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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).