AEI Net Lease Portfolio 21 DST
Net lease property in St. Paul, MN — sponsored by AEI Capital
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
AEI Net Lease Portfolio 21 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate as replacement property — sponsored by AEI Capital of St. Paul, Minnesota, and organized in 2022.1 It raised privately from accredited investors, and the filing record shows the Offering fully subscribed as of August 10, 2023. It is closed to new investors.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The SEC record identifies the issuer but not its real estate: no addresses, square footage, or tenant names appear in the Form D filings, and none surfaced in publicly indexed sponsor releases. The Trust was organized in Delaware in 2022 and files from AEI's office at 30 East 7th Street in St. Paul, Minnesota.1 A third-party page describes a five-property retail and medical-office mix, but it states its examples are not available for investment, so the match is unconfirmed.2
- Reported location
- St. Paul, MN
Who is the tenant, and what's the lease?
No tenant is named in the Trust's SEC filings or in publicly indexed sponsor materials. AEI's programs are built on net leases, under which the tenant rather than the landlord typically carries property taxes, insurance, and maintenance.
How did it end?
No sale or other ending on record
No full-cycle, sale, foreclosure, or UPREIT-exchange announcement was located for AEI Net Lease Portfolio 21 DST (raised Feb–Aug 2023); the trust remains listed as Active/Reviewed on the JRW Investments AEI sponsor page and is well within AEI's typical 7–10 year DST hold window [1][2].
Sponsored by AEI Trust Advisors, Inc. (affiliated with AEI Capital Corporation). Per AEI's standard program structure and third-party due-diligence summaries, this is a portfolio of single-tenant net-lease retail properties consistent with AEI's typical DST offerings. Specific tenant roster and property addresses were not disclosed in publicly indexed press releases, sponsor newsroom posts, or the Form D filing between Feb 13, 2023 and Aug 10, 2023.
How is it financed, and what does it pay?
The filings on record name no lender and do not disclose whether the Trust carries mortgage debt. One third-party page reports the portfolio was bought without a loan, but no primary property or loan schedule was located to corroborate it.2
Who's behind it?
AEI Capital is a St. Paul, Minnesota sponsor that has assembled single-tenant net-lease real estate for exchange investors through a family of numbered Net Lease Portfolio programs, of which this Trust is one. The SEC filings name AEI Trust Advisors, Inc. and AEI Trust Manager, LLC as promoters and identify Marni J. Nygard as president of the Trust's manager, with Keith Petersen and Kevin Steele also named in officer and promoter disclosures.1
- Sponsor
- AEI Capital
- Legal Trust name
- AEI NET LEASE PORTFOLIO 21 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 8 total offerings from AEI Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The original Form D was amended seven times across 2023, each amendment stepping the reported amount sold upward until the final one reported the raise complete. The securities were offered privately, without general advertising, to accredited investors — those meeting SEC income or net-worth thresholds.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 8
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to AEI Net Lease Portfolio 21 DST?
Top1031 lists AEI Net Lease Portfolio 21 DST as historical. It is no longer raising money.
Where does Top1031 get the data for AEI Net Lease Portfolio 21 DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in AEI Net Lease Portfolio 21 DST?
No. The filing record shows the Offering fully subscribed as of the last Form D amendment, filed August 10, 2023, and no later filing has appeared on EDGAR. Interests in a closed DST occasionally change hands privately, but the SEC filings say nothing about any secondary market for them.
What properties does this Trust actually own?
The public record does not say. The eight Form D filings disclose no addresses, tenants, or square footage, and no sponsor property schedule was located. A third-party example page describes a five-property retail and medical-office portfolio, but that page states its examples are not available for investment, so the match to this Trust is unconfirmed.[2] The offering's private placement memorandum (PPM) — the disclosure document given to prospective investors — would carry the property schedule.
What was the minimum investment?
The Form D filings report a minimum outside investment of $50,000.[1] Sponsors can and do accept different amounts case by case, and the filing figure reflects only what the issuer reported to the SEC.
What does Rule 506(b) mean for how this was sold?
Rule 506(b) is the private-placement exemption that lets an issuer raise unlimited capital from accredited investors without registering with the SEC, on the condition that it does not publicly advertise the offering. In practice that means investors reached this Trust through a broker-dealer or adviser relationship rather than a public listing.
Has anything happened to the Trust since the raise closed?
Research through August 25, 2026 established no later SEC amendment, property event, sale, or distress filing for this Trust. That is an absence of public record, not evidence that nothing occurred — closed DSTs report to their own investors rather than through EDGAR.
Does this Trust plan a 721/UPREIT exit?
Nothing in the record indicates one. A 721/UPREIT exit is where a DST's property is contributed to a REIT's operating partnership in exchange for OP units, converting the investor's real estate into REIT-linked interests; this Trust's record shows no such conversion path.