{"id":451100,"date":"2021-03-04T13:03:39","date_gmt":"2021-03-04T18:03:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451100"},"modified":"2021-03-04T13:03:39","modified_gmt":"2021-03-04T18:03:39","slug":"jll-income-property-trust-fully-subscribes-dst-offering-with-st-paul-apartment-community","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/jll-income-property-trust-fully-subscribes-dst-offering-with-st-paul-apartment-community\/","title":{"rendered":"JLL Income Property Trust Fully Subscribes DST Offering with St. Paul Apartment Community"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n CHICAGO<\/span>, March 4, 2021<\/span> \/PRNewswire\/ —\u00a0JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX<\/a>; ZIPTMX<\/a>; ZIPIAX<\/a>; ZIPIMX<\/a>) with more than $3.5 billion<\/span> in portfolio assets and 85 properties,\u00a0announced today 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<\/span>, a highly amenitized, 254-unit apartment community in St. Paul, Minnesota<\/span>. 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 The Penfield<\/span><\/a>.<\/p>\n

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“We are extremely pleased by the market’s strong, positive response to JLLX Penfield,” said Allan Swaringen<\/span>, 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 offerings continues to exceed our expectations.”<\/p>\n

The Penfield<\/span> is a Class-A apartment community located in the heart of downtown St. Paul<\/span>. The award-winning, transit-oriented, apartment community includes a ground-floor commercial space that is leased to a premier local grocer on a long-term basis. In 2020, The Penfield<\/span> became the first apartment community in Minnesota<\/span> to receive a Fitwel certification, receiving a two-star rating given its proximity to parks, playground and bike share, an attached grocery store, tobacco-free and indoor air quality policies, and units that minimize noise and maximize natural views. <\/p>\n

This offering marks JLL Exchange’s (JLLX) fourth fully subscribed DST syndication. Those offerings 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.<\/p>\n

“We are delighted to have assisted JLLX Penfield DST investors in achieving their 1031 goals. We believe the offering’s high quality property, relatively low fees, and institutional management strongly appealed to high net worth clients,” said Drew Dornbusch<\/span>, Head of the JLLX 1031 Platform. <\/p>\n

Benefits of an Institutional 1031 Exchange Solution<\/p>\n