Top1031

ADREX Multifamily I DST

Multifamily property — sponsored by Ares (ADREX)

Minimum investment
$500k
Offering size
$283.9M
How much has sold
100.0%
Asset type
Multifamily property
Location
Not stated
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

ADREX Multifamily I DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests qualify for 1031 exchanges — organized in 2022 by Ares.1 It sold interests to accredited investors, those meeting SEC income or net-worth tests, in a private placement and is now closed to new investors.9 Public filings never identify the underlying multifamily property.2

Show sources (11)Hide sources (11)

These links support the historical public record; individual details may come from different sources.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

The Trust is classified multifamily, but the public record stops there: the Form D filings name no property, address, unit count, or market.2 Ares Real Estate Income Trust Inc. listed ADREX Multifamily I DST, ADREX Multifamily I Manager LLC, and ADREX Multifamily I Master Tenant LLC among its Delaware subsidiaries as of December 31, 2024, placing the asset inside the Ares real estate platform.5

Chapter 3

Who is the tenant, and what's the lease?

Apartments lease unit by unit on short residential terms, so income depends on ongoing occupancy rather than one corporate tenant's credit. Ares Real Estate Income Trust's subsidiary list includes ADREX Multifamily I Master Tenant LLC, the leasing entity typical of a DST.5 Lease terms, operator, and occupancy are not stated in the public filings.3

Chapter 4

How did it end?

What happened

No ending on record

Form D amendments through October 2023 closed the raise; no full-cycle announcement, sponsor newsroom press release, AltsWire coverage, or 721 UPREIT conversion notice naming ADREX Multifamily I was located despite targeted searches of Ares, AltsWire, and SEC EDGAR, though a 2024 Ares subsidiary list confirms the entities still exist.

The dated 2025 coverage describes Ares filing a 2022 Form D seeking more than $315 million for ADREX Multifamily I DST; no underlying property, physical address, size, or exact-property image was publicly identified in reviewed pages.

Supporting evidence
Chapter 5

How is it financed, and what does it pay?

The Form D filings do not say whether the Trust carries mortgage debt or was acquired all-cash, and no lender is named.4

Chapter 7

What does the paperwork say?

The first sale under this offering occurred on August 24, 2022.8 The final amendment, filed October 11, 2023, revised the total offering amount down from the $315,482,094 first reported in June 2022.7 No later named-entity filing was located in the public record through August 22, 2026.9

  1. First Form D filedThe public offering record begins.
  2. Offering amount recordedA Form D amendment recorded offering and sales totals.
  3. Filing record updatedA later amendment updated the sponsor’s filing record.
  4. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
5
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.

Chapter 8

Common questions

What happened to ADREX Multifamily I DST?

Top1031 lists ADREX Multifamily I DST as historical. It is no longer raising money.

Where does Top1031 get the data for ADREX Multifamily I 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 Multifamily I DST?

No. The Trust is Historical — closed to new investors. Its last Form D amendment was filed October 11, 2023, and research through August 22, 2026 located no later filing for this entity.

What property does this Trust own?

The public record does not say. The Form D filings classify the offering as multifamily but name no property, address, unit count, or market, and no other primary source located by research identifies the asset. The private placement memorandum (PPM) issued to subscribing investors would have identified it.

What was the minimum investment?

The June 2022 Form D reported a $500,000 minimum investment for outside investors, alongside an estimated $315,482,094 equity offering under Rule 506(b).

What does "Delaware statutory trust" and "Rule 506(b)" mean here?

A Delaware statutory trust (DST) is a passive co-ownership vehicle whose beneficial interests the IRS treats as real property, so they can receive 1031 exchange proceeds. Rule 506(b) is the private placement exemption that lets a sponsor raise unlimited capital from accredited investors without general advertising or public solicitation. This Trust was organized in Delaware in 2022.

Is there a 721/UPREIT exit planned?

The record shows no 721 exchange or UPREIT conversion feature — that is, no disclosed provision to swap investors' DST interests for operating partnership units in a REIT. Any exit mechanics would be governed by the Trust's own offering documents.

How much leverage does the Trust use?

Not disclosed. The Form D filings state no mortgage amount, loan-to-value, lender, or acquisition price, and no other primary public record located by research supplies them.

Chapter 9

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