Top1031

Blue Owl Real Estate Exchange I (OREX I) — industrial

Industrial property · sponsored by Blue Owl

HistoricalLast Form D filed Feb 14, 2025 (opens in a new tab)

Blue Owl Real Estate Exchange I (OREX I) — industrial was a DST sponsored by Blue Owl that owned an industrial property. Its last Form D was filed Feb 14, 2025.

How it ended

No outcome recorded · under 7 years

Last Form D filed Feb 14, 2025.

Blue Owl has 5 active offerings on record →

Key facts

Minimum investment
$250,000
From the Form D
Offering size
$92,717,391
Equity offered, per the Form D
Sold
86.3%
Form D, Feb 14, 2025; the % is our arithmetic
Investors reported
60
Form D, Feb 14, 2025
Selling commissions
$6,490,217 · 6.9% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries 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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Blue Owl Real Estate Exchange I (OREX I) — industrial. Top1031 is not a broker-dealer.

What did the Trust own?

The Form D classifies the business only as "Other Real Estate" and names no building, city, or state. 1 Trade coverage places OREX I as the first industrial DST in Blue Owl's OREX series, launched in 2023. 2 Blue Owl's 1031 platform describes itself as buying net-leased industrial, logistics, and data center assets, but nothing in the exact-issuer record ties a named property to this Trust. 6

Property size
Undisclosed individual property portfolio; OREX I program aggregate ~$92.7M (2023)

How was it financed, and what did it cost to sell?

The filings disclose no mortgage, lender, or loan terms, and debt was not among the security types offered, so whether this Trust carries leverage is not established by the public record. 5 Financing detail, if any, would sit in the offering documents.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$6,490,217 · 6.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$927,174 · 1.0% of offering
Form D Item 16
· The filing’s note: “Item 16 is an estimate of offering and organizational expenses, and other closing costs, that may accrue to one or more Related Persons.”
Broker-dealers named in the Form D
6 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Dec 14, 2023
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.

What does the SEC record show?

The original Form D — the short notice an issuer files with the SEC for a private offering — was followed by a run of amendments, each restating the running sales tally as the raise progressed. Interests were offered privately to accredited investors, without general advertising, so the substantive terms live in the offering documents.

Legal Trust name
Blue Owl Real Estate Exchange I DST
SEC CIK
1993123
First Form D
Dec 22, 2023
Latest Form D
Feb 14, 2025
Filings on record
13
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$92,717,391
$80,096,117+$27,867,125
60+14
EDGAR
Form D/A$92,717,391
$52,228,992+$3,896,943
46+6
EDGAR
Form D/A$92,717,391
$48,332,049+$1,798,541
40+4
EDGAR
Form D/A$92,717,391
$46,533,508+$6,285,206
36+8
EDGAR
Form D/A$92,717,391
$40,248,302+$3,752,416
28+7
EDGAR
Form D/A$92,717,391
$36,495,886+$2,754,519
21+4
EDGAR
Form D/A$92,717,391
$33,741,367+$1,348,027
17+2
EDGAR
Form D/A$92,717,391
$32,393,340+$5,981,014
15+4
EDGAR
Form D/A$92,717,391
$26,412,326+$4,422,921
11+4
EDGAR
Form D/A$92,717,391
$21,989,405+$3,670,479
7+3
EDGAR
Form D/A$92,717,391
$18,318,926+$3,743,813
4+1
EDGAR
Form D/A$92,717,391
$14,575,113+$779,462
3+1
EDGAR
Form D$92,717,391
$13,795,651
2
EDGAR
Show all 13 SEC Form D filings

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

What happened to Blue Owl Real Estate Exchange I (OREX I) — industrial?
Blue Owl Real Estate Exchange I (OREX I) — industrial is a Historical offering. Last Form D filed Feb 14, 2025.
What property does OREX I actually own?
The public record does not say. The Form D and its amendments classify the business as "Other Real Estate" and identify no property, address, city, or state, and no acquisition price or date appears in the reviewed exact-issuer materials. Top1031 lists the Trust as industrial, and trade coverage calls it the first industrial DST in Blue Owl's OREX series. Property-level detail would be in the offering documents.
What is the minimum investment?
The Form D reports a $250,000 minimum for outside investors, subject to the issuer's stated discretion to accept a smaller amount. That is the filed minimum only; the offering documents govern subscription mechanics, and a 1031 exchanger's own equity and debt replacement needs determine what size position actually works.
Who is the tenant, and is it a triple-net lease?
Neither is disclosed for this Trust. The reviewed filings state no tenant or operator, no lease structure or term, no rent escalator, and no occupancy figure. Blue Owl's OREX program describes its focus as net-leased real estate — where the tenant typically pays taxes, insurance, and maintenance — but that is a program-level description, not a disclosed OREX I lease.
Does OREX I have a 721/UPREIT exit?
The record shows none. A 721 or UPREIT exit is when DST interests are exchanged for operating-partnership units in a REIT rather than sold for cash; Top1031's record for this Trust shows no REIT conversion contemplated, and the filings describe no such mechanism. Any exit path would be described in the offering documents.
What does the DST structure mean for a 1031 exchanger?
A Delaware statutory trust holds title to real estate, and the IRS treats a beneficial interest in a qualifying DST as replacement property for a 1031 exchange. Investors are entirely passive: the trustee makes all decisions, no capital calls or management votes exist, and interests are illiquid with no public market. Accredited-investor status — meeting SEC income or net-worth tests — is required to subscribe.

Sources

Show sources (9)Hide sources (9)

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

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.