Top1031

AX Diversified Retail Portfolio, DST

11 retail properties in 5 states · sponsored by Apollo

Active offeringLatest Form D filed Nov 2, 2026 · 5 filings since Jul 31, 2026 (opens in a new tab)

AX Diversified Retail Portfolio, DST is a DST sponsored by Apollo that owns 11 retail properties in 5 states. Its latest Form D, filed Nov 2, 2026, lists a $89.5 million offering with a $25,000 minimum.

Key facts

A free account shows how much of each active offering has sold and the Sponsor Grade letters.
Minimum investment
$25,000
From the Form D
Offering size
$89,517,000
Equity offered, per the Form D
Sold so far
Raising
48.2%
Form D, Nov 2, 2026; the % is our arithmetic
Investors reported
59
Form D, Nov 2, 2026
Selling commissions
$5,817,000 · 6.4% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries 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 →

Sales so far

A free account shows how much of each active offering has sold and the Sponsor Grade letters.

Raising

Latest Form D
Nov 2, 2026 · 5 filings
First sale
Jul 17, 2026

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Nov 2, 2026.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$43,227,474
Not yet sold
$46,289,526
Investors
59

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

48.2% of $89,517,000 sold, calculated by Top1031 from the Form D

Average since first sale
about $12.1 million a month

Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.

Ask a 1031 specialist about this recordFree. About: AX Diversified Retail Portfolio, DST. Top1031 is not a broker-dealer.

No photo on record. Multiple property locations are on record; no single map.

What does the Trust own?

Offering material identifies the six stores as Kroger supermarkets in Muncie and Indianapolis, Indiana; a Sam's Club in Dallas; a BJ's Wholesale Club in Jacksonville; and Lowe's home improvement stores in Columbus, Mississippi, and Gadsden, Alabama. 2 The Jax Daily Record reported the Jacksonville club, a 123,685-square-foot building, sold to this Trust for $17,550,000 among sales recorded June 22 to 28, 2026. 3

Reported location
Multi-state (5)
Property size
six freestanding, net-leased essential retail properties totaling 668,521 square feet

Tenant and lease terms are not in the SEC filings or cited sources.

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%1.2%48.2%Jul 31, 2026Nov 2, 20260%50%100%1.2%48.2%Jul 31, 2026Nov 2, 2026

How is it financed, and what did it cost to sell?

Offering material describes the Trust as funded with investor equity and no trust-level mortgage, so there is no lender, no loan maturity and no refinancing deadline, and no borrowed money working in either direction. 2

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$5,817,000 · 6.4% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,155,000 · 1.2% of offering
Form 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

Individual representatives named in Item 12 are not listed.

Date of first sale
Jul 17, 2026
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.

What does the SEC record show?

Apollo filed the Trust's first Form D, the brief notice issuers file for a private offering instead of registering securities, and has amended it since; the filings date the first sale of interests to July 17, 2026. 1 Interests are offered privately, without general advertising.

Legal Trust name
AX Diversified Retail Portfolio, DST
SEC CIK
2146055
First Form D
Jul 31, 2026
Latest Form D
Nov 2, 2026
Filings on record
5
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$89,517,000
$43,227,474+$17,632,925
59+14
EDGAR
Form D/A$89,517,000
$25,594,549+$10,822,099
45+20
EDGAR
Form D/A$89,517,000
$14,772,450+$8,756,196
25+17
EDGAR
Form D/A$89,517,000
$6,016,254+$4,874,038
8+7
EDGAR
Form D$89,517,000
$1,142,216
1
EDGAR

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

Is AX Diversified Retail Portfolio, DST an active offering?
AX Diversified Retail Portfolio, DST is an Active offering: its latest Form D was filed Nov 2, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
What does this Trust actually own?
Six freestanding, single-tenant net-leased retail buildings totaling about 668,521 net rentable square feet across five states, according to offering material distributed by Baker 1031 Investments: Kroger supermarkets in Muncie and Indianapolis, Indiana; a Sam's Club in Dallas; a BJ's Wholesale Club in Jacksonville; and Lowe's home improvement stores in Columbus, Mississippi, and Gadsden, Alabama. The Jax Daily Record reported on July 2, 2026 that the Jacksonville BJ's, a 123,685-square-foot building, sold to the Trust for $17,550,000 among transactions recorded June 22 to 28, 2026.
What does single-tenant, net-leased mean here?
One retailer occupies each entire building and pays, on top of rent, some or all of the property taxes, insurance and maintenance a landlord would otherwise carry. How far that cost shift goes varies lease by lease. A Delaware statutory trust is also restricted from actively operating real estate, so lease administration in DST structures is commonly handled through a master lease to an entity affiliated with the sponsor; the offering documents and the underlying leases control both points.
How long are the leases?
Offering material distributed by Baker 1031 Investments reports an approximately seven-year weighted-average remaining lease term across the six properties. That is a blended figure, so individual stores sit above and below it. The SEC Form D filings carry no lease terms; the leases themselves, summarized in the offering documents, govern each store's expiration date and renewal options.
Does the Trust use mortgage debt?
Offering material from Baker 1031 Investments describes the Trust as capitalized with $89,517,000 of equity and no trust-level debt, meaning the six properties are presented as held without mortgage financing. That is a sponsor-side description rather than a figure drawn from the SEC filings, which do not address financing. An unlevered structure carries no loan maturity and no refinancing date, and also no borrowing to amplify results in either direction.
How might the investment end?
Offering material from Baker 1031 Investments states an estimated hold period of 10 years, which is an estimate rather than a completed holding period. The record shows no planned conversion to a REIT, so a 721 or UPREIT exit, in which trust interests are swapped for operating-partnership units in a REIT, is not part of the stated plan. A sale of the properties and distribution of proceeds is the structure's usual endpoint, and the offering documents and trust agreement govern it.
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, those meeting SEC income or net-worth tests, and bars general advertising or cold solicitation. The Form D filings report a $25,000 minimum investment from any outside investor. In practice the offering documents and the selling broker-dealer set the actual subscription minimum and the suitability standards applied, and intermediaries often use a higher floor than the filings state.

In the news

Top commercial sales of the weekThe local commercial-sales roundup reported that a BJ's Wholesale Club property at 12220 Atlantic Blvd. sold for $17,550,000 to AX Diversified Retail Portfolio DST, with 7.65 acres and a 123,685-square-foot building.
Jax Daily Record ↗

Sources

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These links support the record as a whole; individual details may come from different sources.

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.