Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
AIREX Portfolio VI DST is a Delaware statutory trust — a passive vehicle that lets 1031 exchangers hold fractional real estate interests — sponsored by Ares Industrial Real Estate Exchange LLC and organized in Delaware in 2022.2 It raised capital for industrial property and is now closed to new investors. Public filings never identified the buildings, tenants, or debt, and no outcome has been reported.
Show sources (10)Hide sources (10)
These links support the historical public record; individual details may come from different 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?
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 private placement memorandum (PPM), the offering's confidential disclosure document, for those details.
Who is the tenant, and what's the lease?
No tenant or lease is named anywhere in the public filings. The parent REIT's subsidiary list as of December 31, 2023 includes AIREX Portfolio VI Master Tenant LLC alongside the Trust — the master-lease entity common to DSTs, which leases the property from the trust so operating decisions sit outside investors' hands.3
How did it end?
Converted to REIT units (721 exchange)
AIREX Portfolio VI DST was removed from AIREIT's subsidiary list between December 31, 2023 and December 31, 2025 while its Manager LLC, Master Tenant LLC, and TRS LLC remained and a new entity 'AIREIT Portfolio VI DST Holder LLC' was added in the FY2025 10-K Exhibit 21.1—a textbook 721 UPREIT signature (DST interests contributed to AIREIT's Operating Partnership with OP units held by the new Holder LLC); the FY2023 10-K Exhibit 21.1 listed the original VI DST. No press release or 8-K with a stated equity multiple, IRR, hold period, or sale price was located.
Sponsor is Ares Industrial Real Estate Exchange LLC, a program under IRC Sections 1031 and 721 affiliated with Ares Industrial Real Estate Income Trust (AIREIT). Trust is industrial-focused per sponsor specialization in logistics/distribution warehouses. No specific property addresses, portfolio composition, or fully-subscribed announcement was found in public sources.
How is it financed, and what does it pay?
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
Who's behind it?
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
- Ares (ADREX)
- Legal Trust name
- AIREX Portfolio VI DST
- May convert to a REIT
- Yes
- 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?
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
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 4
- 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
What happened to AIREX Portfolio VI DST?
Top1031 lists AIREX Portfolio VI DST as historical. It is no longer raising money.
Where does Top1031 get the data for AIREX Portfolio VI DST?
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 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 private placement memorandum (PPM) given to investors during the offering.
Can I still invest in this Trust?
No. AIREX Portfolio VI DST is Historical — closed to new investors. Its last Form D amendment was filed October 19, 2023, and the sponsor has not filed a new notice for this Trust since.
What does the 721/UPREIT option mean for this Trust?
The structure contemplates a possible REIT conversion. In a 721 exchange, DST investors contribute their property interest to a REIT's operating partnership and receive OP units instead of real estate — tax is generally deferred at that moment, but the units cannot be 1031-exchanged later. Ares runs this path through Ares Industrial Real Estate Income Trust. Nothing in the primary records reviewed states that such a conversion occurred here.
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.