Top1031

ADREX Diversified 5 DST

Multifamily property · sponsored by Ares (ADREX)

HistoricalLast Form D, filed Oct 16, 2024, reports the offering fully sold (opens in a new tab)

ADREX Diversified 5 DST was a DST sponsored by Ares (ADREX) that owned a multifamily property. Its last Form D, filed Oct 16, 2024, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Oct 16, 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
$219,050,000
Equity offered, per the Form D
Sold
100%
Form D, Oct 16, 2024; the % is our arithmetic
Investors reported
145
Form D, Oct 16, 2024
Selling commissions
$12,068,871 · 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.
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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: ADREX Diversified 5 DST. Top1031 is not a broker-dealer.

What did ADREX Diversified 5 DST own?

Top1031's records classify this Trust as multifamily, consistent with Ares Real Estate Exchange's multifamily-focused program. No public press release, trade-press article, or term sheet identifying the specific property or portfolio behind "Diversified 5" was located, and the Form D filings name no asset, city, or square footage. Asset-level detail exists only in the offering documents.

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

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
$12,068,871 · 5.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$10,258,540 · 4.6% of offering
Form D Item 16
· The filing’s note: “Estimate includes Dealer Manager Fee, Facilitation Fee and Organization Exp. and RE Transaction Cost Allowance that may accrue to one or more related persons.”
Broker-dealers named in the Form D
17 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Mar 15, 2024
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 reported an offering of $241,377,410 with nothing yet sold and no investors. 2 The first sale came on March 15, 2024, and the final amendment reduced the stated offering size and reported the raise complete. 1

Legal Trust name
ADREX Diversified 5 DST
SEC CIK
2010881
First Form D
Feb 7, 2024
Latest Form D
Oct 16, 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$219,050,000was $241,377,410
$219,050,000+$163,107,004
145+109
EDGAR
Form D/A$241,377,410
$55,942,996+$55,942,996
36
EDGAR
Form D$241,377,410
$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 5 DST?
ADREX Diversified 5 DST is a Historical offering. The last Form D, filed Oct 16, 2024, reports the offering fully sold.
What property does this Trust own?
The public record does not say. Form D filings do not require an issuer to describe its real estate, and no press release, trade-press article, or term sheet identifying the specific property or portfolio was located. Top1031 classifies the Trust as multifamily based on the sponsor's program focus, not on a confirmed asset match. The offering documents are the only source for the property.
Is the Trust leveraged, and who is the lender?
Unknown from public filings. Form D does not disclose mortgage debt, loan-to-value, or lender identity, and no other public source establishing the Trust's financing structure was found. Debt terms, if any, would be described in the offering documents and the trust agreement.
Can this Trust roll into a REIT through a 721 exchange?
The record shows no 721/UPREIT conversion feature — the mechanism by which some DSTs contribute their property to a REIT operating partnership in exchange for OP units. Any conversion right would be set out in the trust agreement and offering documents.

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.