Is AX Essential Retail Portfolio an active DST offering?

AX Essential Retail Portfolio is classified by Top1031 as an active offering. Active does not confirm that interests remain available.

Where does the data for AX Essential Retail Portfolio come from?

Top1031 tracks AX Essential Retail Portfolio from SEC Form D filings and cited sponsor disclosures.

AX Essential Retail Portfolio

Legal trust name AX Essential Retail Portfolio, DST

RaisingNet lease

Offering size$91.5M

Asset typeNet Lease

LocationMulti-state

FinancingNot disclosed

Regulation D exemptionRule 506(b)

Sponsor-reported potential 721/UPREIT exitYes

First filedDec 11, 2025

Last filedJul 9, 2026

Minimum$25k

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.

AX Essential Retail Portfolio, DST is an Apollo-sponsored Delaware statutory trust holding four free-standing, grocery-anchored retail properties totaling 248,103 square feet along the I-5 / North Puget Sound corridor north of Seattle, in Ferndale, Burlington, Stanwood, and Mount Vernon, Washington. All four are leased on an absolute-net basis to Safeway Inc. doing business as Haggen, a subsidiary of Albertsons Companies. The trust was capitalized on an all-cash, debt-free basis, acquiring the properties for $84.4 million against a $91.52 million offering. Its sponsor is Apollo RE Exchange, LLC, an affiliate of Apollo Global Management.

506(b); $91.52M offering, $69.3M sold / $22.2M remaining (6/11/26 D/A); min $25k; 1031/721 into Apollo AX program

Form D raise progress
About Form D raise progress
Top1031 compares the amount reported sold with the stated offering amount in issuer-filed Form D notices through Jul 9, 2026.
Amounts are self-reported by the issuer and may be amended.
Filings can lag current subscriptions and do not confirm that interests remain available.
A Form D notice does not mean the SEC approved, endorsed, or verified the offering.
Latest Form D filed Jul 9, 2026

Based on issuer-filed Form D notices through Jul 9, 2026. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Reported sold as a percentage of stated offering amount85.0%

Capital sold, per latest Form D$77,577,897

Remaining amount reported in latest Form D$13,942,103

Investor count reported in latest Form D103

Stated minimum investment$25,000

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SEC filing recordMatched to public SEC filings

First filedDec 11, 2025

Latest filingJul 9, 2026

Filings tracked10

View filing on SEC EDGAR

Form D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.

Offering profile

SEC filings + cited sourcesUpdated Jul 13, 2026

Portfolio and location

The trust holds four free-standing, grocery-anchored retail properties totaling 248,103 square feet in Washington State, positioned along the I-5 / North Puget Sound corridor north of Seattle: Ferndale (built 1997; 60,835 SF), Burlington (2001; 63,500 SF), Stanwood (1995; 60,168 SF), and Mount Vernon (2000; 63,600 SF), with an anchor address of 2601 E Division Street in Mount Vernon and 1,458 total parking spaces.¹

Tenant and lease structure

All properties are leased to a single tenant, Safeway Inc. doing business as Haggen, a wholly owned subsidiary of Albertsons Companies, Inc. (NYSE: ACI). The leases are absolute-net/triple-net with an original 240-month (20-year) term and multiple five-year renewal options, carrying a weighted average remaining lease term of roughly ten years; the Mount Vernon lease expires December 6, 2034.¹

Sponsor and capitalization

The sponsor is Apollo RE Exchange, LLC, an affiliate of Apollo Global Management; the manager is AX Essential Retail Portfolio Manager, LLC and the depositor is AX III Depositor, LLC, all Apollo affiliates at 9 West 57th Street.² The trust was capitalized on an all-cash, debt-free basis, acquiring the four properties for $84,400,000 against a $91,520,000 offering, with the properties leased to an affiliated master tenant, AX Essential Retail Portfolio LeaseCo, LLC, capitalized by a non-interest-bearing $2,864,000 demand note from an Apollo affiliate.¹

Offering filings

An issuer-filed Form D/A dated July 9, 2026 reported a total offering amount of $91,520,000 with $77,577,897 sold as of that filing.³ Top1031 records the offering as carrying a Section 721 exit feature.⁴

Sources (4)

In the news

Mar 20, 2026Apollo To Invest $1B In Realty Income Single-Tenant PropertiesApollo announced a joint venture with Realty Income involving approximately 500 single-tenant retail properties, sponsor-level context relevant to Apollo's DST platform.

Bisnow ↗

Mar 19, 2026Realty Income and Apollo to Establish Strategic PartnershipApollo-managed funds commit $1.0 billion for a 49% interest in a newly formed JV with Realty Income that will own ~500 single-tenant retail properties across dollar stores, QSR, drug stores, grocery and health/fitness sectors — the underlying pool that backs Apollo's AX Essential Retail Portfolio DST.

Realty Income ↗also: Apollo Global Management (PR Newswire) ↗

Mar 19, 2026Apollo Global commits $1 billion for retail joint venture with commercial REIT Realty IncomeReuters coverage of Apollo's $1 billion commitment to acquire a 49% stake in a JV with Realty Income covering ~500 single-tenant retail properties, providing the asset pipeline for Apollo's AX Essential Retail Portfolio DST program.

Reuters ↗also: HedgeCo Insights ↗also: PereNews ↗

Frequently asked questions

Is AX Essential Retail Portfolio currently active?

AX Essential Retail Portfolio is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.

Where does Top1031 get the data for AX Essential Retail Portfolio?

Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.