Top1031

AIREX Portfolio 10

Industrial — sponsored by Ares (ADREX)

Files with the SEC as AIREX Portfolio 10 DST

Minimum investment
$500k
Offering size
$246.7M
How much has sold
47.0%
Asset type
Industrial
Location
Not stated
Financing
Leveraged. This offering reports mortgage debt on the property.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

AIREX Portfolio 10 DST is a 1031 exchange offering sponsored by Ares Industrial Real Estate Exchange LLC.1 In a Delaware statutory trust, the trust holds title while investors own fractional beneficial interests the IRS treats as like-kind replacement property. It is offered under Rule 506(b) — no general advertising, accredited investors only — with a $500,000 minimum. Public filings do not name the property.

506(b); AIREIT DST Program; ~$68.8M raised of $246.7M per 3/11/2026 D/A; DST loans <=50% price

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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.

Chapter 2

What exactly is the property?

No public record located in this research names the buildings, their locations, or the portfolio's size. Ares' non-traded industrial REIT listed the Trust among its Delaware subsidiaries as of December 31, 2025, without describing what it holds.2 Square footage, occupancy and purchase price appear only in the PPM — the private placement memorandum given to prospective investors.

Chapter 3

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

No public filing names a tenant, lease term, or occupancy. The parent REIT's subsidiary list as of December 31, 2025 includes AIREX Portfolio 10 Master Tenant LLC, the entity type that in DST structures master-leases the real estate and passes rent through; no reviewed record confirms what it leases.2

Chapter 4

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.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Mar 11, 2026.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
47.0% reported sold
Amount sold
$114,732,361
Still available
$131,989,402
Investors reported
47
Total offering
$246,721,763
Amount soldInvestors
Oct 7, 2025Mar 11, 2026
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
Chapter 5

How is it financed, and what does it pay?

Leveraged means mortgage debt sits at the Trust level, already in place before an investor buys in, and it counts toward the replacement debt many exchangers need to match. The Form D filings disclose an equity offering only — no lender, loan amount, or maturity date appears in any public record for this Trust.1

Financing
Leveraged. This offering reports mortgage debt on the property.
Chapter 7

What does the paperwork say?

The initial notice reported no sales; the two amendments since have updated only the raise tally and investor count, leaving structure and terms unchanged. The latest amendment reports the first sale occurred November 24, 2025.1 A Form D is a snapshot filed at the issuer's discretion, not a live availability feed.

  1. First Form D filedThe public offering record begins.
  2. Offering amount recordedA Form D amendment recorded offering and sales totals.
  3. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
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.

Chapter 8

Common questions

Is AIREX Portfolio 10 still raising money?

Top1031 lists AIREX Portfolio 10 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 Portfolio 10?

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 does AIREX Portfolio 10 DST actually own?

Public records do not say. The Form D filings on record disclose an equity offering only, and no located primary record names a building, address, portfolio count, tenant or lease. The offering is catalogued as industrial and sits inside Ares' industrial exchange program. Property-level detail — addresses, square footage, occupancy, purchase price — would appear in the private placement memorandum, which is not a public document.

Is the offering still open to new investors?

The most recent federal amendment on record was filed March 11, 2026 and shows the raise still under way, with room remaining against the stated offering amount. A Form D is a snapshot filed at the issuer's discretion, not a live availability feed: a trust can fill or close weeks before an amendment appears. Availability on any given day has to be confirmed with the sponsor or your broker-dealer.

Who can invest, and what is the minimum?

The offering is made under Rule 506(b), a private-placement exemption that bars general advertising and, in practice, limits sales to accredited investors — people meeting SEC income or net-worth tests — reached through existing relationships and broker-dealers. The Form D reports a $500,000 minimum investment from an outside investor, which is high relative to many DSTs and sets the effective floor for a fractional interest here.

Who is the sponsor?

The sponsor named in the March 11, 2026 Form D amendment is Ares Industrial Real Estate Exchange LLC, the 1031 exchange arm tied to Ares' non-traded industrial REIT. That REIT's subsidiary list as of December 31, 2025 includes AIREX Portfolio 10 DST and its Manager, Master Tenant and TRS affiliates as Delaware entities. CRE Daily reported on August 7, 2026 that Ares Real Estate Exchange had raised $1.2 billion year to date and held 22.2% of DST market share.

Could this end in a 721 exchange into a REIT?

Nothing in the public filings for this Trust describes a 721/UPREIT exit — the structure in which DST interests are exchanged for REIT operating-partnership units on a tax-deferred basis. Ares' non-traded REIT has completed unit-for-DST-interest transactions on its platform: AltsWire reported on July 17, 2026 that the REIT issued 25 million operating-partnership units in exchange for DST interests, a net $200 million investment. Whether any such option applies here is a PPM question.

What does 'leveraged' mean for my exchange?

It means the Trust is expected to carry mortgage debt on the real estate rather than own it free and clear. For a 1031 exchanger, that debt generally counts toward replacing debt retired on the relinquished property, which matters if you had a mortgage. It also cuts both ways: debt service is a fixed claim ahead of investors, and a loan maturing before a sale creates refinancing risk. No lender or loan terms appear in public filings for this Trust, so the debt figures must come from the PPM.

Chapter 9

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