JLL Income Property Trust, a non-traded daily net asset value real estate investment trust, has fully subscribed JLLX San Marcos DST, a 1031 tax-deferred exchange offering that allows accredited investors to defer taxes on gains from the sale of appreciated real estate.
The offering, a Delaware statutory trust, owns Summit at San Marcos, a 273-unit Class A multifamily property located in the Phoenix suburb of Chandler, Arizona.
According to a filing with the Securities and Exchange Commission, JLLX San Marcos DST is a Regulation D 506(b) fund that launched in July 2020 that sought to raise $38.8 million.
This offering marks JLL Exchange’s (JLLX) second fully subscribed DST syndication, following the full subscription of Johns Creek in June 2020. The company said that these two DSTs represent 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.
“We are extremely pleased by the market’s strong, positive response to JLLX San Marcos,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust, noting 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 two initial offerings has exceeded our expectations.”
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.3 billion portfolio of 82 properties, including apartment, industrial, office and retail assets located in the United States. The REIT has raised approximately $2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.