BXREX Portfolio II DST
Commercial (BREIT-managed properties; composition not publicly disclosed) property — sponsored by Blackstone (BXREX)
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
BXREX Portfolio II DST is a Delaware statutory trust — the structure that lets 1031-exchange investors hold fractional interests in real estate — organized in 2026 inside Blackstone's BXREX program.1 BXREX is the channel through which BREIT-managed commercial property reaches exchange investors. What this particular Trust holds has not been publicly disclosed. Interests are offered privately, without advertising, at a stated $500,000 minimum.1
$187.3M offering, $0 sold as of 5/11/26; min $500k; 506(b) no public marketing; sponsor = Blackstone/BREIT (BXREX program)
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These links support the public record as a whole; 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?
The public record does not identify what this Trust owns. Its single filing classifies the issuer only under real estate — commercial, and names no property, city, tenant or operator.1 Top1031 records the asset type as BREIT-managed commercial real estate with composition undisclosed. Only the PPM — the private placement memorandum that governs the offering — would identify the portfolio.
Who is the tenant, and what's the lease?
No tenant, lease or property operator for this Trust appears in the public record; the sole filing is silent on all of it.1 Who pays the rent, and under what lease structure, is settled by the PPM rather than by any public source.
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.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
The filing does not say whether the Trust carries mortgage debt or owns its real estate free and clear, and no lender appears anywhere in the public record.1 Whether there is a loan, and on what terms, is a PPM question.
Who's behind it?
The Form D names Blackstone Real Estate Exchange LLC as sponsor, BXREX Portfolio II Manager, LLC as trust manager, and BXREX Portfolio II Depositor, LLC as parent depositor.1 A BREIT filing dated November 3, 2025 states that Blackstone Real Estate Exchange LLC was an indirect wholly owned subsidiary of Blackstone Real Estate Income Trust, Inc. — Blackstone's non-traded real estate income REIT — and served as DST sponsor.2 BREIT's July 23, 2026 quarterly update said BXREX was launched to expand and diversify its capital-raising strategies.
- Sponsor
- Blackstone (BXREX)
- Legal Trust name
- BXREX Portfolio II DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 3 active / 3 total offerings from Blackstone (BXREX)
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust's initial notice claims an exemption from registration rather than reflecting any SEC review or approval, and no amendment has followed it. That exemption bars advertising and general solicitation, so interests reach accredited investors — those meeting SEC income or net-worth tests — through pre-existing relationships, usually via a broker-dealer or registered investment adviser.
- 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.
Common questions
Is BXREX Portfolio II DST still raising money?
Top1031 lists BXREX Portfolio II DST 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 II 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 real estate does BXREX Portfolio II DST actually own?
The public record does not say. The Trust's only filing, a Form D dated May 11, 2026, classifies the issuer as real estate — commercial but names no property, city, tenant or operator. Top1031 records the asset type as commercial real estate managed by BREIT, composition undisclosed. Only the private placement memorandum (PPM) would identify the portfolio, and no PPM or asset schedule was located in public sources as of September 3, 2026.
Who is behind this Trust?
The May 11, 2026 Form D names Blackstone Real Estate Exchange LLC as sponsor, BXREX Portfolio II Manager, LLC as trust manager, and BXREX Portfolio II Depositor, LLC as parent depositor. A BREIT filing dated November 3, 2025 states that Blackstone Real Estate Exchange LLC was an indirect wholly owned subsidiary of Blackstone Real Estate Income Trust, Inc. — Blackstone's non-traded REIT — and served as DST sponsor. BREIT's July 23, 2026 quarterly update described BXREX as a 1031 DST exchange program launched to expand and diversify its capital-raising strategies.
Is there a disclosed tenant or lease?
No. The Trust's single Form D contains no tenant, lease, occupancy or guarantor detail, and no other public filing for this Trust was identified as of September 3, 2026. Program-level descriptions of how other Blackstone DST offerings are structured do not establish the terms of this Trust; the PPM and the trust agreement control.
What does a Rule 506(b) offering mean for me as an investor?
Rule 506(b) is a private-placement exemption: the sponsor may not advertise or publicly solicit, and interests go only to accredited investors — people meeting SEC income or net-worth tests — reached through pre-existing relationships, typically via a broker-dealer or registered investment adviser. You will not find a public offering page or marketing site for this Trust, and that absence says nothing about whether the offering is open.
How much do I need to invest, and what does the filing disclose about commissions?
The Form D filed May 11, 2026 reports a minimum investment of $500,000 from any outside investor and estimates $6,555,810 of sales commissions for the offering. The filing does not break out the rest of the fee load; the PPM and subscription agreement control total fees, any waiver of the minimum, and how interests are subscribed.
What is the next public update likely to be?
A Form D amendment. The figures on this page are the snapshot the issuer reported on May 11, 2026, not a live count, and only an amended Form D would refresh them publicly. As of September 3, 2026 the Trust's SEC filing history showed that initial notice and no amendment, so the current state of the raise is not established by the public record. The filing also marks that the issuer does not intend the offering to last more than one year.