JLL Income Property Trust, an institutionally managed daily NAV REIT , announced today the full subscription of JLLX San Marcos DST, a 1031 tax-deferred exchange offering designed to provide accredited investors with the opportunity to defer taxes on gains from the sale of appreciated real estate. Structured as a Delaware Statutory Trust (DST), the syndicated offering owns Summit at San Marcos, a highly amenitized 273-unit apartment community in the prominent Phoenix suburb of Chandler, Arizona. Investors in the DST defer the recognition of capital gains from the sale of their appreciated real estate, eliminate the responsibility of actively managing replacement properties, and participate in the cash flow and any future appreciation of Summit at San Marcos.
Summit at San Marcos is a Class-A apartment community located at the intersection of several of Arizona’s most prominent thoroughfares providing access to the Greater Phoenix area with multiple centers of employment. The property is also located in the highly desirable Chandler Unified School District which is rated No. 1 in the Phoenix area and No. 2 in all of Arizona by Niche. LaSalle’s Research & Strategy Group ranks the Phoenix metro area the No. 2 market for projected apartment rent growth.
This offering marks JLL Exchange’s (JLLX) second fully subscribed DST syndication, following the full subscription of Johns Creek in June 2020. Together, these two DSTs represent the first 1031 programs offered by a daily-valued, perpetual NAV REIT advised by an institutional investment manager and sponsored by a leader in global real estate services. 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 CEO 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.”
“We are delighted to have assisted JLLX San Marcos, DST investors achieve their 1031 goals. We believe the offering’s high quality property, relatively low fees, and institutional management strongly appealed to high net worth clients during the uncertainty of this pandemic,” said Drew Dornbusch, Head of the JLLX 1031 Platform.
Benefits of an Institutional 1031 Exchange Solution
JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.
About JLL Income Property Trust ,
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $69 billion of assets in private and public real estate property and debt investments as of Q4 2020. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit www.lasalle.com.
LaSalle Investment Management
Telephone: +1 224 343 5538
Dukas Linden Public Relations
Telephone: +1 646 722 6530