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 vehicle that lets 1031-exchange investors hold fractional interests in real estate — formed inside Blackstone's BXREX program, which channels BREIT-managed commercial property to exchange investors.1 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)
Show sources (5)Hide sources (5)
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 business only as commercial real estate and names no property, city, tenant or operator.1 Top1031 records the asset type as BREIT-managed commercial real estate, 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 or lease for this Trust appears in the public record. A BREIT program filing dated November 3, 2025 says a DST property in that program is leased back by a wholly owned subsidiary of BREIT's operating partnership under a master lease that the operating partnership guarantees — rent from a Blackstone affiliate rather than third-party tenants.2
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 settled by the PPM.
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 BREIT — Blackstone's non-traded real estate income trust — and its operating partnership disclosed the launch of their Delaware statutory trust program on November 3, 2025, offering DST interests in trusts holding one or more properties to accredited investors.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 business as commercial real estate but names no property, city, tenant or operator. Top1031 records the asset type as commercial real estate managed by BREIT, with 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 1, 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. BREIT — Blackstone Real Estate Income Trust, Blackstone's non-traded REIT — and its operating partnership disclosed the launch of the Delaware statutory trust program on November 3, 2025, and BREIT's July 23, 2026 quarterly update said BXREX was launched to expand and diversify capital raising. BXREX is the channel through which BREIT-managed real estate reaches 1031-exchange investors.
Who would pay the rent in a BXREX trust?
A BREIT filing dated November 3, 2025 describing the DST program says each DST holds one or more real properties, that a DST property is leased back by a wholly owned subsidiary of BREIT's operating partnership under a master lease guaranteed by that operating partnership, and that the operating partnership holds a fair-market-value purchase option. That is program-level language: the public record for BXREX Portfolio II DST itself contains no lease, master lease or guarantor detail, so the PPM governs whether this Trust follows that pattern.
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 $500,000 minimum investment from any outside investor and estimates $6,555,810 of sales commissions for the offering. The filing does not break out the balance of the fee load; the PPM and subscription agreement control total fees, any minimum waiver, 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 1, 2026 the Trust's SEC filing history showed that initial notice and no amendment, so current availability of interests is not established by the public record.