Top1031

BXREX Portfolio I

Multifamily property in Multi-state (2) — sponsored by Blackstone (BXREX)

Files with the SEC as BXREX Portfolio I DST

Minimum investment
$1.0M
Offering size
$175.6M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Multi-state (2)
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

BXREX Portfolio I DST is the debut 1031 exchange offering of Blackstone Real Estate Exchange, the Delaware statutory trust platform affiliated with Blackstone Real Estate Income Trust (BREIT). A DST lets accredited investors — those meeting SEC income or net-worth tests — hold fractional interests in real estate as like-kind replacement property. Sponsor materials describe two apartment communities totaling 612 units, in Las Vegas and Cypress, Texas.2

~$175.6M debut DST of Blackstone Real Estate Exchange (BREIT affiliate); 721 UPREIT option into BREIT; 506(b), no public marketing

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These links support the public record as a whole; individual details may come from different sources.

NV · exact location not on recordThe filings name the market but not an address we can place on a map.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

Sponsor materials published by Baker 1031 Investments describe two communities previously owned by BREIT-affiliated entities before contribution to the Trust: 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, built in 2014 and renovated in 2023.2 Those materials put allocated purchase prices at $113,513,747 for the Nevada property and $53,441,329 for the Texas one.2

Reported location
Multi-state (2)
Chapter 3

Who is the tenant, and what's the lease?

Residents pay rent, but the Trust's direct tenant is an affiliated master tenant on a ten-year triple-net master lease — that tenant, not the Trust, carries taxes, insurance and upkeep — and it subleases apartments to residents.2 Sponsor materials say BREIT Operating Partnership L.P. unconditionally guarantees the master tenant's payment obligations; the master tenant entity itself is not named.2

Chapter 4

How are sales going?

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 31, 2025.

  • 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.

Raise history appears here once sales are filed — free account required.

Chapter 5

How is it financed, and what does it pay?

Sponsor materials report the Trust holds both communities without permanent financing — all cash, no mortgage — so there is no loan to mature or refinance, and no property debt for an exchange investor to match against a relinquished property.2

Chapter 7

What does the paperwork say?

Nothing public has updated the offering's terms since the original notice, which named BXREX Portfolio I Manager, LLC as trust manager and BXREX Portfolio I Depositor, LLC as parent depositor.1 The exemption claimed bars general solicitation, so interests reach accredited investors — those meeting SEC income or net-worth tests — only through pre-existing relationships.

  1. Form D filedFirst and latest filing on record.
Filings on record
1
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.

Chapter 8

Common questions

Is BXREX Portfolio I still raising money?

Top1031 lists BXREX Portfolio I as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

Where does Top1031 get the data for BXREX Portfolio I?

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 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), and it filed its Form D, the SEC notice of an exempt private offering, on October 31, 2025.

What does the Trust own?

Two apartment communities totaling 612 units, per sponsor materials published by Baker 1031 Investments: 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, built in 2014 and renovated in 2023. Those materials also report combined occupancy of 94% in June 2026, and state that both communities were previously owned by BREIT-affiliated entities before contribution to the Trust — reported provenance rather than a verified closing record. Public SEC filings name only the two states, Nevada and Texas.

Who is the tenant if the properties are apartments?

Sponsor materials describe a ten-year triple-net master lease to an affiliated master tenant, which operates both communities and subleases units to residents. Under a triple-net lease the tenant, not the Trust, bears taxes, insurance and maintenance. Those materials say BREIT Operating Partnership L.P. unconditionally guarantees the master tenant's payment obligations, but do not give the master tenant's own legal name — the private placement memorandum, the offering's governing disclosure document, is where a buyer settles that.

Does the Trust use mortgage debt?

Sponsor materials state that no permanent financing encumbers the properties and characterize the structure as all-cash and debt-free. The Form D does not address debt either way, so the private placement memorandum is the document that settles it. An investor needing to replace debt carried on a relinquished property will find no loan here to match.

Could interests be exchanged into BREIT later?

Institutional Real Estate, Inc. reported on November 12, 2025 that the platform would let investors convert their interests into operating-partnership units in the REIT. That is the 721/UPREIT route — contributing a property interest to a REIT's operating partnership for units instead of cash, on a tax-deferred basis, which ends the ability to do further 1031 exchanges with that interest. Timing, pricing and conditions are governed by the private placement memorandum, and no completed conversion is reported in any source reviewed here.

Is the offering available now, and what is the minimum?

A distributor listing reviewed on July 13, 2026 labeled the offering 'Coming Soon / Under Review.' That label is not a primary record and is not independently confirmed, so it is not evidence of what is or is not available today. The Form D states a $1,000,000 minimum investment and claims Rule 506(b), which prohibits public advertising and limits sales to accredited investors reached through pre-existing relationships. Current status is a question for the sponsor or a selling broker-dealer.

Chapter 9

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