ADREX Diversified 4 DST
Multifamily property — sponsored by Ares (ADREX)
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
ADREX Diversified 4 DST is a Delaware statutory trust organized in 2023 by Ares Diversified Real Estate Exchange LLC to hold multifamily real estate for 1031 exchange investors.1 A DST lets accredited investors own fractional interests that can qualify as like-kind replacement property in an exchange. The Trust was offered privately under Rule 506(b), and its properties are not publicly disclosed. Its most recent filing dates from April 12, 2024.3
Sponsor-reported, from SEC filings and cited 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?
Ares has not identified the real estate in this Trust's public filings: the Form D and its amendments state no property name, address, portfolio composition, or acquisition price.2 The asset class recorded for the offering is multifamily, but no location is given. Anything concrete about the buildings — how many, unit mix, year built — appears only in the private placement memorandum (PPM), the private offering document sent to prospective investors.
Who is the tenant, and what's the lease?
The Trust's public filings name no tenant and state no lease terms or occupancy.2 Multifamily property income comes from many short-term resident leases rather than one corporate tenant, so results depend on ongoing leasing rather than a single credit lease.
How did it end?
Still operating
No dedicated dated news coverage for ADREX Diversified 4 DST was found. The offering is sponsored by Ares Diversified Real Estate Exchange LLC, headquartered at 1200 17th Street, Suite 2900, Denver, CO 80202. Per SEC EDGAR, Form D was first filed 2023-09-28 and Form D/A filed 2024-04-12. Properties are not publicly disclosed.
How is it financed, and what does it pay?
The public Form D filings do not say whether the Trust carries mortgage debt, and no lender, loan amount, or maturity appears in the record.2 Any debt terms would be set out in the PPM.
Who's behind it?
The sponsor is Ares Diversified Real Estate Exchange LLC, the 1031 exchange platform of Ares' real estate business, with its principal office at 1200 17th Street, Suite 2900, Denver, Colorado.1 The same Form D names ADREX Diversified 4 Manager LLC as manager and ADREX Diversified 4 TRS LLC as depositor.1 Ares Real Estate Income Trust's subsidiary exhibit dated December 31, 2025 lists the Trust, its manager, and ADREX Diversified 4 Master Tenant LLC as Delaware subsidiaries.4
- Sponsor
- Ares (ADREX)
- May convert to a REIT
- No
- Offerings from this sponsor
- 5 active / 18 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 set the offering at $249,531,680 and reported that no sale had yet occurred; the first sale followed on October 19, 2023.1 Two amendments then tracked progress, and the later of them restated the offering size downward to match the amount raised.2
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- ADREX Diversified 4 DST
- Filings on record
- 3
- 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 4 DST?
ADREX Diversified 4 DST is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for ADREX Diversified 4 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 4 DST own?
The public record does not say. The Form D and its amendments name no property, address, or portfolio, and state no acquisition price, tenant, or occupancy.[2] The offering's recorded asset class is multifamily. Investors learn the specific real estate from the private placement memorandum (PPM) that the sponsor provides to prospective accredited investors.
Can I still invest in this Trust?
No — the Trust is closed to new investors. The latest amendment identified in the reviewed record, filed April 12, 2024, reported the offering fully subscribed, and no later amendment for this Trust has been identified.[3] The sales figures shown on this page come from that filing.
What does it mean that this was offered under Rule 506(b)?
Rule 506(b) is a private-placement exemption that lets an issuer raise money without registering the securities, but bars general advertising or public solicitation. Interests are offered privately, mainly to accredited investors — those meeting SEC income or net-worth thresholds — often through broker-dealers or advisers with an existing relationship to the buyer.
What was the minimum investment?
Each Form D filing for this Trust reported a $500,000 minimum outside investment. Minimums stated in a Form D describe the offering as filed; the binding terms, including any sponsor discretion to accept a smaller subscription, are in the PPM.
Is there a 721/UPREIT exit?
Nothing in the record indicates a planned 721/UPREIT exit — the transaction in which DST interests are exchanged for operating-partnership units in a REIT, converting the position from real estate into REIT units. Whether any such option exists for this Trust would be described in the PPM.
How does this Trust relate to Ares Real Estate Income Trust?
Ares Real Estate Income Trust's subsidiary exhibit dated December 31, 2025 lists ADREX Diversified 4 DST, ADREX Diversified 4 Manager LLC, and ADREX Diversified 4 Master Tenant LLC among its Delaware entities, showing the Trust sits within the Ares Real Estate Income Trust group of entities.[4]