Top1031

AIREX Portfolio 10

Industrial property · sponsored by Ares (ADREX)

HistoricalLast Form D, filed Sep 30, 2026, reports the offering fully sold (opens in a new tab)

AIREX Portfolio 10 was a DST sponsored by Ares (ADREX) that owned an industrial property. Its last Form D, filed Sep 30, 2026, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Sep 30, 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
$223,900,000
Equity offered, per the Form D
Sold
100%
Form D, Sep 30, 2026; the % is our arithmetic
Investors reported
108
Form D, Sep 30, 2026
Selling commissions
$12,336,088 · 5.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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: AIREX Portfolio 10. Top1031 is not a broker-dealer.

What did AIREX Portfolio 10 own?

No located public record names a tenant, a lease term, or occupancy. The parent REIT's subsidiary list includes AIREX Portfolio 10 Master Tenant LLC, the master-lease entity typical of this structure — a DST leases its property to an affiliate that runs day-to-day operations — but that name alone establishes nothing about who occupies the space. 2

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

Debt sits at the trust level, arranged before investors subscribe, and counts toward the replacement debt many exchangers need to match. Under Ares' AIREIT DST Program, trust-level program loans are limited to 50% or less of the property price. No public filing located for this Trust names a lender, a loan amount, or a maturity date.

Debt

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

Costs and terms from the Form D

Selling commissions
$12,336,088 · 5.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$10,485,674 · 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
10 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Nov 24, 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?

Legal Trust name
AIREX Portfolio 10 DST
SEC CIK
2088595
First Form D
Oct 7, 2025
Latest Form D
Sep 30, 2026
Filings on record
4
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$223,900,000was $246,721,763
$223,900,000+$109,167,639
108+61
EDGAR
Form D/A$246,721,763
$114,732,361+$68,780,208
47+36
EDGAR
Form D/A$246,721,763
$45,952,153+$45,952,153
11
EDGAR
Form D$246,721,763
$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 AIREX Portfolio 10?
AIREX Portfolio 10 is a Historical offering. The last Form D, filed Sep 30, 2026, reports the offering fully sold.
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 offering documents, which are not public documents.
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 March 11, 2026 Form D/A 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, and what else does it run?
The sponsor identified in the Form D filings is Ares Industrial Real Estate Exchange LLC, the Ares 1031 exchange arm tied to Ares' non-traded industrial REIT; the same filings name AIREX Portfolio 10 Manager LLC as manager and signatory trustee and AIREX Portfolio 10 TRS LLC as depositor. That REIT's subsidiary list as of December 31, 2025 includes AIREX Portfolio 10 DST as a Delaware entity. AltsWire reported on September 8, 2026 that Ares Real Estate Exchange had raised about $1.3 billion in DST equity for the year, a 20.3% share of the market.
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 — and Top1031 records no REIT conversion feature for it. 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 an offering-document question.
What does 'leveraged' mean for this Trust?
It means the trust took on mortgage debt at the trust level before investors subscribed, so each beneficial interest carries a share of that debt. Exchangers who had a mortgage on the property they sold often need replacement debt to avoid boot, and trust-level leverage is how a DST supplies it. Ares' AIREIT DST Program limits trust program loans to 50% or less of the property price. No located public filing for this Trust names the lender, the loan balance, or the maturity date.

In the news

Sources

Show sources (7)Hide sources (7)

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.