AX DG San Antonio, DST
Net lease retail property · sponsored by Apollo
AX DG San Antonio, DST was a DST sponsored by Apollo that owned a net lease retail property. Its last Form D, filed Jul 2, 2025, reports the offering fully sold.
How it ended
The last Form D, filed Jul 2, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $38,670,000Equity offered, per the Form D
- Sold
- 100%Form D, Jul 2, 2025; the % is our arithmetic
- Investors reported
- Form D, Jul 2, 202559
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,315,000 · 5.9% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: AX DG San Antonio, DST. Top1031 is not a broker-dealer.What did AX DG San Antonio, DST own?
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.
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $2,315,000 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,065,000 · 2.7% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of offering and organizational expenses that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 5 named in the Form D
Show the firms
- Arkadios Capital · CRD 282710
- Concorde Investment Services, LLC · CRD 151604
- Nationwide Planning Associates Inc. · CRD 31029
- Realized Financial, Inc. · CRD 22333
- Realta Equities, Inc. · CRD 23769
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jun 22, 2023
- Minimum investment
- $25,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind AX DG San Antonio, DST?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- AX DG San Antonio, DST
- SEC CIK
- 1979731
- First Form D
- Jul 6, 2023
- Latest Form D
- Jul 2, 2025
- Filings on record
- 10
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $38,670,000 | $38,670,000+$3,626,730 | 59+5 | EDGAR | |
| Form D/A | $38,670,000 | $35,043,270+$3,746,969 | 54+3 | EDGAR | |
| Form D/A | $38,670,000 | $31,296,301+$4,295,862 | 51+8 | EDGAR | |
| Form D/A | $38,670,000 | $27,000,439+$6,657,013 | 43+4 | EDGAR | |
| Form D/A | $38,670,000 | $20,343,426+$9,960,627 | 39+18 | EDGAR | |
| Form D/A | $38,670,000 | $10,382,799+$1,037,225 | 21+5 | EDGAR | |
| Form D/A | $38,670,000 | $9,345,574+$7,322,364 | 16+4 | EDGAR | |
| Form D/A | $38,670,000 | $2,023,210+$1,559,193 | 12+8 | EDGAR | |
| Form D/A | $38,670,000 | $464,017+$194,473 | 4+2 | EDGAR | |
| Form D | $38,670,000 | $269,544 | 2 | EDGAR |
Show all 10 SEC Form D filings
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- What happened to AX DG San Antonio, DST?
- AX DG San Antonio, DST is a Historical offering. The last Form D, filed Jul 2, 2025, reports the offering fully sold.
- 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 offering documents, rather than in any public filing.
- 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.
- 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.
Sources
Show sources (5)Hide sources (5)
These links support the record as a whole; 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 ↗
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 offering documents before investing.