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Another JLL Exchange Three-Asset Offering Achieves Full Capital Raise

By Mari Nicholson

Another JLL Exchange Three-Asset Offering Achieves Full Capital Raise

JLL Income Property Trust, an institutionally managed, daily net asset value real estate investment trust with approximately $6.5 billion in portfolio equity and debt investments, has fully subscribed JLLX Diversified 9, DST. The $168 million program was structured as a Delaware statutory trust designed to provide 1031 exchange investors the opportunity to reinvest proceeds from the sale of appreciated real estate while also deferring taxes.

JLLX Diversified 9, DST, which launched in February of this year, consists of two multifamily residential communities, both located in Fort Collins, Colo., totaling 210 and 195 residential units, and a retail shopping center in Phoenix, Ariz., totaling 118,000 square feet.

“We are extremely pleased to have fully subscribed JLLX Diversified 9, DST,” said Drew Dornbusch, head of JLL Exchange. “Our investors and financial advisers continue to respond positively to the tax deferral, estate planning, and diversification benefits offered by the JLLX platform, confirming the market’s continued demand for institutional-quality, low-fee, 1031 solutions.”

“The multifamily rental and grocery-anchored retail sectors continue to show strong fundamentals, as rental growth and demand for necessity property types remains resilient,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “JLLX Diversified 9, DST provided access to these two core property sectors in an investment solution designed to allow investors to maintain exposure to core real estate while enjoying a range of tax and estate planning benefits.”

Since its inception in 2019, JLL Exchange has attracted more than $1.95 billion across 26 DST offerings from property owners seeking to maintain a meaningful allocation to real estate in a tax efficient manner. To date, JLL Income Property Trust has completed 15 full cycle UPREIT transactions totaling $1.2 billion.

Indeed, the REIT has been on a DST subscription spree in 2025.

  • In May 2025, AltsWire reported on the full subscription of JLLX Diversified VIII, DST. That $158 million program includes two assets: a multifamily residential community located in Wilsonville, Ore., and a grocery-anchored shopping center in Cedar Park, Texas.
  • In April, the REIT had fully subscribed JLLX Diversified VII, a $105 million DST, made up of a multifamily residential community in Trumbull, Conn., and a Class A, 211,000-square-foot industrial warehouse facility in Chandler, Ariz. JLLX Diversified VII was structured as two DSTs launched in August 2024 – JLLX Woodside Trumbull Apartments, DST; and JLLX Chandler Distribution Center, DST – each with a nearly $52.31 million capital raise.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare, office and debt investments throughout the nation.

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