JLL Income Property Trust, a daily NAV REIT, has fully subscribed JLLX Johns Creek DST, the company’s first 1031 tax-deferred exchange offering.
According to a filing with the Securities and Exchange Commission, the Regulation D offering secured its first sale on January 21, 2020 and sought to raise $25.6 million in investor equity.
Structured as a Delaware statutory trust, the syndicated offering owns the Reserve at Johns Creek Walk, a 210-unit apartment community located in the Atlanta suburb of Johns Creek. The apartment community is part of a 26-acre mixed-use development which includes a neighborhood shopping center with restaurants, fitness studios and other retail services.
The JLL Exchange program plans to offer a series of private placements through the sale of interests in Delaware statutory trusts holding real properties sourced from JLL Income Property Trust’s portfolio or from third parties.
“Since the launch of our market redefining core daily NAV REIT program nearly 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 initial offering has exceeded our expectations,” said Allan Swaringen, president and CEO of JLL Income Property Trust.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a multi-billion-dollar portfolio of apartment, industrial, office and retail properties located in the United States. The REIT has raised approximately $1.8 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.