AIREX Industrial 11 DST
Industrial — sponsored by Ares (ADREX)
Files with the SEC as AIREX Portfolio 11 DST
Minimum investment
$500k
Offering size
$459.3M
How much has sold
None sold yet
Asset type
Industrial
Location
Not stated
Financing
Zero coupon. Cash flow from the property goes to servicing the debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
AIREX Portfolio 11 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate as replacement property — sponsored by Ares Industrial Real Estate Exchange LLC.1 Its only SEC filing, an April 13, 2026 Form D, opened an industrial equity offering under Rule 506(b), the private-placement rule barring public advertising.1 The Trust is raising; no filing names properties, tenants, or debt.
506(b); AIREIT DST Program; initial Form D 4/13/2026 ($459.3M offering, $0 sold at filing)
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These links support the public record as a whole; individual details may come from different sources.
Location not on recordThe SEC filings for this offering do not give a property address. The filing history below is the current public record.
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?
No public filing identifies the buildings. The Form D classifies the offering as industrial but discloses no addresses, square footage, tenants, or acquisition details.1 As of August 12, 2026, no public record reviewed establishes which properties the Trust holds or which states they sit in.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
A Form D reports the equity being offered, not mortgage debt, and no amendment has followed to describe a loan.1 Whether this Trust is leveraged, all-cash, or financed with zero-coupon debt is not settled by any public filing.
Who's behind it?
Ares Industrial Real Estate Exchange LLC is named in the Form D as sponsor, the 1031 exchange arm of Ares' industrial REIT platform, with AIREX Portfolio 11 Manager LLC as signatory trustee.1 AltsWire reported on August 5, 2026 that Ares Real Estate Exchange led 2026 year-to-date DST sales with roughly $1.2 billion.2 JLL announced on March 31, 2026 that an Ares real estate fund bought EQT's 36-asset, 7.3-million-square-foot logistics portfolio; no filing ties those buildings here.3
- Sponsor
- Ares (ADREX)
- Legal Trust name
- AIREX Portfolio 11 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 active / 17 total offerings from Ares (ADREX)
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The public record holds only the Trust's initial Form D, marked a New Notice rather than an amendment, with nothing filed since. The issuer stated it did not intend the offering to last more than one year.1 Sales are limited to accredited investors the sponsor already knows, with no public advertising.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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
Is AIREX Industrial 11 DST still raising money?
Top1031 lists AIREX Industrial 11 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for AIREX Industrial 11 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.
What properties does AIREX Portfolio 11 DST own?
The public record does not settle it. The April 13, 2026 Form D classifies the offering as industrial but discloses no addresses, square footage, tenants, or leases. AltsWire reported on April 6, 2026 that an offering named AIREX Industrial 11 DST comprised properties in Florida, Georgia, Ohio, and Texas, but that article did not name this issuer or its CIK, so the link is unconfirmed. The property schedule is a Private Placement Memorandum (PPM) question.
Is AIREX Portfolio 11 DST the same thing as AIREX Industrial 11 DST?
AIREX Portfolio 11 DST is the SEC issuer name, CIK 2129379. AltsWire's May 7, 2026 DST fundraising roundup described AIREX Industrial 11, an offering Ares launched in April 2026, as the offering behind AIREX Portfolio 11 DST. The Form D does not print any marketing name, and no filing confirms the pairing, so ask the sponsor and the PPM to tie the marketing name to the exact legal entity you would be buying into.
Who is the sponsor, and how large is its 1031 platform?
Ares Industrial Real Estate Exchange LLC is listed on the Form D as sponsor of the issuer, with AIREX Portfolio 11 TRS LLC as depositor. It is the DST arm connected to Ares' industrial REIT platform. AltsWire reported on August 5, 2026 that Ares Real Estate Exchange had raised approximately $1.2 billion in DST equity year to date, leading the market.
Is the Trust leveraged?
Unknown from public filings. A Form D reports the equity being offered, not mortgage debt, and this Trust has filed no amendments or other documents addressing financing. Whether a loan exists, and its lender, rate, maturity, and extension options, is disclosed only in the PPM and the loan documents.
Who can invest, and what does Rule 506(b) mean here?
The offering is made under Rule 506(b), which permits sales only to accredited investors — those meeting SEC income or net-worth tests — with whom the sponsor has a pre-existing relationship, and prohibits general advertising or public solicitation. The Form D also states a minimum investment accepted from any outside investor; confirm that figure and any exchange-specific minimum in the PPM.
Can I roll my interest into a REIT later?
Nothing in this Trust's single Form D indicates a 721/UPREIT exit — the mechanism by which a DST's property is contributed to a REIT in exchange for operating-partnership units — and Top1031's record shows none. Some sponsors build that option into the trust agreement; the PPM's exit-strategy section is where it would appear.
Chapter 8April DST Sales Fall Nearly 20% From March High; Ares Leads YTD with 21.3% ShareAltsWire reports Ares launched AIREX Industrial 11 in April 2026, a ~$459.3M industrial DST and the parent offering for AIREX Portfolio 11 DST; the offering was actively raising with no fully-subscribed status. Ares Makes $650 Million Buy In IndustrialLocal business journal reports Ares Management closed a $650M purchase of a 36-property industrial portfolio from EQT, consistent with the sponsor's industrial acquisition pipeline that supports AIREX/AIREIT offerings including AIREX Portfolio 11. DST Fundraising Reaches $2.44 Billion in Q1 2026, Up 34% Year Over YearIdentifies AIREX Industrial 11 DST as a $459.3M industrial offering spanning Florida, Georgia, Ohio, and Texas, with a related asset in Boynton Beach, Florida.