
JLL IPT Fully Subscribes DST Offering for St. Paul Apartments
JLL Income Property Trust has fully subscribed JLLX Penfield, DST, a 1031 tax-deferred exchange offering. Structured as a Delaware Statutory Trust (DST), the syndicated offering owns The Penfield, a highly-amenitized, 254-unit apartment community in St. Paul, MN.
“We are extremely pleased by the market’s strong, positive response to JLLX Penfield,” said JLL IPT president and CEO Allan Swaringen, 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 offerings continues to exceed our expectations.”
This offering marks JLL Exchange’s (JLLX) fourth fully subscribed DST syndication. The JLLX program was created to offer private placements through the sale of interests in DSTs holding real properties sourced from JLL IPT’s portfolio or from third parties.
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