Top1031

AIREX Portfolio 9 DST

Industrial property · sponsored by Ares (ADREX)

HistoricalLast Form D, filed Mar 11, 2026, reports the offering fully sold (opens in a new tab)

AIREX Portfolio 9 DST was a DST sponsored by Ares (ADREX) that owned an industrial property. Its last Form D, filed Mar 11, 2026, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Mar 11, 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
$114,950,000
Equity offered, per the Form D
Sold
100%
Form D, Mar 11, 2026; the % is our arithmetic
Investors reported
60
Form D, Mar 11, 2026
Selling commissions
$6,333,333 · 5.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
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 9 DST. Top1031 is not a broker-dealer.

What did AIREX Portfolio 9 DST own?

Neither the Form D filings nor located public reporting identifies the specific buildings, their addresses, or when and from whom Ares assembled them. In its August 6, 2025 monthly recap, AltsWire described the offering as a portfolio spanning Florida. 3 No acquisition date, purchase price, or seller appears in any public record located as of September 14, 2026.

Property size
Multi-property industrial portfolio

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

The public filings do not say whether the Trust carries mortgage debt or holds the portfolio free of loans, and no lender is named. Debt level matters in an exchange, because a 1031 investor generally needs replacement property debt at least equal to what was paid off on the property sold.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
May convert to a REIT (721)
Yes

Costs and terms from the Form D

Selling commissions
$6,333,333 · 5.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$5,383,333 · 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
8 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jul 14, 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?

The opening Form D announced a larger raise than the Trust ultimately placed: it reported $126,666,667 of equity sought and none yet sold. 5 The March 11, 2026 amendment reset the stated offering to the amount actually raised and reported a first sale date of July 14, 2025. 2

Legal Trust name
AIREX Portfolio 9 DST
SEC CIK
2075636
First Form D
Jul 2, 2025
Latest Form D
Mar 11, 2026
Filings on record
2
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$114,950,000was $126,666,667
$114,950,000+$114,950,000
60
EDGAR
Form D$126,666,667
$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 9 DST?
AIREX Portfolio 9 DST is a Historical offering. The last Form D, filed Mar 11, 2026, reports the offering fully sold.
Does AIREX Portfolio 9 DST have a 721 UPREIT exit?
The record lists a possible 721 exit for AIREX Portfolio 9 DST. The offering documents set whether and when it could happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
How a DST-to-721 UPREIT exit works
What properties does this Trust actually own?
The public record does not answer that. No located SEC filing or property record names the buildings, addresses, square footage, or seller. AltsWire's August 6, 2025 DST recap described the offering as a portfolio spanning Florida, which is independent reporting rather than a filed property list. The offering documents are where a prospective investor would find the schedule of properties.
Why did the offering amount change between the two filings?
The July 2, 2025 Form D reported an equity offering of $126,666,667 with nothing sold at that point. The March 11, 2026 amendment reported a smaller total offering equal to the amount actually placed. Sponsors routinely amend Form D to reflect final sizing; the amendment is a notice of what was sold, not a restatement of the deal's economics.
Who was eligible to invest, and what was the minimum?
The Trust reported the raise as a Rule 506(b) offering — a private placement sold to accredited investors without general advertising or public solicitation — with a $500,000 minimum investment. Accredited status generally means meeting SEC income or net-worth tests, verified or self-certified as the sponsor's documents require.

In the news

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.