiving a two-star rating given its proximity to parks, playground and bike share, an attached grocery store, tobacco-free and indoor air quality policies, and units that minimize noise and maximize natural views.
This offering marks JLL Exchange’s fourth fully subscribed DST syndication. The company said that its offerings are the first 1031 programs offered by a daily-valued, perpetual NAV REIT. The JLLX program was created to offer private placements through the sale of interests in DSTs holding real properties sourced from JLL Income Property Trust’s portfolio or from third parties.
In other company news, The DI Wire reported earlier this week that JLL Income Property Trust purchased the Southeast Phoenix Distribution Center for $91 million.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) has raised approximately $2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan. The REIT’s $3.5 billion portfolio includes 85 properties.