Top1031

ADREX Diversified 9 DST

Multifamily property · sponsored by Ares (ADREX)

HistoricalLast Form D, filed Mar 2, 2026, reports the offering fully sold (opens in a new tab)

ADREX Diversified 9 DST was a DST sponsored by Ares (ADREX) that owned a multifamily property. Its last Form D, filed Mar 2, 2026, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Mar 2, 2026, 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
$436,650,000
Equity offered, per the Form D
Sold
100%
Form D, Mar 2, 2026; the % is our arithmetic
Investors reported
228
Form D, Mar 2, 2026
Selling commissions
$24,057,851 · 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 →

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 9 DST. Top1031 is not a broker-dealer.

What did ADREX Diversified 9 DST own?

Neither the Trust's SEC filings nor any reviewed public source names the buildings behind this offering. AltsWire's March 16, 2025 industry roundup identified it as an Arizona and California multifamily portfolio; addresses, unit counts, and square footage remain undisclosed. The Form D amendment classifies the securities only as equity tied to "Other Real Estate." 1

Property size
Targeted more than $167 million in equity (reported by AltsWire)

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

The public record does not say whether the Trust carries mortgage debt. No lender, loan amount, or loan term appears in its Form D filings, and no other reviewed source discloses the capital structure.

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
$24,057,851 · 5.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$20,449,173 · 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
21 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jun 25, 2025
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 Trust filed an initial Form D stating that the first sale had not yet occurred, then a single amendment reporting a first sale on June 25, 2025 and a total offering amount lower than the figure first noticed. 1 It was offered under Rule 506(b), the private-placement exemption that bars general advertising and limits sales to accredited investors.

Legal Trust name
ADREX Diversified 9 DST
SEC CIK
2070119
First Form D
May 28, 2025
Latest Form D
Mar 2, 2026
Filings on record
2
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$436,650,000was $481,157,025
$436,650,000+$436,650,000
228
EDGAR
Form D$481,157,025
$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 9 DST?
ADREX Diversified 9 DST is a Historical offering. The last Form D, filed Mar 2, 2026, reports the offering fully sold.
What property does this Trust actually own?
The public record does not say. AltsWire identified ADREX Diversified 9 DST as an Arizona and California multifamily offering in its March 16, 2025 roundup, but the SEC filings name no properties, addresses, unit counts, or square footage, and no other reviewed public source discloses them. Those details would sit in the offering documents.
What was the minimum investment?
Both Form D filings state a minimum outside investment of $500,000. That is a high entry point relative to many DSTs and reflects an offering aimed at larger exchange proceeds.
Does this Trust have a 721/UPREIT exit?
Nothing in the record indicates one. A 721 or UPREIT exit is where a DST's property is contributed to a REIT's operating partnership in exchange for units, converting a property interest into REIT ownership. The filings reviewed describe no such feature and no stated exit plan for this Trust.
Is there any reported outcome for this Trust?
No outcome has been reported yet. Records reviewed through September 14, 2026 establish no sale, disposition, refinancing, foreclosure, or other material property event for ADREX Diversified 9 DST.

In the news

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.