<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002000285</cik>
        <entityName>JLLX Diversified III, DST</entityName>
        <issuerAddress>
            <street1>333 WEST WACKER DRIVE</street1>
            <street2>SUITE 2300</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
            <zipCode>60606</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(312) 897-4000</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2023</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>JLL Exchange TRS, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>333 West Wacker Drive</street1>
                <street2>Suite 2300</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>LaSalle Investment Management, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>333 West Wacker Drive</street1>
                <street2>Suite 2300</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Signatory Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gregory</firstName>
                <middleName>A.</middleName>
                <lastName>Falk</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>333 West Wacker Drive</street1>
                <street2>Suite 2300</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Senior Vice President of the Signatory Trustee</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2023-11-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>75000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>LaSalle Investment Management Distributors, LLC</recipientName>
                <recipientCRDNumber>157625</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>333 West Wacker Drive</street1>
                    <street2>Suite 2300</street2>
                    <city>Chicago</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60606</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David Moskovitz</recipientName>
                <recipientCRDNumber>2907879</recipientCRDNumber>
                <associatedBDName>RBC Capital Markets, LLC</associatedBDName>
                <associatedBDCRDNumber>31194</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3760 Carillon Point</street1>
                    <city>Kirkland</city>
                    <stateOrCountry>WA</stateOrCountry>
                    <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                    <zipCode>98033</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Chris Vizzi</recipientName>
                <recipientCRDNumber>5095868</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1520 N. El Camino Real</street1>
                    <street2>Unit 1</street2>
                    <city>San Clemente</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92672</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jason McMurtry</recipientName>
                <recipientCRDNumber>2871788</recipientCRDNumber>
                <associatedBDName>Concorde Investment Services LLC</associatedBDName>
                <associatedBDCRDNumber>151604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>100 E. San Marcos Boulevard</street1>
                    <street2>Suite 400</street2>
                    <city>San Marcos</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92069</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>95916712</totalOfferingAmount>
            <totalAmountSold>1437223</totalAmountSold>
            <totalRemaining>94479489</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>6714170</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>JLLX Diversified III, DST</issuerName>
                <signatureName>/s/ Gregory A. Falk</signatureName>
                <nameOfSigner>Gregory A. Falk</nameOfSigner>
                <signatureTitle>Senior Vice President of the Signatory Trustee</signatureTitle>
                <signatureDate>2023-12-14</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
