As reported by the sponsor · AltsWire ↗
Blue Owl OREX V DST
3 industrial properties in 3 states · sponsored by Blue Owl
Blue Owl OREX V DST is a DST sponsored by Blue Owl that owns 3 industrial properties in 3 states. Its latest Form D, filed Jul 8, 2026, lists a $269.4 million offering with a $250,000 minimum.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $269,491,892Equity offered, per the Form D
- Sold so far
- Form D, Jul 8, 2026; the % is our arithmetic87.5%
- Investors reported
- Form D, Jul 8, 2026219
- Selling commissions
- Form D Item 15; the % is our arithmetic$16,169,514 · 6.0% 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
- Jul 8, 2026 · 8 filings
- First sale
- Jan 22, 2026
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
- $235,877,283
- Not yet sold
- $33,614,609
- Investors
- 219
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
87.5% of $269,491,892 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $42.9 million a month
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Ask a 1031 specialist about this recordFree. About: Blue Owl OREX V 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 V DST own?
The sponsor's offering documents describe three single-tenant plants: roughly 1,351,200 square feet at 111 Cosma Drive, Bowling Green, Kentucky; 701,000 at 1115 South Wayne Street, Saint Marys, Ohio; and 289,000 at 13505 North Haggerty Road, Plymouth, Michigan. 1 Two operating trusts hold them: fee-simple title to the Ohio and Michigan sites, and fee-simple title to part of the Kentucky site with a ground-lease interest in the remainder. 1 Distributor material reports the portfolio was acquired on January 6, 2026. 2
- Reported location
- Multi-state (3)
- Property size
- Multi-property industrial portfolio across KY, MI, OH
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?
Offering material reports the properties are unencumbered by mortgage debt — nothing to refinance and no lender ranking ahead of investors; no lender is named in the sources reviewed. 2
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $16,169,514 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $4,042,378 · 1.4% 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
- 9 named in the Form D
Show the firms
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- MML Investor Services, LLC · CRD 10409
- Merrill Lynch, Pierce, Fenner & Smith Incorporated · CRD 7691
- Metropolitan Capital Investment Banc, Inc. · CRD 148820
- Morgan Stanley · CRD 149777
- RBC Capital Markets, LLC · CRD 31194
- Realized Financial, Inc. · CRD 22333
- Sanctuary Securities, Inc. · CRD 205
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jan 22, 2026
- 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 V DST?
Blue Owl Real Estate Exchange LLC is named as the sponsor of this Offering. 3 It is Blue Owl's 1031 exchange platform, which has brought sister exchange trusts to market alongside this one. AltsWire's coverage of July 2026 DST sales, published August 5, 2026, placed Blue Owl Real Estate Exchange at roughly $436.5 million, about 7.9% of that market, without naming an individual trust.
- Sponsor
- Offerings on record
What does the SEC record show?
Every amendment since the February 2026 notice has carried the same maximum offering amount while updating subscription and investor counts. Interests are offered privately, without general advertising, to accredited investors — those meeting SEC income or net-worth thresholds. The issuer reported its first securities sale on January 22, 2026. 3
- Legal Trust name
- Blue Owl Real Estate Exchange V DST
- SEC CIK
- 2107663
- First Form D
- Feb 5, 2026
- Latest Form D
- Jul 8, 2026
- 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 | $269,491,892 | $235,877,283+$55,942,580 | 219+54 | EDGAR | |
| Form D/A | $269,491,892 | $179,934,703+$9,595,380 | 165+13 | EDGAR | |
| Form D/A | $269,491,892 | $170,339,323+$28,689,780 | 152+28 | EDGAR | |
| Form D/A | $269,491,892 | $141,649,543+$36,072,713 | 124+35 | EDGAR | |
| Form D/A | $269,491,892 | $105,576,830+$44,855,472 | 89+52 | EDGAR | |
| Form D/A | $269,491,892 | $60,721,358+$39,670,898 | 37+15 | EDGAR | |
| Form D/A | $269,491,892 | $21,050,460+$10,071,886 | 22+11 | EDGAR | |
| Form D | $269,491,892 | $10,978,574 | 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 V DST an active offering?
- Blue Owl OREX V DST is an Active offering: its latest Form D was filed Jul 8, 2026. 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.
- What does this Trust actually own?
- A parent Delaware statutory trust that indirectly owns three single-tenant industrial manufacturing plants through two operating trusts. The sponsor's offering documents place the Kentucky plant at 111 Cosma Drive, Bowling Green, at approximately 1,351,200 square feet; the Ohio plant at 1115 South Wayne Street, Saint Marys, at approximately 701,000 square feet; and the Michigan plant at 13505 North Haggerty Road, Plymouth, at approximately 289,000 square feet. The offering documents state the operating trust for the American Rheinmetall properties holds fee-simple title to both the Ohio and Michigan sites, while the Magna operating trust holds fee-simple title to part of the Kentucky property and a ground-lease interest in the remainder. The SEC Form D names no property or address, so all property detail comes from sponsor material.
- What did the portfolio cost, and when was it bought?
- Distributor material for the offering reports that the parent trust acquired the three-property portfolio for $249,280,000 on January 6, 2026. That is an offering-material figure and date rather than a recorded deed price and conveyance. The issuer's own SEC Form D separately reports a first securities sale on January 22, 2026, which is a fundraising date, not a purchase date. The offering documents' sources-and-uses section and county land records in Warren County, Kentucky; Auglaize County, Ohio; and Wayne County, Michigan are where the purchase is confirmed of record.
- Who occupies the buildings, and is there news about them?
- The offering documents report the Kentucky plant fully leased to Bowling Green Metalforming L.L.C., a Magna International operating unit, and the Ohio and Michigan plants fully leased to Loc Performance Products, LLC, which does business as American Rheinmetall after Rheinmetall AG acquired it in 2024. That tenant has appeared repeatedly in 2026 defense coverage: the U.S. Department of War reported on August 5, 2026 an $18,917,898 firm-fixed-price contract for vehicular track shoes awarded to Loc Performance Products in Plymouth, Michigan; Rheinmetall and several outlets reported on September 1, 2026 the delivery of the first of eight Lynx XM30 prototypes to the U.S. Army, with work beginning with precision turret fabrication in Plymouth; a September 2, 2026 company release announcing a $710,000 Kongsberg award for MCT-30 turret components listed St. Marys, Ohio among relevant operations; and on September 10, 2026 Rheinmetall reported a $7.28 million award for 12 Mission Master SP vehicles and five amphibious kits. These are corporate contract announcements, not property-level events, and no sponsor statement ties them to this Trust.
- What does the master-lease structure mean for me as an investor?
- Distributor material reports that each operating trust master-leased its property to a Blue Owl-affiliated master tenant under a 20-year net lease, with a guaranty from the Blue Owl Operating Partnership. In that arrangement the trusts collect rent from the affiliated master tenant rather than directly from the occupying manufacturers, so trust-level cash flow depends on the master tenant's payments and, behind them, on the guarantor, while the manufacturers' occupancy rent supports the master tenant. These are offering-material descriptions rather than independently verified lease records; commencement and expiration dates for the underlying occupancy leases were not established in the sources reviewed as of October 3, 2026.
- Is the Trust financed with debt?
- Offering material reports that the properties are unencumbered by mortgage debt, and no lender, loan balance or recorded mortgage instrument was located in the sources reviewed as of October 3, 2026. Top1031's own pipeline metadata for this record classifies the Trust as leveraged, so the two descriptions conflict. The offering documents' sources-and-uses table and county land records in Warren County, Kentucky; Auglaize County, Ohio; and Wayne County, Michigan are what resolve which description is accurate.
In the news
Sources
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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.