JLLX Ardenwood I, DST D/A $32.75 mm in equity, sold $25.10 mm, 71 investors

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:	3235-0076
Estimated average burden
hours per response:	4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

X None

Entity Type

0001966563

	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
X	Other (Specify)

Statutory Trust

Name of Issuer

JLLX Ardenwood I, DST

Jurisdiction of Incorporation/Organization

DELAWARE

Year of Incorporation/Organization

	Over Five Years Ago
X	Within Last Five Years (Specify Year)	2023
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
JLLX Ardenwood I, DST
Street Address 1		Street Address 2
333 WEST WACKER DRIVE, SUITE 2300
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
CHICAGO	ILLINOIS	60606	312-897-4000

3. Related Persons

Last Name	First Name	Middle Name
JLL Exchange TRS, LLC	N/A
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/PostalCode
Chicago	ILLINOIS	60606

Relationship: Executive Officer Director X Promoter

Clarification of Response (if Necessary):

Sponsor of Issuer

Last Name	First Name	Middle Name
LaSalle Investment Management, Inc.	N/A
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/PostalCode
Chicago	ILLINOIS	60606

Relationship: Executive Officer Director X Promoter

Clarification of Response (if Necessary):

Sponsor of Issuer

Last Name	First Name	Middle Name
Falk	Gregory	A.
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/PostalCode
Chicago	ILLINOIS	60606

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

4. Industry Group

Agriculture Banking & Financial Services Commercial Banking Insurance Investing Investment Banking Pooled Investment Fund Is the issuer registered as an investment company under the Investment Company Act of 1940? Yes No Other Banking & Financial Services Business Services Energy Coal Mining Electric Utilities Energy Conservation Environmental Services Oil & Gas Other Energy

Health Care Biotechnology Health Insurance Hospitals & Physicians Pharmaceuticals Other Health Care Manufacturing Real Estate Commercial Construction REITS & Finance Residential X Other Real Estate

Retailing Restaurants Technology Computers Telecommunications Other Technology Travel Airlines & Airports Lodging & Conventions Tourism & Travel Services Other Travel Other

5. Issuer Size

Revenue Range		OR	Aggregate Net Asset Value Range
	No Revenues			No Aggregate Net Asset Value
	$1 - $1,000,000			$1 - $5,000,000
	$1,000,001 - $5,000,000			$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000			$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000			$50,000,001 - $100,000,000
	Over $100,000,000			Over $100,000,000
X	Decline to Disclose			Decline to Disclose
	Not Applicable			Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

	Rule 504(b)(1) (not (i), (ii) or (iii))
	Rule 504 (b)(1)(i)
	Rule 504 (b)(1)(ii)
	Rule 504 (b)(1)(iii)
X	Rule 506(b)
	Rule 506(c)
	Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1) Section 3(c)(9)  

Section 3(c)(2) Section 3(c)(10)

Section 3(c)(3) Section 3(c)(11)

Section 3(c)(4) Section 3(c)(12)

Section 3(c)(5) Section 3(c)(13)

Section 3(c)(6) Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

	New Notice	Date of First Sale	2023-04-24	First Sale Yet to Occur
X	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year? Yes X No

9. Type(s) of Securities Offered (select all that apply)

X	Equity	Pooled Investment Fund Interests
	Debt	Tenant-in-Common Securities
	Option, Warrant or Other Right to Acquire Another Security	Mineral Property Securities
	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security	Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $75,000 USD

12. Sales Compensation

Recipient	Recipient CRD Number None
LaSalle Investment Management Distributors, LLC	157625
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
None	None
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/Postal Code
Chicago	ILLINOIS	60606
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	Foreign/non-US

Recipient	Recipient CRD Number None
JOSEPH P WERNER	6645379
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
LaSalle Investment Management Distributors, LLC	157625
Street Address 1	Street Address 2
333 West Wacker Drive, Suite 2300
City	State/Province/Country	ZIP/Postal Code
Chicago	ILLINOIS	60606
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
PATRICK EASTER	1368137
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
RBC CAPITAL MARKETS LLC	31194
Street Address 1	Street Address 2
300 West 6th Street, Suite 2200
City	State/Province/Country	ZIP/Postal Code
Austin	TEXAS	78701-3912
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO FLORIDA KANSAS LOUISIANA MAINE MARYLAND MASSACHUSETTS MINNESOTA MISSOURI NEVADA NEW JERSEY NEW YORK NORTH CAROLINA OHIO OKLAHOMA OREGON TENNESSEE TEXAS VIRGINIA

Recipient	Recipient CRD Number None
JASON MCMURTRY	2871788
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
CONCORDE INVESTMENT SERVICES, LLC	151604
Street Address 1	Street Address 2
100 E. San Marcos Blvd., Suite 400
City	State/Province/Country	ZIP/Postal Code
San Marcos	CALIFORNIA	92069
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALASKA ARIZONA CALIFORNIA COLORADO DISTRICT OF COLUMBIA FLORIDA HAWAII IDAHO ILLINOIS LOUISIANA MASSACHUSETTS MISSOURI NEVADA NEW MEXICO NEW YORK NORTH CAROLINA OREGON SOUTH DAKOTA TENNESSEE TEXAS UTAH WASHINGTON

Recipient	Recipient CRD Number None
JAMES BASHAW	1251491
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7177
Street Address 1	Street Address 2
5701 Woodway Drive #330
City	State/Province/Country	ZIP/Postal Code
Houston	TEXAS	77057
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
COLORADO GEORGIA LOUISIANA MARYLAND MASSACHUSETTS OHIO PENNSYLVANIA TEXAS

Recipient	Recipient CRD Number None
DANIEL RAUPP	4079107
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
CONCORDE INVESTMENT SERVICES, LLC	151604
Street Address 1	Street Address 2
61 Route 25A
City	State/Province/Country	ZIP/Postal Code
Setauket	NEW YORK	11733
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA IDAHO ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSISSIPPI MISSOURI MONTANA NEBRASKA NEVADA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN WYOMING

Recipient	Recipient CRD Number None
SEAN WHALEN	4000934
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
CONCORDE INVESTMENT SERVICES, LLC	151604
Street Address 1	Street Address 2
24 Superior Dr., Suite 101
City	State/Province/Country	ZIP/Postal Code
Natick	MASSACHUSETTS	01760
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA MASSACHUSETTS MICHIGAN MISSOURI NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK TEXAS WASHINGTON

Recipient	Recipient CRD Number None
KYLE CAVANAUGH	6313953
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
15341 South 94th Avenue, Suite 200
City	State/Province/Country	ZIP/Postal Code
Orland Park	ILLINOIS	60462
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO FLORIDA GEORGIA ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MARYLAND MICHIGAN MINNESOTA NEVADA NEW MEXICO NEW YORK NORTH CAROLINA OHIO OREGON PENNSYLVANIA TENNESSEE TEXAS VERMONT WASHINGTON WISCONSIN

Recipient	Recipient CRD Number None
MICHAEL LATIMER	2893154
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
3909 Castlevale Road, Suite 100
City	State/Province/Country	ZIP/Postal Code
Yakima	WASHINGTON	98902
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
RICHARD NELSON	4320851
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
2800 Post Oak Boulevard, 18th Floor
City	State/Province/Country	ZIP/Postal Code
Houston	TEXAS	77056
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ALASKA ARIZONA CALIFORNIA COLORADO FLORIDA GEORGIA ILLINOIS LOUISIANA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI MONTANA NEVADA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OKLAHOMA OREGON PENNSYLVANIA SOUTH CAROLINA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WISCONSIN WYOMING

Recipient	Recipient CRD Number None
THOMAS RISHOVD	2572728
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
225 South 6th Street
City	State/Province/Country	ZIP/Postal Code
Minneapolis	MINNESOTA	55402
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DISTRICT OF COLUMBIA FLORIDA GEORGIA ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI MONTANA NEBRASKA NEVADA NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OKLAHOMA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WISCONSIN

Recipient	Recipient CRD Number None
WILLIAM MUNDY	4199804
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
899 Cassatt Road, Suite 100
City	State/Province/Country	ZIP/Postal Code
Berwyn	PENNSYLVANIA	19312
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA ILLINOIS MAINE MARYLAND MASSACHUSETTS MICHIGAN MISSOURI MONTANA NEBRASKA NEVADA NEW JERSEY NEW YORK NORTH CAROLINA OHIO OREGON PENNSYLVANIA RHODE ISLAND TENNESSEE TEXAS VIRGINIA

Recipient	Recipient CRD Number None
WILLIAM CHRISTIAN	2930040
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
ROCKEFELLER FINANCIAL LLC	291361
Street Address 1	Street Address 2
300 First Stamford Place, Suite 230
City	State/Province/Country	ZIP/Postal Code
Stamford	CONNECTICUT	06902
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
MARTI MARACHE	2393657
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
SANCTUARY SECURITIES INC	205
Street Address 1	Street Address 2
40 Signal Rd., Suite A
City	State/Province/Country	ZIP/Postal Code
Stamford	CONNECTICUT	06902
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA CALIFORNIA COLORADO CONNECTICUT DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA KENTUCKY LOUISIANA MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA OHIO OKLAHOMA PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN

Recipient	Recipient CRD Number None
MICHAEL EDMONDS	6233223
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
2400 Lakeview Parkway, Suite 300
City	State/Province/Country	ZIP/Postal Code
Alpharetta	GEORGIA	30009
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	X Foreign/non-US

Recipient	Recipient CRD Number None
SUSAN HOVANEC	1969275
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
RBC CAPITAL MARKETS LLC	31194
Street Address 1	Street Address 2
2100 Pennsylvania Avenue NW, Suite 810N
City	State/Province/Country	ZIP/Postal Code
Washington	DISTRICT OF COLUMBIA	20037
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
CALIFORNIA COLORADO DISTRICT OF COLUMBIA FLORIDA GEORGIA IDAHO MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA OHIO OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS VIRGINIA WASHINGTON

Recipient	Recipient CRD Number None
EHUD GERSTEN	7066119
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
EMERSON EQUITY LLC	130032
Street Address 1	Street Address 2
7750 Okeechobee Blvd, Suite 4-1294
City	State/Province/Country	ZIP/Postal Code
West Palm Beach	FLORIDA	33411
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA CALIFORNIA COLORADO CONNECTICUT FLORIDA GEORGIA HAWAII IDAHO MARYLAND MASSACHUSETTS MONTANA NEBRASKA NEVADA NEW MEXICO NEW YORK TEXAS UTAH WASHINGTON

Recipient	Recipient CRD Number None
DANIEL RUBEN	5716704
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7177
Street Address 1	Street Address 2
5716 Corsa Avenue, Suite 100
City	State/Province/Country	ZIP/Postal Code
Westlake Village	CALIFORNIA	91362
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
CALIFORNIA FLORIDA WASHINGTON

Recipient	Recipient CRD Number None
KELLY H CLYDE	4825839
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
INDEPENDENT FINANCIAL GROUP, LLC	7177
Street Address 1	Street Address 2
1520 N EL Camino Real, Unit 1
City	State/Province/Country	ZIP/Postal Code
San Clemente	CALIFORNIA	92672
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA CALIFORNIA COLORADO DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS IOWA MARYLAND MICHIGAN NEBRASKA NEVADA NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA OREGON SOUTH CAROLINA TENNESSEE TEXAS UTAH VIRGINIA WASHINGTON WISCONSIN WYOMING

Recipient	Recipient CRD Number None
JASON BENTLEY	7064127
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
JANNEY MONTGOMERY SCOTT LLC	463
Street Address 1	Street Address 2
12001 Old Vine Blvd., Unit #106
City	State/Province/Country	ZIP/Postal Code
Lewes	DELAWARE	19958
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARKANSAS DELAWARE FLORIDA GEORGIA MARYLAND NEW JERSEY NEW MEXICO NEW YORK PENNSYLVANIA

Recipient	Recipient CRD Number None
KURT EVAN MEYER	1563445
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
14850 North Scottsdale Road, Suite 600
City	State/Province/Country	ZIP/Postal Code
Scottsdale	ARIZONA	85254
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA IOWA KANSAS MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI MONTANA NEVADA NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA OHIO OKLAHOMA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WISCONSIN

Recipient	Recipient CRD Number None
MICHAEL YEN	4248591
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
800 Newport Center Drive, Suite 500
City	State/Province/Country	ZIP/Postal Code
Newport Beach	CALIFORNIA	92660
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO DELAWARE FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA LOUISIANA NEVADA NEW JERSEY NEW YORK OREGON PENNSYLVANIA TEXAS UTAH WASHINGTON WYOMING

Recipient	Recipient CRD Number None
STEPHEN BARTOLI	4005464
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
214 Senate Avenue
City	State/Province/Country	ZIP/Postal Code
Camp Hill	PENNSYLVANIA	17011
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI NEBRASKA NEW HAMPSHIRE NEW JERSEY NEW YORK NORTH CAROLINA OHIO OKLAHOMA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN

Recipient	Recipient CRD Number None
Brian Addington	2882035
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
RBC Capital Markets LLC	31194
Street Address 1	Street Address 2
345 California Street
City	State/Province/Country	ZIP/Postal Code
San Francisco	CALIFORNIA	94104-2642
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA KANSAS MASSACHUSETTS MICHIGAN NEVADA NEW JERSEY NEW YORK NORTH CAROLINA OHIO OREGON SOUTH DAKOTA TEXAS VIRGINIA WASHINGTON WYOMING

Recipient	Recipient CRD Number None
Caleb Sams	7159458
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Commonwealth Financial Network	8032
Street Address 1	Street Address 2
5409 Maryland Way, Suite 110
City	State/Province/Country	ZIP/Postal Code
Brentwood	TENNESSEE	37027
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA COLORADO FLORIDA GEORGIA KENTUCKY MISSISSIPPI MISSOURI NORTH CAROLINA SOUTH CAROLINA TENNESSEE TEXAS

Recipient	Recipient CRD Number None
Carlos Duque	5607485
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
6565 Americas Parkway, Suite 400
City	State/Province/Country	ZIP/Postal Code
Albuquerque	NEW MEXICO	87110
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO FLORIDA MINNESOTA MISSISSIPPI NEBRASKA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NORTH CAROLINA OREGON TEXAS VIRGINIA WASHINGTON WISCONSIN

Recipient	Recipient CRD Number None
Christopher Michael Vizzi	5095868
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Independent Financial Group, LLC	7717
Street Address 1	Street Address 2
1520 N El Camino Real, Unit 1
City	State/Province/Country	ZIP/Postal Code
San Clemente	CALIFORNIA	92672
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA FLORIDA ILLINOIS NEVADA NEW YORK NORTH CAROLINA OREGON TENNESSEE TEXAS WASHINGTON WYOMING

Recipient	Recipient CRD Number None
Christian Finley	7036835
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
227 West Monroe Street, Suite 3400
City	State/Province/Country	ZIP/Postal Code
Chicago	ILLINOIS	60606
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI NEBRASKA NEVADA NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA OHIO OKLAHOMA OREGON PENNSYLVANIA SOUTH CAROLINA TENNESSEE TEXAS UTAH VIRGINIA WASHINGTON WISCONSIN WYOMING

Recipient	Recipient CRD Number None
Christopher Dolt	4158560
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
444 East Main Street, Suite 111
City	State/Province/Country	ZIP/Postal Code
Lexington	KENTUCKY	40507
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT FLORIDA GEORGIA INDIANA KENTUCKY MAINE MARYLAND MASSACHUSETTS MISSOURI NEBRASKA NEW MEXICO NEW YORK NORTH CAROLINA OHIO OKLAHOMA OREGON PENNSYLVANIA SOUTH CAROLINA TENNESSEE TEXAS VIRGINIA WEST VIRGINIA WISCONSIN

Recipient	Recipient CRD Number None
David Leifer	1558612
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
2 North Tamiami Trail, Suite 1100
City	State/Province/Country	ZIP/Postal Code
Sarasota	FLORIDA	34236
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA ILLINOIS MARYLAND MASSACHUSETTS MICHIGAN MISSOURI NEVADA NEW JERSEY NEW YORK NORTH CAROLINA OHIO PENNSYLVANIA PUERTO RICO RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS UTAH VIRGINIA WASHINGTON

Recipient	Recipient CRD Number None
Ernest Dean Jr.	2223858
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
2 North Tamiami Trail, Suite 1100
City	State/Province/Country	ZIP/Postal Code
Sarasota	FLORIDA	34236
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE FLORIDA GEORGIA ILLINOIS INDIANA KANSAS KENTUCKY MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI NEW HAMPSHIRE NEW JERSEY NEW YORK NORTH CAROLINA OHIO OREGON PENNSYLVANIA RHODE ISLAND TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN

Recipient	Recipient CRD Number None
Kay Pfleghardt	6225691
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Commonwealth Financial Network	8032
Street Address 1	Street Address 2
345 Woodcliff Drive	Suite 2A
City	State/Province/Country	ZIP/Postal Code
Fairport	NEW YORK	14450
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
CALIFORNIA CONNECTICUT DISTRICT OF COLUMBIA FLORIDA GEORGIA INDIANA MARYLAND MASSACHUSETTS NEW YORK NORTH CAROLINA PENNSYLVANIA SOUTH CAROLINA TENNESSEE TEXAS VERMONT

Recipient	Recipient CRD Number None
Kevin Kensinger	5859757
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Concorde Investment Services, LLC	151604
Street Address 1	Street Address 2
100 E. San Marcos Blvd., Suite 400
City	State/Province/Country	ZIP/Postal Code
San Marcos	CALIFORNIA	92069
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO FLORIDA GEORGIA IDAHO MASSACHUSETTS MONTANA NEVADA NEW YORK OREGON TEXAS VIRGINIA WASHINGTON

Recipient	Recipient CRD Number None
Kurt Neddenriep	2723394
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
905 Railroad Street, Suite 102
City	State/Province/Country	ZIP/Postal Code
Elko	NEVADA	89801
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	Foreign/non-US

Recipient	Recipient CRD Number None
Matthew Lacour	5244881
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
850 South Palafox Street, Suite 200
City	State/Province/Country	ZIP/Postal Code
Pensacola	FLORIDA	32502
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA CALIFORNIA COLORADO FLORIDA GEORGIA IDAHO KANSAS LOUISIANA MARYLAND MISSOURI NEW YORK NORTH CAROLINA OHIO OKLAHOMA TENNESSEE TEXAS VIRGINIA WYOMING

Recipient	Recipient CRD Number None
Paul Leach	4952675
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Rockfeller Financial LLC	291361
Street Address 1	Street Address 2
2000 Avenue of the Stars, Suite 530
City	State/Province/Country	ZIP/Postal Code
Los Angeles	CALIFORNIA	90067
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA FLORIDA GEORGIA HAWAII INDIANA KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MINNESOTA MISSOURI NEW YORK TEXAS WASHINGTON

Recipient	Recipient CRD Number None
Peyton Cook	5135780
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
5001 Spring Valley Road, Suite 900W
City	State/Province/Country	ZIP/Postal Code
Dallas	TEXAS	75244
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA ARKANSAS COLORADO CONNECTICUT DISTRICT OF COLUMBIA FLORIDA GEORGIA KANSAS LOUISIANA MARYLAND MINNESOTA MISSISSIPPI NEVADA NEW JERSEY NEW YORK NORTH CAROLINA OKLAHOMA PENNSYLVANIA PUERTO RICO SOUTH CAROLINA TENNESSEE TEXAS VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN WYOMING

Recipient	Recipient CRD Number None
Ryan Rupert	4242479
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
117 Herald Court, Suite 113
City	State/Province/Country	ZIP/Postal Code
Punta Gorda	FLORIDA	33950
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	Foreign/non-US

Recipient	Recipient CRD Number None
Ryan Wroblewski	6158332
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
855 Franklin Avenue
City	State/Province/Country	ZIP/Postal Code
Garden City	NEW YORK	11530
State(s) of Solicitation (select all that apply) Check “All States” or check individual States X All States	Foreign/non-US

Recipient	Recipient CRD Number None
Zachary Sobel	4195211
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
Morgan Stanley	149777
Street Address 1	Street Address 2
3801 PGA Boulevard, Suite 700
City	State/Province/Country	ZIP/Postal Code
Palm Beach Gardens	FLORIDA	33410
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT FLORIDA GEORGIA ILLINOIS INDIANA KANSAS KENTUCKY LOUISIANA MARYLAND MASSACHUSETTS MICHIGAN NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA OHIO OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TEXAS UTAH VERMONT VIRGINIA WASHINGTON

Recipient	Recipient CRD Number None
ETHAN LINDBLOOM	4072349
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
JANNEY MONTGOMERY SCOTT LLC	463
Street Address 1	Street Address 2
6241 River Road
City	State/Province/Country	ZIP/Postal Code
Richmond	VIRGINIA	23219
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ARIZONA CALIFORNIA COLORADO DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA KENTUCKY MARYLAND MASSACHUSETTS MICHIGAN MISSISSIPPI NEW JERSEY NEW YORK NORTH CAROLINA OHIO OREGON PENNSYLVANIA SOUTH CAROLINA TEXAS VIRGINIA WASHINGTON WISCONSIN

Recipient	Recipient CRD Number None
IGNACIO MENDIVE	3261272
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
One Fawcett Place, 3rd Floor
City	State/Province/Country	ZIP/Postal Code
Greenwich	CONNECTICUT	06830
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
CALIFORNIA CONNECTICUT FLORIDA NEW JERSEY NEW YORK OHIO

Recipient	Recipient CRD Number None
KEN ANDERSON	5471426
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
MORGAN STANLEY	149777
Street Address 1	Street Address 2
760 SW 9th Avenue, Suite 2100
City	State/Province/Country	ZIP/Postal Code
Portland	OREGON	97205
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA IOWA KANSAS MARYLAND MICHIGAN MINNESOTA MONTANA NEVADA NEW JERSEY NEW MEXICO NEW YORK OREGON SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH WASHINGTON WYOMING

Recipient	Recipient CRD Number None
JEREMY SUTTON	5680461
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
RBC CAPITAL MARKETS LLC	31194
Street Address 1	Street Address 2
111 S Wacker Drive, Suite 3200
City	State/Province/Country	ZIP/Postal Code
Chicago	ILLINOIS	60606
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ARIZONA CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA ILLINOIS INDIANA IOWA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA NEVADA NEW JERSEY NEW YORK NORTH CAROLINA OHIO PUERTO RICO TENNESSEE TEXAS VIRGINIA WASHINGTON WISCONSIN WYOMING

Recipient	Recipient CRD Number None
AMR TENNEY	5506866
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
REALIZED FINANCIAL, INC.	22333
Street Address 1	Street Address 2
400 W. 15th St., Suite 700
City	State/Province/Country	ZIP/Postal Code
Austin	TEXAS	78701
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSISSIPPI MISSOURI MONTANA NEBRASKA NEVADA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OKLAHOMA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN WYOMING

Recipient	Recipient CRD Number None
MCKENNA DUNCAN	7310472
(Associated) Broker or Dealer None	(Associated) Broker or Dealer CRD Number None
REALIZED FINANCIAL, INC.	22333
Street Address 1	Street Address 2
400 W. 15th St., Suite 700
City	State/Province/Country	ZIP/Postal Code
Austin	TEXAS	78701
State(s) of Solicitation (select all that apply) Check “All States” or check individual States All States	Foreign/non-US
ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSISSIPPI MISSOURI MONTANA NEBRASKA NEVADA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OKLAHOMA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN WYOMING

13. Offering and Sales Amounts

Total Offering Amount	$32,754,881	USD	or Indefinite
Total Amount Sold	$25,104,419	USD
Total Remaining to be Sold	$7,650,462	USD	or Indefinite

Clarification of Response (if Necessary):

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

71

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions	$2,292,842	USD	X Estimate
Finders' Fees	$0	USD	Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$2,554,881 USD X Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

• Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

• Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

• Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
JLLX Ardenwood I, DST	Gregory A. Falk	Gregory A. Falk	Vice President of the Signatory Trustee	2023-08-17

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.