Blue Owl OREX V DST

Top1031 lists Blue Owl OREX V DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

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.

The private placement memorandum describes a parent Delaware statutory trust that indirectly owns 100% of the beneficial interests in two operating trusts, MGKY001 Owner DST (the Magna Trust) and LOPLMI001 Owner DST (the AR Trust). Those trusts hold three single-tenant industrial manufacturing facilities totaling approximately 2,341,200 rentable square feet: about 1,351,200 square feet at 111 Cosma Drive, Bowling Green, Kentucky; about 701,000 square feet at 1115 South Wayne Street, Saint Marys, Ohio; and about 289,000 square feet at 13505 North Haggerty Road, Plymouth, Michigan. The PPM reports the portfolio was acquired for $249,280,000.

The PPM reports the Kentucky property is 100% leased and occupied by Bowling Green Metalforming L.L.C., an operating unit of Magna International Inc., and that the Ohio and Michigan properties are 100% leased and occupied by American Rheinmetall, a subsidiary of Rheinmetall AG. On August 5, 2026 the U.S. Department of War reported an $18,917,898 firm-fixed-price contract for vehicular track shoes to Loc Performance Products LLC, doing business as American Rheinmetall, in Plymouth, Michigan. On August 11, 2026 Defence Industry Europe reported turret fabrication for the Lynx XM30 program being set up in Plymouth as part of a U.S. production network. On February 27, 2025 the Bowling Green Fire Department responded to a machinery fire at Bowling Green Metalforming, controlling it within 15 minutes with minor damage and no injuries.

The PPM states each operating trust master-leased its property to a Blue Owl-affiliated master tenant under a 20-year net lease, and that the master lease is guaranteed by the Blue Owl Operating Partnership. In that arrangement the trusts collect rent from the affiliated master tenant rather than directly from the occupying manufacturer, so trust-level cash flow depends on the master tenant's payments and, behind it, the guarantor — while the occupying tenants' rent supports the master tenant. No tenant lease-expiration dates were identified in the public records reviewed; the master lease, the guaranty and the occupancy leases are the documents in the PPM that set those terms.

The PPM says the properties carry no mortgage debt and describes the offering as all-cash and free and clear. Top1031's metadata for this record carries a leverage classification, and no recorded mortgage or other primary debt document was located that confirms it. The PPM's sources-and-uses table and county land records are what resolve which description is accurate.

The Trust was still raising as of the Form D amendment filed July 8, 2026, which reports sales as of that filing date and does not itself confirm that interests remained available afterward. That filing records a Rule 506(b) offering — a private placement to accredited investors with no general solicitation — which is why access typically runs through a registered representative rather than a public website. The SEC filing reports a $250,000 minimum investment and names Blue Owl Real Estate Exchange DST Manager LLC as manager and signatory trustee, with an issuer address at 150 N. Riverside Plaza, 37th Floor, Chicago, Illinois.

Top1031's record shows no 721/UPREIT conversion feature — a structure in which DST interests are exchanged for operating-partnership units in a REIT rather than sold — and the PPM material reviewed did not describe one. The sponsor is an indirect subsidiary of Blue Owl Real Estate Net Lease Trust, a non-listed perpetual-life REIT, but that affiliation is not itself an exit mechanism. The PPM's exit and disposition sections are where any such right would appear.