The offering documents describe a three-property, unlevered DST holding two stabilized multifamily communities in Fort Collins, CO and one grocery-anchored neighborhood retail center in Phoenix, AZ. All three properties are leased to a single Sponsor-affiliated Master Tenant under an absolute net Master Lease with a ten-year base term. The Trust receives contractual Base Rent, pays Trust costs and reserves, and distributes the residual quarterly. The Operating Partnership holds FMV Options, exercisable after two years, to exchange Interests for JLLIPT OP Units under Code Section 721. The Trust has no debt and may not incur any absent a Transfer Distribution.