ADREX Diversified 10 DST
Diversified portfolio (AREIT-sourced; Ares DST Program targets industrial/logistics, multifamily, self-storage) property — sponsored by Ares (ADREX)
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ADREX Diversified 10 DST is a Delaware statutory trust — the fractional-ownership structure the IRS treats as valid replacement property for a 1031 exchange — organized in 2025 and sponsored by Ares Diversified Real Estate Exchange LLC.1 Its two Form D notices disclose offering terms only: no property, address, tenant, or loan 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
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These links support the public record as a whole; individual details may come from different 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?
ADREX Diversified 10 DST was organized in Delaware in 2025 as a vehicle 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 Top1031's data classifies it as a diversified portfolio sourced from Ares' non-traded REIT, with the Ares DST program targeting industrial and logistics, multifamily and self-storage; the individual assets remain undisclosed.
Who is the tenant, and what's the lease?
No filing in the public record reviewed identifies a tenant, operator, lease structure, or occupancy level for this Trust — a diversified portfolio can carry many leases at once, and none of them appear in the Form D record.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.
- Amount sold
- $381,006,617
- Still available
- $158,552,612
- Investors reported
- 202
- Total offering
- $539,559,229
How is it financed, and what does it pay?
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 PPM — the private placement memorandum given to prospective investors — not for the filings.
Who's behind it?
The Form D names ADREX Diversified 10 Manager LLC as manager and signatory trustee and ADREX Diversified 10 TRS LLC as depositor, the affiliate that assembles the asset and conveys interests to the Trust.1 AltsWire, citing Mountain Dell data, reported the Ares exchange platform led year-to-date DST fundraising through July 2026 with roughly $1.2 billion raised.3 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.4
- Sponsor
- Ares (ADREX)
- Legal Trust name
- ADREX Diversified 10 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 active / 17 total offerings from Ares (ADREX)
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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 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.
- First Form D filedThe public offering record begins.
- 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.
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 led year-to-date DST fundraising through July 2026 with approximately $1.2 billion raised and a 22.2% share of the market.
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 that Ares' non-traded REIT issued operating-partnership units for DST interests in 2026, but the exit mechanics that bind this Trust are the ones stated in its PPM.