What are the deadlines in a 1031 exchange?

A qualified intermediary must be engaged before the sale of the relinquished property closes. From the sale date, the investor has 45 calendar days to identify potential replacement properties and 180 days to complete the acquisition. To defer the full tax, all proceeds must be reinvested and the new property must carry the same or greater debt.

How does a DST interest qualify as like-kind property?

IRS Revenue Ruling 2004-86 allows investors to own fractional beneficial interests in a Delaware Statutory Trust and be treated as acquiring a direct interest in real estate. To qualify, the DST must impose significant prohibitions on the powers of its manager and trustee, which are set out in each offering's memorandum.

Can a DST interest be sold if I need the money back?

No. The platform states that there is no public market for its DST interests and that none is expected to develop. Purchasers must be prepared to hold for an indefinite period and to sustain a total loss of the investment, and distributions are not guaranteed.

DST sponsors

JLL Exchange

JLL Exchange is the 1031 exchange platform of JLL Income Property Trust, an institutionally managed daily NAV REIT listed on NASDAQ under ZIPTAX, ZIPTMX, ZIPIAX, ZIPIMX, ZIPIBX, ZIPSAX, ZIPZAX and ZIPDBX. It sells Delaware Statutory Trust interests, branded JLLX, in properties drawn from the REIT's core portfolio. LaSalle Investment Management, the REIT's advisor and JLL's investment management division, serves as manager of each DST and handles its administration.

The platform walks investors through the mechanics it has to satisfy: a qualified intermediary must be engaged before the sale closes, replacement property must be identified within 45 calendar days, the purchase must close within 180 days, and the full proceeds must be reinvested with the same or greater debt. IRS Revenue Ruling 2004-86 is what allows a DST interest to count as a direct interest in real estate, provided the trust imposes significant prohibitions on its manager and trustee. Offerings are distributed through broker-dealers and RIAs; the dealer manager is LaSalle Investment Management Distributors, LLC, a FINRA and SIPC member, and the site points investors to FINRA's BrokerCheck.

Recent activity gives a sense of scale. JLLX Diversified 11, DST was fully subscribed at $197 million in September 2026, and JLLX Diversified 10, DST at $268 million in February 2026. The platform has also completed a full cycle UPREIT of assets owned by JLLX Diversified Portfolio III, DST. JLL Income Property Trust reports approximately $7.0 billion in portfolio equity and debt investments; LaSalle reports approximately $86.9 billion of assets under management as of Q4 2025; and JLL (NYSE: JLL) reports annual revenue of $23.4 billion, operations in over 80 countries and more than 112,000 employees as of 2025.

The risk disclosures are the part to read closely. There is no public market for JLLX DST interests and none is expected, so an investor must be able to hold indefinitely and sustain a total loss. Distributions are not guaranteed. The manager and trustee are restricted in what they can do with the property, and if they cannot act to conserve it the DST may be terminated and the asset moved into an LLC, which is not treated as a direct real estate interest for tax purposes. The manager, operating partnership, JLLIPT and their affiliates also disclose conflicts of interest between their duties to the trust and to other entities. Everything is offered only through a private placement memorandum.

Best for

Exchangers with substantial proceeds and a 45-day identification clock who want an institutionally managed DST and can hold indefinitely. Not for anyone who needs liquidity, wants control over the property, or is not buying through a broker-dealer or RIA.

What they do

Delaware Statutory Trust replacement property for 1031 exchanges
Diversified multi-property JLLX DST offerings
UPREIT exit into the REIT's operating partnership
Distribution through broker-dealers and registered investment advisors
1031 exchange education materials and investor forms

Details

Attribute	Value
Ownership	Subsidiary

What stands out

JLLX Diversified 11, DST was fully subscribed at $197 million in September 2026.
JLLX Diversified 10, DST was fully subscribed at $268 million in February 2026.
Sponsored by JLL Income Property Trust, which reports approximately $7.0 billion in portfolio equity and debt investments.
Each DST is managed by LaSalle Investment Management, which reports approximately $86.9 billion of assets under management as of Q4 2025.
Has completed a full cycle UPREIT of assets owned by JLLX Diversified Portfolio III, DST.

Common questions

What are the deadlines in a 1031 exchange?: A qualified intermediary must be engaged before the sale of the relinquished property closes. From the sale date, the investor has 45 calendar days to identify potential replacement properties and 180 days to complete the acquisition. To defer the full tax, all proceeds must be reinvested and the new property must carry the same or greater debt.
How does a DST interest qualify as like-kind property?: IRS Revenue Ruling 2004-86 allows investors to own fractional beneficial interests in a Delaware Statutory Trust and be treated as acquiring a direct interest in real estate. To qualify, the DST must impose significant prohibitions on the powers of its manager and trustee, which are set out in each offering's memorandum.
Can a DST interest be sold if I need the money back?: No. The platform states that there is no public market for its DST interests and that none is expected to develop. Purchasers must be prepared to hold for an indefinite period and to sustain a total loss of the investment, and distributions are not guaranteed.