AX Diversified Retail Portfolio, DST
Retail in Multi-state (5) — sponsored by Apollo
a Kroger in Muncie, IN; a Kroger in Indianapolis, IN; a Sam's Club in Dallas, TX; a BJ's Wholesale Club in Jacksonville, FL; and Lowe's home improvement stores in Columbus, MS and Gadsden, AL · AltsWire reported an $89.5 million Apollo AX Diversified Retail Portfolio DST spanning five locations in Alabama, Florida, Indiana, Mississippi, and Texas; no per-property addresses or subscription/closure status was stated.
Show sources (5)Hide sources (5)
These links support the public record as a whole; individual details may come from different sources.
Multi-state (5) · multiple property locationsMultiple property locations are on record. A single map would not represent this portfolio.
What is this, in one paragraph?
AX Diversified Retail Portfolio, DST is a Delaware statutory trust — passive, fractional co-ownership of real estate that qualifies for 1031 exchange treatment — sponsored by Apollo RE Exchange, LLC.1 It holds six freestanding stores leased to Kroger, Sam's Club, BJ's Wholesale Club and Lowe's across five states, described in sponsor material as owned all-cash without mortgage debt.2 It is raising against an $89,517,000 maximum offering.1
Minimum investment
$25k
Offering size
$89.5M
How much has sold
17.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
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?
Sponsor material dated August 5, 2026 places the stores at 715 South Tillotson Avenue, Muncie; 8150 Rockville Road, Indianapolis; 5555 South Buckner Boulevard, Dallas; 12200 Atlantic Boulevard, Jacksonville; 2301 Woodmont Drive, Columbus, Mississippi; and 615 George Wallace Drive, Gadsden, Alabama.2 The Jax Daily Record reported on July 2, 2026 that the Jacksonville BJ's — 123,685 square feet on 7.65 acres, listed there at 12220 Atlantic Boulevard — sold to the Trust for $17,550,000.3
- Reported location
- Multi-state (5)
- Property size
- six freestanding, net-leased essential retail properties totaling 668,521 square feet
Who is the tenant, and what's the lease?
Each building is leased whole to a single retailer — Kroger, Sam's Club, BJ's Wholesale Club or Lowe's — on absolute-net terms, meaning the tenant rather than the Trust carries taxes, insurance and maintenance.2 Sponsor material reports roughly seven years of weighted-average remaining term and five to eight five-year renewal options per property.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
17.0% reported sold
- Amount sold
- $14,772,450
- Reported unsold
- $74,744,550
- Investors reported
- 25
- Total offering
- $89,517,000
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
How is it financed, and what does it pay?
Sponsor material dated August 5, 2026 describes the portfolio as all-cash: the stores were acquired free and clear, with no trust-level lender and no scheduled debt service.2 That leaves no loan maturity or refinancing deadline to track, and no leverage working in either direction. The Form D filings say nothing about financing.
Who's behind it?
Apollo RE Exchange, LLC — Apollo's 1031 exchange platform — is named as sponsor, with AX Manager, LLC as manager and signatory trustee and AX IV Depositor, LLC as depositor.1 AltsWire reported on July 8, 2026 that the platform launched this five-state retail portfolio. Separately, CoStar reported on March 20, 2026 that Apollo was committing $1 billion to everyday retail real estate through a joint venture with Realty Income covering roughly 500 single-tenant properties.
- 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?
Apollo filed the brief exempt-offering notice that issuers use instead of registering securities, then amended it as the amount sold and the investor count moved; the filings date the first sale to July 17, 2026.1 Interests go privately to accredited investors — those meeting SEC income or net-worth tests — with no general advertising or cold solicitation.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- AX Diversified Retail Portfolio, DST
- Filings on record
- 3
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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
Is AX Diversified Retail Portfolio, DST still raising money?
The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for AX Diversified Retail Portfolio, 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 does this Trust actually own?
Six freestanding, single-tenant net-leased retail buildings totaling approximately 668,521 net rentable square feet, per sponsor material dated August 5, 2026: Kroger at 715 South Tillotson Avenue, Muncie, Indiana; Kroger at 8150 Rockville Road, Indianapolis, Indiana; Sam's Club at 5555 South Buckner Boulevard, Dallas, Texas; BJ's Wholesale Club at 12200 Atlantic Boulevard, Jacksonville, Florida; Lowe's at 2301 Woodmont Drive, Columbus, Mississippi; and Lowe's at 615 George Wallace Drive, Gadsden, Alabama. The Jax Daily Record, reporting the Jacksonville sale on July 2, 2026, gave that address as 12220 Atlantic Boulevard and measured the building at 123,685 square feet on 7.65 acres. The one-digit address difference is unreconciled in the sources; per-building square footage for the other five stores appears in no source located through September 19, 2026.
Does the Trust use mortgage debt?
Sponsor material dated August 5, 2026 describes the Trust as capitalized entirely with equity, the properties acquired free and clear, with no trust-level lender and no scheduled debt service. The SEC Form D filings do not address financing at all, so the all-cash description is sponsor-reported rather than drawn from a public filing. An unlevered structure means there is no loan maturity or refinancing date to manage, and also no leverage. The Private Placement Memorandum — the sponsor's confidential offering document — is where that structure, and whether the Trust could borrow later, is documented.
When do the leases expire?
Sponsor material dated August 5, 2026 reports a weighted-average remaining lease term of approximately seven years across the six stores, with five to eight five-year renewal options per property held by the tenants. Store-by-store expiration dates were not established in the trust-specific materials located through September 19, 2026, and the Form D filings do not carry lease terms. The leases themselves and the PPM are the controlling documents for each store's expiration date and the exact renewal mechanics.
What tenant news has surfaced about these stores?
USA TODAY reported on August 17, 2026 that Kroger plans to shutter 60 stores during 2026; the article does not identify either of this Trust's Kroger locations, and no source located through September 19, 2026 places Muncie or Indianapolis on the closure list. The Shelby Report reported on August 3, 2026 that Kroger completed a $1.7 million remodel of an Indianapolis store at 4202 S. East St., and on September 2, 2026 that BJ's Wholesale Club membership reached a record 8.5 million without identifying the Jacksonville property. BJ's separately announced on September 14, 2026 a commitment to an investment-grade financial policy, including a target of holding leverage below 1.0x. Under a net lease a tenant generally keeps paying rent whether or not it operates the store, so go-dark and assignment language in the actual leases is what governs.
Is there a 721/UPREIT exit — a swap of Trust interests for REIT partnership units?
A 721/UPREIT exit is a structure in which a REIT's operating partnership acquires the trust property and investors receive partnership units instead of cash. Top1031's record for this Trust shows no REIT conversion feature, and the SEC Form D filings say nothing about exit mechanics. One sponsor-material page dated August 5, 2026 lists the offering as carrying a 721 exchange option, so the two descriptions do not agree. The trust agreement and the PPM are the documents that control whether any such conversion right exists and on what terms.
Who can invest, and what is the minimum?
The Offering relies on Rule 506(b), the private-placement exemption that limits sales to accredited investors and bars general advertising or cold solicitation. The Form D filings report a $25,000 minimum investment from any outside investor. The PPM and the selling broker-dealer govern the actual subscription minimum and the suitability standards applied, and intermediaries frequently set a higher floor than the filings state — particularly for exchange money as opposed to cash investments.
Chapter 9DST Fundraising Reaches $731.4M in June, YTD Pace Up 22% to $4.5BAltsWire reported that Apollo Real Estate Exchange launched the $89.5 million AX Diversified Retail Portfolio DST across five locations in Alabama, Florida, Indiana, Mississippi, and Texas.