Top1031

ADREX Diversified 10 DST

Diversified portfolio · sponsored by Ares (ADREX)

HistoricalLast Form D, filed Sep 30, 2026, reports the offering fully sold (opens in a new tab)

ADREX Diversified 10 DST was a DST sponsored by Ares (ADREX) that owned a diversified portfolio. Its last Form D, filed Sep 30, 2026, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Sep 30, 2026, reports the offering fully sold.

Ares (ADREX) has 4 active offerings on record →

Key facts

Minimum investment
$500,000
From the Form D
Offering size
$489,650,000
Equity offered, per the Form D
Sold
100%
Form D, Sep 30, 2026; the % is our arithmetic
Investors reported
265
Form D, Sep 30, 2026
Selling commissions
$26,977,961 · 5.5% 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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: ADREX Diversified 10 DST. Top1031 is not a broker-dealer.

What did ADREX Diversified 10 DST own?

ADREX Diversified 10 DST was organized in Delaware in 2025 for Ares' exchange program. 1 Neither the October 2025 notice nor its February 2026 amendment names a property, an address, or a purchase price. 2 Ares Real Estate Income Trust listed the Trust among its subsidiaries as of December 31, 2025, consistent with Top1031's classification of it as a diversified portfolio sourced from that non-traded REIT; the individual assets remain undisclosed. 3

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

The public record is silent on debt: no filing names a lender, loan amount, maturity, or loan-to-value, and none states whether the Trust carries a mortgage at all. 2 Leverage here is a question for the offering documents not for the filings.

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
$26,977,961 · 5.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$22,931,266 · 4.6% of offering
Form D Item 16
· The filing’s note: “Estimate includes Dealer Manager Fee, Facilitation Fee and Organizational Exp. and RE Transaction Cost Allowance that may accrue to one or more related persons.”
Broker-dealers named in the Form D
19 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Oct 27, 2025
Minimum investment
$500,000

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?

The initial notice reported that no sale had yet occurred; the amendment reports October 27, 2025 as the date of first sale and updates the amount sold and the investor count. 2 Interests are offered under an exemption that bars general advertising and limits sales to accredited investors — those meeting SEC income or net-worth tests.

Legal Trust name
ADREX Diversified 10 DST
SEC CIK
2090008
First Form D
Oct 6, 2025
Latest Form D
Sep 30, 2026
Filings on record
3
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$489,650,000was $539,559,229
$489,650,000+$108,643,383
265+63
EDGAR
Form D/A$539,559,229
$381,006,617+$381,006,617
202
EDGAR
Form D$539,559,229
$0
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

What happened to ADREX Diversified 10 DST?
ADREX Diversified 10 DST is a Historical offering. The last Form D, filed Sep 30, 2026, reports the offering fully sold.
What real estate does this Trust actually own?
The public filings do not say. The October 6, 2025 Form D and the February 27, 2026 amendment disclose the issuer, the sponsor, and the offering terms — no address, no tenant, no portfolio schedule. Ares Real Estate Income Trust's subsidiary list as of December 31, 2025 includes the Trust and an affiliated master tenant entity, but not the underlying assets. Top1031's data classifies it as a diversified portfolio sourced from that non-traded REIT. The offering documents are the only place the properties are identified.
Who can invest, and what is the minimum?
The offering is made under Rule 506(b) of Regulation D, an exemption that prohibits general solicitation or advertising and limits sales to investors with a pre-existing relationship to the sponsor — in practice, accredited investors, meaning those meeting SEC income or net-worth tests. The Form D amendment filed February 27, 2026 states a $500,000 minimum investment accepted from an outside investor.
Is this Trust leveraged?
Unknown from public filings. Form D notices do not report loans, lenders, or loan-to-value, and no debt disclosure for this Trust appears in the record reviewed. Leverage matters to a 1031 exchanger because replacement debt can be needed to match the mortgage debt on the relinquished property, so the loan terms stated in the offering documents are worth reading closely.
What does the master tenant entity mean for me?
Ares Real Estate Income Trust's subsidiary list as of December 31, 2025 names ADREX Diversified 10 Master Tenant LLC alongside the Trust. In a typical DST, a master tenant leases the real estate from the trust and handles operations, which keeps the trust passive enough to satisfy the tax rules for exchange replacement property. The rent, term, and remedies of that master lease are not in the Form D record; they are set out in the offering documents.
How would an investor eventually exit?
DST interests are illiquid and there is no secondary market; investors generally wait for the sponsor to sell or otherwise dispose of the property. Some sponsors offer a 721/UPREIT exit, in which trust interests are contributed to a REIT's operating partnership in exchange for units. AltsWire reported on July 17, 2026 that Ares' non-traded REIT issued 25 million operating-partnership units in exchange for DST interests, a net $200 million investment, but the exit mechanics that bind this Trust are the ones stated in its offering documents.

Sources

Show sources (8)Hide sources (8)

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.