Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ADREX Diversified 3 DST is a Delaware statutory trust — a co-ownership vehicle that lets 1031 exchange investors hold fractional real estate interests — organized in Delaware in 2022 and sponsored by Ares Diversified Real Estate Exchange LLC, an affiliate of Ares Management Corporation.1 It was offered privately under Rule 506(b), which bars public advertising, and is now closed to new investors. Its filings name no property.
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These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission — Form D/A, ADREX Diversified 3 DST ↗
- U.S. Securities and Exchange Commission — Exhibit 21.1, Ares Real Estate Income Trust Inc. ↗
- U.S. Securities and Exchange Commission — Form D, ADREX Diversified 3 DST ↗
- U.S. Securities and Exchange Commission — Form D/A, ADREX Diversified 3 DST ↗
- sec.gov ↗
- ares.com ↗
- re-transition.com ↗
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?
The Trust's Form D filings name no property, address, or market, and no acquisition date, purchase price, or unit count for the Diversified 3 portfolio appears in the public record. The only asset-class signal is the ADREX program's own description of itself as focused on professionally managed multifamily communities in high-demand U.S. markets. That leaves the specific buildings behind this Trust unidentified.
Who is the tenant, and what's the lease?
No tenant, lease term, occupancy figure, or property operator is disclosed in the issuer's filings. Ares Real Estate Income Trust Inc.'s subsidiary list dated December 31, 2025 does include ADREX Diversified 3 Master Tenant LLC, the entity type that typically holds a master lease from the trust and runs day-to-day operations.2
How did it end?
No ending on record
SEC EDGAR's Form D/A and FormDs filing history confirm only that ADREX Diversified 3 DST's $223,800,000 offering was sold out, while the reviewed SEC/Ares entity disclosures identify no property disposition, 721/UPREIT conversion, foreclosure, or dated affirmative continuing ownership or operation, so the ultimate outcome is unknown.
Sponsored by Ares Diversified Real Estate Exchange LLC (an affiliate of Ares Management Corporation). The ADREX program focuses on professionally managed multifamily communities in high-demand U.S. markets. Specific property addresses, unit counts, and acquisition details for the Diversified 3 portfolio were not found in publicly indexed trade press or sponsor news releases within the research window.
Who's behind it?
Ares Diversified Real Estate Exchange LLC sponsors the ADREX 1031 exchange program and is an affiliate of Ares Management Corporation, a global alternative investment manager.1 Trust-level roles are held by affiliates: ADREX Diversified 3 Manager LLC as manager and ADREX Diversified 3 TRS LLC as depositor.1 Ares Real Estate Income Trust Inc. listed this Trust and those affiliated entities among its subsidiaries, all Delaware entities, as of December 31, 2025.2
- Sponsor
- Ares (ADREX)
- Legal Trust name
- ADREX Diversified 3 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 Form D reported that the first sale had yet to occur and identified equity securities.3 A later amendment reported a $246,611,570 offering and a first sale date of May 2, 2023.4 The final amendment restated the offering at the lower original figure and is the last issuer filing on record.1
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 4
- 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
What happened to ADREX Diversified 3 DST?
Top1031 lists ADREX Diversified 3 DST as historical. It is no longer raising money.
Where does Top1031 get the data for ADREX Diversified 3 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 property does ADREX Diversified 3 DST own?
The public record does not say. The Trust's Form D filings disclose no property name, address, city, or state, and no trade press or sponsor release identifying the Diversified 3 portfolio was located. The offering is categorized as multifamily, consistent with the ADREX program's stated focus on professionally managed multifamily communities in high-demand U.S. markets, but no specific community has been matched to this Trust.
Can I still invest in this Trust?
No. This is a Historical Trust — closed to new investors. Its last Form D amendment on record was filed March 19, 2024, and no later issuer filing appears in the SEC record for CIK 1970105. Sponsors of closed DSTs sometimes have other offerings raising capital, but this particular Trust is no longer accepting subscriptions.
What does Rule 506(b) mean for how this was sold?
Rule 506(b) is the private-placement exemption that lets an issuer sell securities without registering them, provided it does not advertise publicly and sells essentially only to accredited investors — people who meet SEC income or net-worth thresholds. In practice, that means investors learned about this Trust through a broker-dealer or registered representative relationship, not a public ad, and reviewed a private placement memorandum (PPM) describing the terms and risks.
How is it financed, and is there a lender?
Unknown from the public record. The Form D filings for this Trust do not disclose capitalization, a lender, loan amount, maturity, or loan-to-value, and no third-party source establishing them was located. Leverage is therefore recorded as unknown rather than assumed. The PPM issued at the time of the offering would be the document that sets out the debt structure.
Has the property been sold, or was there any exit?
No outcome has been reported yet. No issuer-specific public record was located showing a disposition, refinancing, distress event, or contribution to a REIT (a 721/UPREIT exit, where DST interests are exchanged for operating-partnership units) after the March 19, 2024 filing. The Trust remained on Ares Real Estate Income Trust Inc.'s subsidiary list as of December 31, 2025.