Top1031

Blue Owl OREX III DST

Industrial (net lease portfolio) property in Multi-state (6) — sponsored by Blue Owl

Files with the SEC as Blue Owl Real Estate Exchange III DST

Minimum investment
$250k
Offering size
$103.0M
How much has sold
95.0%
Asset type
Industrial (net lease portfolio) property
Location
Multi-state (6)
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?

Blue Owl Real Estate Exchange III DST is a Delaware statutory trust organized in 2025 — a passive co-ownership vehicle whose interests qualify as 1031 exchange replacement property.1 It holds an industrial net-lease portfolio in six states, the roughly $103 million Offering carries no mortgage debt, and Blue Owl reports a possible 721/UPREIT exit, contributing the real estate to its ORENT REIT in exchange for operating-partnership units.

~$103M raise; Blue Owl DSTs all-cash (0% LTV); 721 UPREIT exit into ORENT; street addresses not public

Show sources (11)Hide sources (11)

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

FL · 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?

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 Those details, along with square footage and purchase prices, appear only in the private placement memorandum, or PPM — the private offering document.

Reported location
Multi-state (6)
Property size
Form D offering amount $103,008,086; $73,646,070 sold as of August 2025 filing; $29,362,016 remaining. Asset class: industrial net-lease portfolio.
Chapter 3

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

No tenant is named in the public record: the latest Form D amendment discloses no tenant or operator, no lease term or expiration, no escalators and no occupancy.3 The portfolio is classified as net lease, meaning tenants rather than the Trust generally carry taxes, insurance and maintenance — but only the PPM shows each actual lease.

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 23, 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.
95.0% reported sold
Amount sold
$97,382,324
Still available
$5,625,762
Investors reported
101
Total offering
$103,008,086
Amount soldInvestors
Jun 11, 2025Oct 23, 2025
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
Chapter 5

How is it financed, and what does it pay?

This Trust is capitalized entirely with equity rather than a mortgage, so there is no lender, no loan maturity and no refinancing to underwrite. It also means an exchanger whose relinquished property carried debt has no replacement loan here. The Form D itself discloses no debt or leverage.8

Financing
All cash. This offering reports no mortgage debt.
Chapter 7

What does the paperwork say?

The Trust reported its first sale on May 29, 2025, and the initial Form D reached EDGAR shortly after.7 Each amendment since restated the same total offering amount while updating dollars sold and investor count. Interests are offered without general advertising, to accredited investors only — those meeting SEC income or net-worth tests.6

  1. First Form D filedThe public offering record begins.
  2. Offering amount recordedA Form D amendment recorded offering and sales totals.
  3. Filing record updatedA later amendment updated the sponsor’s filing record.
  4. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
8
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 Blue Owl OREX III DST still raising money?

Top1031 lists Blue Owl OREX III 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 Blue Owl OREX III 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 does this Trust actually own?

An industrial net-lease portfolio, with properties reported in six states: 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 are only in the PPM (the private offering document).[2]

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 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 721/UPREIT exit into ORENT?

A Section 721 exchange lets the Trust contribute its real estate to a REIT's operating partnership in return for partnership units, generally without triggering tax at that moment. Blue Owl reports ORENT as the potential destination. It is a possible future structure, not a completed transaction, and unit holders can no longer do a future 1031 exchange with those units.

What is the minimum investment?

The latest Form D amendment states a $250,000 minimum outside investment, with the interests described as equity and pooled investment fund interests offered under Rule 506(b) — the private-placement rule that bars general advertising.[6]

Is the Offering still open?

The most recent filing on record is the Form D amendment dated October 23, 2025, and the sales figures shown on this page come from that filing. Form D amendments report a snapshot; availability can change between filings, so confirm current status with the sponsor or your representative before naming the Trust on a 45-day identification list.

Who is behind the Trust?

Blue Owl Real Estate Exchange LLC is the named sponsor, with affiliated Blue Owl entities serving as depositor and as manager and signatory trustee.[5] Blue Owl's 1031 platform launched recently and grew quickly; trade press on April 15, 2026 placed it third in the DST market and identified OREX III as one of its industrial offerings.[9]

Chapter 9

In the news