Top1031

BXREX Portfolio I

2 multifamily properties in 2 states · sponsored by Blackstone (BXREX)

Active offeringLatest Form D filed Oct 31, 2025 (opens in a new tab)

BXREX Portfolio I is a DST sponsored by Blackstone (BXREX) that owns 2 multifamily properties in 2 states. Its latest Form D, filed Oct 31, 2025, lists a $175.5 million offering with a $1,000,000 minimum.

Key facts

Minimum investment
$1,000,000
From the Form D
Offering size
$175,555,053
Equity offered, per the Form D
Sold so far
None reported as of Oct 31, 2025
Form D, Oct 31, 2025
Selling commissions
$6,144,427 · 3.5% of offering
Form D Item 15; the % is our arithmetic
Financing
All cash. This offering reports no 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 →

Sales so far

Latest Form D
Oct 31, 2025 · 1 filing

No sales reported in a Form D amendment yet. Latest notice Oct 31, 2025.

Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.

Ask a 1031 specialist about this recordFree. About: BXREX Portfolio I. Top1031 is not a broker-dealer.

No photo on record. Multiple property locations are on record; no single map.

What does BXREX Portfolio I own?

Sponsor materials published by Baker 1031 Investments describe two apartment communities: Vue at Centennial, 372 units at 7350 West Centennial Parkway in Las Vegas, and Avenues at Cypress, 240 units at 21500 Cypresswood Drive in Cypress, Texas. 2 The same materials report allocated purchase prices of $113,513,747 and $53,441,329, and say BREIT-affiliated entities owned both communities before contributing them to the Trust. 2 Current occupancy is not established in the public record.

Reported location
Multi-state (2)

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

Sponsor materials describe the Trust as all-cash: no mortgage at the trust level, no lender, nothing to refinance. 2 An exchanger who must replace debt carried on a relinquished property will find none here to match.

Debt

Financing
All cash. This offering reports no mortgage debt.
May convert to a REIT (721)
Yes

Costs and terms from the Form D

Selling commissions
$6,144,427 · 3.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,755,551 · 1.0% of offering
Form D Item 16
· The filing’s note: “Estimate of certain fees and expenses including Facilitation Fee, which may accrue to one or more related persons.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$1,000,000

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 notice on file — the SEC's record of an exempt private offering — sets a $1,000,000 minimum investment and organizes the issuer as a Delaware statutory trust. 1 The exemption claimed bars general solicitation, so interests reached accredited investors, meaning people who meet SEC income or net-worth tests, only through pre-existing relationships.

Legal Trust name
BXREX Portfolio I DST
SEC CIK
2092975
First Form D
Oct 31, 2025
Latest Form D
Oct 31, 2025
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$175,555,053
$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 BXREX Portfolio I an active offering?
BXREX Portfolio I is an Active offering: its latest Form D was filed Oct 31, 2025. 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.
Does BXREX Portfolio I have a 721 UPREIT exit?
The record lists a possible 721 exit for BXREX Portfolio I. It is an option, not a completed transaction; the offering documents set whether and when it can 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 exactly is BXREX Portfolio I DST?
It is a Delaware statutory trust, a structure that lets 1031 exchange buyers hold fractional interests in real estate treated as like-kind replacement property. It is the debut offering of Blackstone Real Estate Exchange, the DST platform affiliated with Blackstone Real Estate Income Trust (BREIT). Its Form D — the SEC's notice of an exempt private offering — was filed on October 31, 2025 under Rule 506(b), the exemption that prohibits public marketing.
What does the Trust own?
Two apartment communities, per sponsor materials published by Baker 1031 Investments: Vue at Centennial, 372 units at 7350 West Centennial Parkway in Las Vegas, Nevada, and Avenues at Cypress, 240 units at 21500 Cypresswood Drive in Cypress, Texas. Those materials report allocated purchase prices of $113,513,747 for Vue at Centennial and $53,441,329 for Avenues at Cypress, and say BREIT-affiliated entities owned both before contributing them to the Trust. The public SEC filing names only the two states, Nevada and Texas.
Who is the tenant if the properties are apartments?
Sponsor materials published by Baker 1031 Investments describe a ten-year triple-net master lease to an affiliated master tenant that operates both communities and subleases apartments to residents under ordinary residential leases. Under a triple-net lease the tenant, not the Trust, bears taxes, insurance and maintenance. Those materials say BREIT Operating Partnership L.P. unconditionally and irrevocably guarantees the master tenant's payment obligations, and they do not give the master tenant's legal name; the offering documents are where an investor settles that.
Does the Trust use mortgage debt?
Sponsor materials published by Baker 1031 Investments describe the structure as all-cash, with no property financing in place and no scheduled debt service at the trust level. The October 31, 2025 Form D does not address debt either way, so the offering documents are the documents that settle it. An exchanger whose relinquished property carried a mortgage will find no loan here to replace it.
Could interests be exchanged into BREIT later?
Sponsor materials describe an option held by BREIT's operating partnership, beginning at the end of the 24th month after the offering terminates, to acquire investors' interests in exchange for operating-partnership units in an intended Section 721 exchange — a contribution of property to a partnership for units rather than cash. Exercise is not established, and no completed conversion appears in any source reviewed here. Taking units would end the ability to run further 1031 exchanges with that interest, and the exact mechanics are offering-document questions.

In the news

Sources

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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.