Top1031

ADREX Diversified 4 DST

Multifamily property · sponsored by Ares (ADREX)

HistoricalLast Form D, filed Apr 12, 2024, reports the offering fully sold (opens in a new tab)

ADREX Diversified 4 DST was a DST sponsored by Ares (ADREX) that owned a multifamily property. Its last Form D, filed Apr 12, 2024, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Apr 12, 2024, 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
$226,450,000
Equity offered, per the Form D
Sold
100%
Form D, Apr 12, 2024; the % is our arithmetic
Investors reported
134
Form D, Apr 12, 2024
Selling commissions
$12,476,584 · 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 →

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Ask a 1031 specialist about this recordFree. About: ADREX Diversified 4 DST. Top1031 is not a broker-dealer.

What did ADREX Diversified 4 DST own?

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 offering documents.

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

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 offering documents.

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
$12,476,584 · 5.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$10,605,096 · 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
18 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Oct 19, 2023
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 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

Legal Trust name
ADREX Diversified 4 DST
SEC CIK
1995294
First Form D
Sep 28, 2023
Latest Form D
Apr 12, 2024
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$226,450,000was $249,531,680
$226,450,000+$46,743,599
134+30
EDGAR
Form D/A$249,531,680
$179,706,401+$179,706,401
104
EDGAR
Form D$249,531,680
$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 4 DST?
ADREX Diversified 4 DST is a Historical offering. The last Form D, filed Apr 12, 2024, reports the offering fully sold.
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. The offering's recorded asset class is multifamily. Investors learn the specific real estate from the offering documents that the sponsor provides to prospective accredited investors.
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 offering documents.
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 offering documents.
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.

Sources

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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.