JLL Income Property Trust – a daily net asset value, non-listed real estate investment trust with approximately $6.6 billion in portfolio equity and debt investments – has fully subscribed JLLX Diversified VI, DST. The $104 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.
“We are pleased to have fully subscribed JLLX Diversified VI, DST so quickly after our last closing of JLLX Diversified V, DST,” said Drew Dornbusch, head of JLL Exchange. “The rapid subscription of JLLX Diversified VI, DST underscores the market’s demand for institutional-quality, low-fee, 1031 solutions. Investors and financial advisers continue to embrace the tax deferral, estate planning, and diversification afforded by the JLLX platform.”
JLLX Diversified VI, DST consisted of a 192-unit multifamily apartment community located in a submarket of Portland, Ore., and Woodlawn Point – a grocery-anchored multi-tenant neighborhood shopping center totaling approximately 98,000 square feet located in Marietta, Ga.
“The apartment and grocery-anchored retail sectors continue to exhibit strong fundamentals and durable income,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “JLLX Diversified VI, DST provided access to these two resilient property sectors in an investment solution designed to allow investors to maintain their allocations to core real estate while enjoying a range of tax and estate planning benefits.”
Since its inception in 2019, JLLX has attracted more than $1.7 billion across 25 DST offerings from property owners seeking to maintain a meaningful allocation to real estate in a tax efficient manner. JLL Income Property Trust has completed 14 full cycle UPREIT transactions totaling $960 million to date.
Earlier this year, the REIT originated a $32 million senior, secured floating rate first mortgage loan on a recent institutional-quality apartment community in north suburban Houston, Texas.
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