ADREX Diversified 5 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 5 DST is a Delaware statutory trust — the structure that lets 1031 exchangers own fractional real estate and still defer capital gains — organized in 2023 and sponsored by Ares Diversified Real Estate Exchange LLC.1 It was offered under Rule 506(b), the private-placement rule that bars general advertising. The Trust is now Historical: closed to new investors, with no public disclosure of the underlying property.
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?
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 PPM — the private placement memorandum delivered to offerees.
How did it end?
Still operating
Ares Real Estate Exchange (ADREX) is a multifamily-focused sponsor program. No public press release, trade-press article, or term sheet for the specific 'Diversified 5' trust was located. The offering closed within ~8 months of its first filing.
Who's behind it?
Ares Diversified Real Estate Exchange LLC, the 1031 exchange program of Ares, is named as the sponsor of this Trust.1 Control sits with ADREX Diversified 5 Manager LLC as manager and ADREX Diversified 5 TRS LLC as depositor — the entity that places the property into the trust.1 Research through September 5, 2026 surfaced no sponsor development bearing specifically on this Trust.
- 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 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
- 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 5 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 5 DST?
ADREX Diversified 5 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 5 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.
Can I still invest in ADREX Diversified 5 DST?
No. The Trust is Historical — closed to new investors. Its last Form D amendment was filed October 16, 2024 and reported the offering complete. Interests in a closed DST can sometimes change hands privately, but there is no public market for them and the sponsor is no longer accepting subscriptions.
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 PPM is 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 PPM and the trust agreement.
What does Rule 506(b) mean for who could buy in?
Rule 506(b) is the private-placement exemption that lets an issuer sell without registering with the SEC, provided it does not advertise generally. In practice, sponsors sell 506(b) offerings to accredited investors they or their broker-dealers already know. The minimum subscription accepted from an outside investor in this Trust was $500,000.[1]
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 PPM.
Has the Trust sold its property or reported a result?
No outcome has been reported. The latest issuer filing on record is the October 16, 2024 Form D amendment, and research through September 5, 2026 identified no later filing and no disposition, refinancing, or other material property event for this Trust.