AIREX Portfolio VI DST
Industrial property · sponsored by Ares (ADREX)
AIREX Portfolio VI DST was a DST sponsored by Ares (ADREX) that owned an industrial property. Converted into REIT units (721 exchange), as reported by Ares (ADREX).
How it ended
Converted into REIT units (721 exchange).
Key facts
- Minimum investment
- $500,000From the Form D
- Offering size
- $316,250,000Equity offered, per the Form D
- Sold
- 100%Form D, Oct 19, 2023; the % is our arithmetic
- Investors reported
- Form D, Oct 19, 2023125
- Selling commissions
- Form D Item 15; the % is our arithmetic$17,424,242 · 5.5% of offering
- 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 VI DST. Top1031 is not a broker-dealer.What did AIREX Portfolio VI DST own?
Ares' exchange program specializes in logistics and distribution warehouses, and this Trust is industrial. Beyond that the record is empty: as of August 2026, no Form D or affiliated Ares filing reviewed identifies the properties, their addresses, square footage, or when they were bought. Investors relied on the offering documents for those details.
How was it financed, and what did it cost to sell?
Public filings do not disclose whether the Trust used mortgage debt, or who any lender was. The parent REIT's subsidiary list as of December 31, 2025 includes an entity named AIREX 1031 Lender Portfolio VI LLC. 4
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
- Converted to a REIT (721)
- Yes: converted into REIT units
Costs and terms from the Form D
- Selling commissions
- $17,424,242 · 5.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $14,810,607 · 4.6% of offeringForm D Item 16· The filing’s note: “Estimate includes Dealer Manager Fee, Facilitation Fee and Organizational Expenses and RE Transaction Cost Allowance that may accrue to one or more related persons.”
- Broker-dealers named in the Form D
- 3 named in the Form D
Show the firms
- Ares Wealth Management Solutions, LLC · CRD 119546
- Morgan Stanley · CRD 149777
- UBS Financial Services Inc. · CRD 8174
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jan 17, 2023
- 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.
Who's behind AIREX Portfolio VI DST?
Ares Industrial Real Estate Exchange is the 1031 exchange program affiliated with the non-traded REIT Ares Industrial Real Estate Income Trust (AIREIT); AIREX Portfolio VI Manager LLC is this Trust's manager. 2 AIREIT's subsidiary exhibit dated December 31, 2023 listed the Trust itself; the exhibit dated December 31, 2025 does not, while listing an AIREIT holder entity for Portfolio VI. 4 CoStar reported in April 2025 that Ares' REIT programs sold a combined $762.4 million of DST interests in 2023. 5
- Sponsor
- Offerings on record
What does the SEC record show?
Four Form D notices carry the entire public story: an initial 2022 filing, two amendments reporting raise progress, and a final amendment that trimmed the stated offering size down to what had actually been sold. The Trust reported its first sale on January 17, 2023, and was offered privately, without public advertising, to accredited investors. 2
- Legal Trust name
- AIREX Portfolio VI DST
- SEC CIK
- 1953509
- First Form D
- Nov 15, 2022
- Latest Form D
- Oct 19, 2023
- Filings on record
- 4
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $316,250,000was $348,484,848 | $316,250,000+$44,067,829 | 125+13 | EDGAR | |
| Form D/A | $348,484,848 | $272,182,171+$135,448,517 | 112+55 | EDGAR | |
| Form D/A | $348,484,848 | $136,733,654+$136,733,654 | 57 | EDGAR | |
| Form D | $348,484,848 | $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 VI DST?
- AIREX Portfolio VI DST is a Historical offering. Converted into REIT units (721 exchange), as reported by Ares (ADREX).
- Did AIREX Portfolio VI DST convert into REIT units through a 721 exchange?
- Converted into REIT units (721 exchange), as reported by Ares (ADREX). 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 property does AIREX Portfolio VI DST own?
- The public record does not say. The Trust is industrial — Ares Industrial Real Estate Exchange buys logistics and distribution warehouses — but as of August 2026 no SEC filing or Ares disclosure reviewed identifies the specific buildings, their addresses, their square footage, or an acquisition date. Those details lived in the offering documents given to investors during the offering.
- Is the Trust still listed among Ares Industrial Real Estate Income Trust's subsidiaries?
- AIREIT's subsidiary exhibit as of December 31, 2023 listed AIREX Portfolio VI DST along with its manager and master tenant entities. The exhibit as of December 31, 2025 does not list the DST itself, but does list AIREIT Portfolio VI DST Holder LLC, AIREX 1031 Lender Portfolio VI LLC, the manager, the master tenant, and AIREX Portfolio VI TRS LLC. The filings do not explain the change.
- Who could invest, and what was the minimum?
- The offering was made under Rule 506(b), a private-placement exemption that bars general advertising, to accredited investors — people meeting SEC income or net-worth thresholds. The Form D filings report a $500,000 minimum investment.
- Has any outcome — sale, refinancing, or conversion — been reported?
- No outcome has been reported in the sources reviewed. The Form D record ends October 19, 2023, and the FY2025 AIREIT subsidiary exhibit change is documented but unexplained. Anyone holding an interest should ask the sponsor directly for current reporting.
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.