AIREX Portfolio 10
Industrial — sponsored by Ares (ADREX)
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.
What is this, in one paragraph?
AIREX Portfolio 10 DST is a 1031 exchange offering sponsored by Ares' industrial exchange arm, 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.
Minimum investment
$500k
Offering size
$246.7M
How much has sold
47.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
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 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, which is not a public document.
Who is the tenant, and what's the lease?
No located public record names a tenant, a lease term, or occupancy for this Trust. The offering is catalogued as industrial inside Ares' exchange program, but the Form D filings disclose securities terms only; tenant identity and lease structure would sit in the PPM.
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.
47.0% reported sold
- Amount sold
- $114,732,361
- Reported unsold
- $131,989,402
- Investors reported
- 47
- Total offering
- $246,721,763
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How is it financed, and what does it pay?
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.
Who's behind it?
Ares Industrial Real Estate Exchange LLC is the sponsor of record — the 1031 exchange arm beside Ares' non-traded industrial REIT — and the March 11, 2026 amendment also names AIREX Portfolio 10 Manager LLC as manager and signatory trustee and AIREX Portfolio 10 TRS LLC as depositor.1 The platform is among the larger DST issuers by volume: 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.
- Sponsor
- Ares (ADREX)
- 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 initial notice reported no sales; the amendments since have updated only the raise tally and investor count, leaving structure and terms unchanged. The first sale occurred November 24, 2025.1 A Virginia state notice records a $5,000,000 sale to one investor on March 18, 2026.3
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- AIREX Portfolio 10 DST
- 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.
Common questions
Is AIREX Portfolio 10 still raising money?
Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
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.
Has anything been filed since March 11, 2026?
No later federal Form D amendment appears in the SEC record for this Trust; the March 11, 2026 amendment is the latest identified. The one later paper trail located is a state notice filed through NASAA's Electronic Filing Depository, dated September 3, 2026, which records a $5,000,000 sale to one investor in Virginia on March 18, 2026. A single state notice does not establish the Trust's current overall subscription level, and it is not added to the SEC amendment's cumulative figure.
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; the same filing names 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. 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.
Chapter 9April DST Sales Fall Nearly 20% From March High; Ares Leads YTD with 21.3% ShareAltsWire reports Ares launched a ~$459.3M industrial DST (AIREX Industrial 11, the parent program of AIREX Portfolio 11 DST) in April 2026; the offering was actively raising with no closure reported.