Top1031

AIREX Portfolio 12 DST

sponsored by Ares (ADREX)

Active offeringLatest Form D filed Oct 14, 2026 (opens in a new tab)

AIREX Portfolio 12 DST, sponsored by Ares (ADREX), filed its first Form D with the SEC on Oct 14, 2026 for a $501.5 million offering. Its latest Form D, filed Oct 14, 2026, lists a $501.5 million offering with a $500,000 minimum.

Key facts

Minimum investment
$500,000
From the Form D
Offering size
$501,597,796
Equity offered, per the Form D
Sold so far
$0
Form D, Oct 14, 2026
Investors reported
0
Form D, Oct 14, 2026
Selling commissions
$25,079,890 · 5.0% of offering
Form D Item 15; the % is our arithmetic
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 →

Sales so far

Latest Form D
Oct 14, 2026 · 1 filing

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 Oct 14, 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.
Amount sold
$0
Not yet sold
$501,597,796
Investors
0
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Ask a 1031 specialist about this recordFree. About: AIREX Portfolio 12 DST. Top1031 is not a broker-dealer.

No photo on record. Location not stated in the SEC filings.

What does AIREX Portfolio 12 DST own?

AIREX Portfolio 12 DST is a Delaware statutory trust formed in 2026 and sponsored by Ares Industrial Real Estate Exchange LLC. 1 A Delaware statutory trust, or DST, is the ownership vehicle that lets 1031 exchange investors hold a fractional interest in real estate.

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

Costs and terms from the Form D

Selling commissions
$25,079,890 · 5.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$21,317,906 · 4.2% 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
1 named in the Form D
Show the firms
  • Ares Management Capital Markets LLC · CRD 166219

Individual representatives named in Item 12 are not listed.

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 Offering opened with a single notice filing to the SEC. That filing marks it as a private placement, meaning it may be sold only to accredited investors, people who meet SEC income or net worth tests, and without public advertising. The same filing sets a $500,000 minimum investment. 1

Legal Trust name
AIREX Portfolio 12 DST
SEC CIK
2159404
First Form D
Oct 14, 2026
Latest Form D
Oct 14, 2026
Filings on record
1
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 sold
Form D$501,597,796
$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

Is AIREX Portfolio 12 DST an active offering?
AIREX Portfolio 12 DST is an Active offering: its latest Form D was filed Oct 14, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
What is AIREX Portfolio 12 DST?
It is a Delaware statutory trust formed in 2026 to hold real estate for 1031 exchange investors. Its first Form D, the short notice an issuer files with the SEC for a private placement, was filed on October 14, 2026 under CIK 2159404.
Who sponsors the Trust?
The Form D names Ares Industrial Real Estate Exchange LLC as the sponsor. The same filing names AIREX Portfolio 12 Manager LLC as manager and signatory trustee and AIREX Portfolio 12 TRS LLC as depositor, the affiliate that conveys property into the trust.
What is the minimum investment?
The Form D reports a minimum investment of $500,000 for each investor.
How may interests in the Trust be offered?
The Form D claims the Rule 506(b) exemption. Under 506(b), interests may be sold privately to accredited investors, those meeting SEC income or net worth tests, and the sponsor may not use general advertising or public solicitation to find them.
Why does a sponsor use a Delaware statutory trust for a 1031 exchange?
A DST interest is treated by the IRS as a direct interest in real estate under Revenue Ruling 2004-86, so it can serve as replacement property in a 1031 exchange. Investors hold fractional beneficial interests, and the trustee, here AIREX Portfolio 12 Manager LLC, handles management decisions.

Sources

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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.