AX DG San Antonio, DST
Net lease retail — sponsored by Apollo
Show sources (5)Hide sources (5)
These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission — SEC FORM D/A (0001979731-25-000004) ↗
- U.S. Securities and Exchange Commission — SEC FORM D/A (0001979731-25-000004) ↗
- U.S. Securities and Exchange Commission — company submissions JSON ↗
- U.S. Securities and Exchange Commission — SEC FORM D/A (0001979731-23-000002) ↗
- AltsWire ↗
What is this, in one paragraph?
AX DG San Antonio, DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Apollo RE Exchange, LLC.1 It is classified as net-lease retail, though the filings disclose no property address or tenant. Interests were offered to accredited investors under Rule 506(b), and the Trust reported itself fully subscribed on July 2, 2025.2
Sponsor-reported, from SEC filings and cited 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 public record does not identify the building. The reviewed SEC filings assign no address, no acquisition price, and no purchase date to this Trust, and the location is expressly reported as not disclosed. A Form D is a short notice of an exempt securities sale, not a property report — it carries no schedule of real estate. What is known is the category: net-lease retail.
Who is the tenant, and what's the lease?
No tenant is named anywhere in the reviewed public record for this Trust, and Form D filings do not require lease disclosure. In a net-lease retail deal the tenant generally pays property taxes, insurance, and maintenance directly on top of rent — but that structure cannot be confirmed here from the filings alone.
How did it end?
Still operating
Form D/A amendments were filed continuously through July 2, 2025, with $38,670,000 reported sold as of that filing, indicating the DST is still actively in its offering/hold period and has not reached a full-cycle disposition; no press release, sponsor news, or trade-press announcement naming a property sale or 721 UPREIT conversion was found.
How is it financed, and what does it pay?
The filings reviewed do not say whether the Trust carries mortgage debt or was purchased all-cash. A Form D describes the securities being sold, not the property's capital stack, so leverage for this Trust is unestablished in the public record.
Who's behind it?
The Form D names Apollo RE Exchange, LLC as sponsor, AX Manager, LLC as manager and signatory trustee, and AX I Depositor, LLC as depositor.1 SEC records list a New York business address at 9 West 57th Street, 42nd Floor.3 AltsWire's July 16, 2025 fundraising roundup described Apollo Real Estate Exchange's active Dollar General DST program and named a sister trust, AX DG St. Louis DST, among that June's largest DST raises.5
- Sponsor
- Apollo
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 4 total offerings from Apollo
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Successive Form D amendments track this offering from its first sale on June 22, 2023 through its close, each restating the amount raised to date.4 The final amendment estimates $1,065,000 in offering and organizational expenses that may accrue to related persons.2 Rule 506(b) means the interests were sold without general advertising.
- 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.
- Legal Trust name
- AX DG San Antonio, DST
- Filings on record
- 10
- 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 AX DG San Antonio, DST?
Top1031 lists AX DG San Antonio, DST in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for AX DG San Antonio, 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.
What property does AX DG San Antonio, DST actually own?
The public record does not say. The SEC filings for this Trust name no property address, no tenant, and no acquisition terms, and the location is reported as not disclosed. The only property attribute on record is the asset category: net-lease retail. Investors reviewing this Trust would find the property details in the private placement memorandum (PPM), the sponsor's confidential offering document, rather than in any public filing.
Can I still invest in this Trust?
No. The Trust is closed to new investors. Its final Form D amendment, filed July 2, 2025, reported the offering fully subscribed, meaning no interests remained available. Trusts in this state are shown as Historical on Top1031 — the record stays published so exchangers can study the sponsor's track record and filing history.
Who sponsored and controls this Trust?
The July 2, 2025 Form D amendment identifies Apollo RE Exchange, LLC as sponsor, AX Manager, LLC as manager and signatory trustee, and AX I Depositor, LLC as depositor. In a Delaware statutory trust, the signatory trustee handles decisions the trust structure permits; beneficial owners hold passive interests and cannot direct operations.
What does Rule 506(b) mean for how this was sold?
Rule 506(b) is the private-placement exemption that lets an issuer sell securities without registering them, provided it does not use general solicitation or advertising. In practice that means investors reached the Trust through an existing relationship with a broker-dealer or the sponsor, and the offering was limited to accredited investors — people meeting the SEC's income or net-worth thresholds.
Will this Trust convert into a REIT through a 721 exchange?
The record for this Trust shows no 721/UPREIT exit path — that is, no disclosed mechanism to swap the DST interest for operating-partnership units in a REIT at the end of the hold. Absent such a provision, exiting investors typically face a property sale and the choice of another 1031 exchange or a taxable event.
Has anything happened since the offering closed?
Not in the public record. The most recent filing for this Trust on the SEC feed is the July 2, 2025 Form D amendment, and the reviewed materials show no sale, disposition, refinancing, or restructuring since. That is a limitation of what has been published, not evidence of any outcome one way or the other.