Blue Owl OREX III DST
6 industrial properties in 6 states · sponsored by Blue Owl
Blue Owl OREX III DST is a DST sponsored by Blue Owl that owns 6 industrial properties in 6 states. Its latest Form D, filed Oct 23, 2025, lists a $103 million offering with a $250,000 minimum.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $103,008,086Equity offered, per the Form D
- Sold so far
- Form D, Oct 23, 2025; the % is our arithmetic94.5%
- Investors reported
- Form D, Oct 23, 2025101
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,180,485 · 5.9% of offering
- 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 23, 2025 · 8 filings
- First sale
- May 29, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $97,382,324
- Not yet sold
- $5,625,762
- Investors
- 101
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
94.5% of $103,008,086 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $20.1 million a month
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Ask a 1031 specialist about this recordFree. About: Blue Owl OREX III DST. Top1031 is not a broker-dealer.No photo on record. Multiple property locations are on record; no single map.
What does Blue Owl OREX III DST own?
Blue Owl classifies the holding as an industrial net-lease portfolio, with properties reported in Florida, Iowa, Missouri, Ohio, South Carolina and Texas. The public record stops there: the latest Form D amendment names no building, no portfolio and no street address, so the exact property identity is unresolved. 2 The asset list, square footage and purchase prices are not in the filings — they sit in the offering documents. 2
- Reported location
- Multi-state (6)
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
The Trust is capitalized with equity alone rather than a mortgage, so there is no lender, no loan maturity and no refinancing event during the hold. The flip side for an exchanger whose relinquished property carried debt: there is no replacement loan here. The Form D discloses no debt or leverage. 4
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
- $6,180,485 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,287,601 · 1.2% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of expense reimbursements that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 7 named in the Form D
Show the firms
- Aurora Securities · CRD 46147
- DFPG Investments, LLC · CRD 155576
- MML Investor Services, LLC · CRD 10409
- Merrill Lynch, Pierce, Fenner & Smith Incorporated · CRD 7691
- RBC Capital Markets, LLC · CRD 31194
- Realized Financial, Inc. · CRD 22333
- Rockefeller Financial LLC · CRD 291361
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 29, 2025
- Minimum investment
- $250,000
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.
Who's behind Blue Owl OREX III DST?
Blue Owl Real Estate Exchange LLC is the named sponsor in the Trust's Form D. 5 The 1031 platform is young but scaled fast: trade press reported on April 15, 2026 that Blue Owl had reached No. 3 in the DST market, naming OREX III among its industrial programs. 6 AltsWire reported on September 22, 2026 that the platform had raised $522.1 million through August 2026. 7 At a Barclays conference on September 14, 2026, Blue Owl called real assets its fastest-growing segment, led by triple-net lease and data-center investments. 8
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust reported its first sale on May 29, 2025, with the initial Form D reaching EDGAR shortly after. 9 Each amendment since restated the same total offering amount while updating dollars sold and investor count. Interests are offered privately, without general advertising, to accredited investors only — those meeting SEC income or net-worth tests.
- Legal Trust name
- Blue Owl Real Estate Exchange III DST
- SEC CIK
- 2068898
- First Form D
- Jun 11, 2025
- Latest Form D
- Oct 23, 2025
- Filings on record
- 8
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $103,008,086 | $97,382,324+$9,669,479 | 101+12 | EDGAR | |
| Form D/A | $103,008,086 | $87,712,845+$14,066,775 | 89+18 | EDGAR | |
| Form D/A | $103,008,086 | $73,646,070+$28,871,128 | 71+29 | EDGAR | |
| Form D/A | $103,008,086 | $44,774,942+$3,980,716 | 42+5 | EDGAR | |
| Form D/A | $103,008,086 | $40,794,226+$10,709,775 | 37+12 | EDGAR | |
| Form D/A | $103,008,086 | $30,084,451+$13,458,074 | 25+6 | EDGAR | |
| Form D/A | $103,008,086 | $16,626,377+$7,784,079 | 19+8 | EDGAR | |
| Form D | $103,008,086 | $8,842,298 | 11 | 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 Blue Owl OREX III DST an active offering?
- Blue Owl OREX III DST is an Active offering: its latest Form D was filed Oct 23, 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 Blue Owl OREX III DST have a 721 UPREIT exit?
- The record lists a possible 721 exit for Blue Owl OREX III DST. 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 does this Trust actually own?
- An industrial net-lease portfolio, with properties reported in Florida, Iowa, Missouri, Ohio, South Carolina and Texas. The SEC filings name no building, portfolio, tenant or street address, so the specific asset list, square footage and purchase prices appear only in the offering documents.
- What does all-cash financing mean for my exchange?
- The properties carry no mortgage, so there is no lender, no loan maturity and no refinancing event during the hold — the Form D itself discloses no debt or leverage. The flip side: if your relinquished property had debt on it, there is no replacement debt in this Trust to match, a point to work through with your own tax adviser.
- What is the minimum investment?
- The Form D filings state a $250,000 minimum outside investment. The interests are described as equity and pooled investment fund interests offered under Rule 506(b) — the private-placement rule that bars general advertising and limits the offering to accredited investors.
- Who is behind the Trust?
- Blue Owl Real Estate Exchange LLC is the named sponsor in the Form D, with Blue Owl Real Estate Exchange DST Manager LLC named as manager and signatory trustee. It is the 1031 exchange arm of Blue Owl Capital, whose management said on September 14, 2026 that real assets was the firm's fastest-growing segment, led by triple-net lease and data-center investments and with its triple-net lease portfolio up almost fivefold in less than five years.
In the news
Sources
Show sources (10)Hide sources (10)
These links support the record as a whole; individual details may come from different sources.
- SEC EDGAR — Form D/A, Accession 0002068898-25-000011 ↗
- SEC EDGAR — Form D/A, Accession 0002068898-25-000011 ↗
- SEC EDGAR — Form D/A, Accession 0002068898-25-000011 ↗
- SEC EDGAR — Form D/A, Accession 0002068898-25-000011 ↗
- SEC EDGAR — Form D/A, Accession 0002068898-25-000011 ↗
- The American Reporter ↗
- AltsWire ↗
- Reuters (Blue Owl at Barclays conference) ↗
- NASAA Electronic Filing Depository — Form D record ↗
- altswire.com ↗
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.