Top1031

ADREX Diversified 10 DST

Diversified portfolio (AREIT-sourced; Ares DST Program targets industrial/logistics, multifamily, self-storage) property — sponsored by Ares (ADREX)

Minimum investment
$500k
Offering size
$539.6M
How much has sold
71.0%
Asset type
Diversified portfolio (AREIT-sourced; Ares DST Program targets industrial/logistics, multifamily, self-storage) property
Location
Not stated
Financing
Leveraged. This offering reports mortgage debt on the property.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

ADREX Diversified 10 DST is a Delaware statutory trust — the fractional-ownership vehicle the IRS treats as replacement property for a 1031 exchange — organized in 2025 and sponsored by Ares Diversified Real Estate Exchange LLC.1 Its Form D notices disclose offering terms only: no property, address, tenant, or debt appears in the public record.2 The Trust is still raising.

Min $500k; $381.0M of $539.6M sold (~71%) per D/A 2026-02-27; 506(b); interests outstanding per AREIT FY2025 10-K

Show sources (7)Hide sources (7)

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

Location not on recordThe SEC filings for this offering do not give a property address. The filing history below is the current public record.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

The Trust was organized in Delaware in 2025 and gives its principal place of business as 1200 17th Street, Suite 2900, Denver, Colorado, an Ares office.1 Neither the initial notice nor its amendment names a property, address, tenant, occupancy, or purchase price.2 Top1031's data classifies the Trust as a diversified portfolio sourced from Ares' non-traded REIT, with the individual assets undisclosed.

Chapter 3

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.

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 Feb 27, 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.
71.0% reported sold
Amount sold
$381,006,617
Still available
$158,552,612
Investors reported
202
Total offering
$539,559,229
Amount soldInvestors
Oct 6, 2025Feb 27, 2026
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Chapter 4

How is it financed, and what does it pay?

The public record is silent on debt: no Form D filing names a lender, loan amount, maturity, or loan-to-value figure, and none states whether the Trust carries mortgage financing at all.2 Leverage here is a question for the PPM — the private placement memorandum given to prospective investors — not for the filings.

Chapter 6

What does the paperwork say?

The initial notice reported that the first sale had yet to occur; the single amendment since then updated the amount sold and the investor count.2 Interests are offered under an exemption that bars general advertising and confines sales to accredited investors — those meeting SEC income or net-worth tests — with whom the sponsor already has a relationship.

  1. First Form D filedThe public offering record begins.
  2. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
2
How it may be offered
Rule 506(b)Not advertised publicly. Offered through existing relationships.
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.

Chapter 7

Common questions

Is ADREX Diversified 10 DST still raising money?

Top1031 lists ADREX Diversified 10 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

Where does Top1031 get the data for ADREX Diversified 10 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 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 its affiliated entities, and the offering terms — no address, no tenant, no portfolio schedule. Top1031's data classifies it as a diversified portfolio sourced from Ares' non-traded REIT. The private placement memorandum (PPM) is the only place the assets are identified.

Is the Trust still accepting investors?

Yes as of the latest filing. The February 27, 2026 Form D amendment reports the offering as not fully subscribed, and the Trust remains in its raise. Amounts sold and remaining, plus the reported investor count, appear in the sales figures on this page. Availability can change between filings, so confirm current status with the sponsor or your representative.

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 reports a $500,000 minimum investment 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 PPM are worth reading closely.

Who is Ares Real Estate Exchange?

It is the 1031 exchange platform of Ares Management's real estate business; Ares Diversified Real Estate Exchange LLC is named as sponsor of this Trust in its Form D. AltsWire, citing Mountain Dell data, reported the platform raised roughly $1.6 billion of DST equity in 2025, the largest total of any sponsor that year at a 19.08% share.

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. This Trust's data shows no REIT conversion feature, so confirm the exit mechanics stated in the PPM.