JLL Income Property Trust has announced the full subscription of JLLX Penfield, 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 The Penfield, a highly amenitized, 254-unit apartment community in St. Paul, Minn.
“We are extremely pleased by the market’s strong, positive response to JLLX Penfield,” 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 advisers has been a companion 1031 exchange offering, and the market’s rapid response to our offerings continues to exceed our expectations
