Top1031

ADREX Multifamily I DST

Multifamily property · sponsored by Ares (ADREX)

HistoricalLast Form D, filed Oct 11, 2023, reports the offering fully sold (opens in a new tab)

ADREX Multifamily I DST was a DST sponsored by Ares (ADREX) that owned a multifamily property. Its last Form D, filed Oct 11, 2023, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Oct 11, 2023, 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
$283,850,000
Equity offered, per the Form D
Sold
100%
Form D, Oct 11, 2023; the % is our arithmetic
Investors reported
228
Form D, Oct 11, 2023
Selling commissions
$15,988,981 · 5.6% 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 Multifamily I DST. Top1031 is not a broker-dealer.

What did ADREX Multifamily I DST own?

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

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

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

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
$15,988,981 · 5.6% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$13,590,633 · 4.7% of offering
Form D Item 16
· The filing’s note: “Estimate includes Dealer Manager Fee, Facilitation Fee and Organizational Expense and RE Transaction Cost Allowance that may accrue to one or more related persons.”
Broker-dealers named in the Form D
26 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Aug 24, 2022
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 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

Legal Trust name
ADREX Multifamily I DST
SEC CIK
1934728
First Form D
Jun 22, 2022
Latest Form D
Oct 11, 2023
Filings on record
5
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$283,850,000was $315,482,094
$283,850,000−$6,222,004
228+6
EDGAR
Form D/A$315,482,094
$290,072,004+$117,225,808
222+79
EDGAR
Form D/A$315,482,094
$172,846,196+$172,846,196
143
EDGAR
Form D/A$315,482,094
$0
EDGAR
Form D$315,482,094
$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 Multifamily I DST?
ADREX Multifamily I DST is a Historical offering. The last Form D, filed Oct 11, 2023, reports the offering fully sold.
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 offering documents 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.

In the news

Sources

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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.