Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Blue Owl Real Estate Exchange II DST is a Delaware statutory trust — fractional, passive co-ownership of real estate that can qualify for 1031 exchange treatment — holding a Whirlpool-occupied refrigerator plant in Amana, Iowa. Its first sale to investors was March 27, 2025.1 Interests go only to accredited investors — buyers qualified by income or net worth — under Rule 506(b), the exemption that bars general advertising.
100% leased to Whirlpool Corp; ~$92.6M sale-leaseback Oct 2025; Blue Owl DSTs run 0% LTV, 721-exit to ORENT
Show sources (13)Hide sources (13)
These links support the public record as a whole; individual details may come from different sources.
- U.S. Securities and Exchange Commission, Form D/A ↗
- The Gazette ↗
- Iowa Department of Natural Resources, Facility Explorer ↗
- PR Newswire (Blue Owl Capital) ↗
- AltsWire ↗
- KCRG (Cedar Rapids) ↗
- Iowa Workforce Development, WARN Log ↗
- The Wall Street Journal ↗
- Manufacturing Dive ↗
- Des Moines Register ↗
- re-transition.com ↗
- thegazette.com ↗
- facilityexplorer.iowa… ↗
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
On October 26, 2020, Whirlpool sold this plant for $92.7 million to a Chicago-based LLC named Wramia001 and stayed on as tenant in a sale-and-leaseback.2 Iowa's environmental regulator lists the site as Whirlpool Corporation – Amana Division, making household refrigerators and home freezers.3 No deed, SEC exhibit or sponsor release tracing title from that 2020 buyer into this Trust was located in the records reviewed through August 31, 2026.
- Property address
- 2800 220th Trail, Amana, IA
- Property size
- 1.56M SF
Who is the tenant, and what's the lease?
Whirlpool Corporation remained as tenant under the long-term lease contemplated in the 2020 sale-and-leaseback.2 The offering is described as net-lease, meaning the tenant rather than the Trust carries most property-level operating costs. Term, rent, escalators and renewal or termination rights appear in no public source reviewed.
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.
- Amount sold
- $62,480,394
- Still available
- $3,643,385
- Investors reported
- 62
- Total offering
- $66,123,779
How is it financed, and what does it pay?
Where a DST borrows, the loan sits ahead of investor equity and is generally non-recourse to the investors themselves. The public record here is unsettled: the Form D offers equity and discloses no debt, and no lender, loan balance, maturity or recorded mortgage tied to this Trust surfaced in the records reviewed.1
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Blue Owl Real Estate Exchange LLC sponsors this Trust, with Blue Owl Real Estate Exchange DST Manager LLC as manager and signatory trustee and Blue Owl Real Estate Exchange Depositor LLC as depositor.1 Funds managed by Blue Owl Capital completed a $2.4 billion acquisition of net-lease healthcare REIT Sila Realty Trust on July 1, 2026, after stockholders approved the merger on June 26, 2026.4 AltsWire reported on August 5, 2026 that Blue Owl Real Estate Exchange had raised about $436.5 million, roughly 7.9% of DST market volume.5
- Sponsor
- Blue Owl
- Legal Trust name
- Blue Owl Real Estate Exchange II DST
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 5 active / 6 total offerings from Blue Owl
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The first sale to investors closed on March 27, 2025, weeks before the initial Form D — the SEC's brief notice of an exempt private offering — reached EDGAR.1 Every amendment since has restated the same total offering amount, so the filings track subscription progress rather than a resized deal.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- 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.
Common questions
Is Whirlpool Amana Manufacturing Facility still raising money?
Top1031 lists Whirlpool Amana Manufacturing Facility 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 Whirlpool Amana Manufacturing Facility?
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.
Who is the tenant, and what is publicly known about the lease?
Whirlpool Corporation. The Gazette reported that Whirlpool sold the plant at 2800 220th Trail for $92.7 million on October 26, 2020 to a Chicago-based LLC, Wramia001, and planned a long-term lease in a sale-and-leaseback. The Iowa Department of Natural Resources lists the facility as Whirlpool Corporation – Amana Division, producing household refrigerators and home freezers. Neither source states the lease term, rent, escalators or renewal rights, and the SEC Form D record does not describe the lease at all. Lease economics and any go-dark, assignment or early-termination rights are questions for the Private Placement Memorandum, the offering's full disclosure document.
Do the Whirlpool layoffs at Amana affect the Trust?
They are tenant-side employment events, and no source reviewed reports a plant closure or a lease default. The Iowa Workforce Development WARN log records an amended layoff of 250 workers effective July 30, 2025, and a mass layoff of 341 workers effective March 9, 2026 on a notice dated February 17, 2026. Manufacturing Dive reported on February 26, 2026 that Whirlpool would cut more than 300 jobs at the plant. KCRG reported on June 5, 2026 that second-shift production would end effective July 5, 2026, affecting 288 employees, as part of a modernization and refrigerator-line update; the Des Moines Register reported the same 288-job cut. The Wall Street Journal reported on August 4, 2026 that plant employment had fallen from about 3,000 to 650. Whether reduced operations trigger any lease right is a question for the lease and the PPM.
Does the Trust carry a mortgage?
The public record reviewed as of August 31, 2026 does not settle it. The Form D/A filed September 11, 2025 offers equity and discloses no debt, which is not the same as establishing that the Trust is debt-free; no lender, loan balance, maturity, promissory note or recorded mortgage tied to this Trust was located. Third-party marketplace summaries characterize Blue Owl DSTs as carrying no loan, while the compiled property record labels this offering leveraged — those are characterizations, not filings. Ask the sponsor for the loan documents, or written confirmation that there are none, plus any lender, balance, rate and maturity.
Did Blue Owl buy this plant directly from Whirlpool?
The public record does not show that. The Gazette reported that Whirlpool sold the plant in October 2020 to a Chicago-based LLC named Wramia001 and planned to lease it back, so any purchase by this Trust — which was formed in 2025 — would have been from that owner rather than from Whirlpool itself. Research through August 31, 2026 did not retrieve a deed, SEC exhibit or sponsor release tracing title into the Trust, and the Form D does not name a property. Ask the sponsor for the closing statement, purchase price and title policy.
What does the 721/UPREIT exit mean for an investor here?
Blue Owl's program contemplates that the property may eventually be contributed to a REIT operating partnership in exchange for units — a Section 721 exchange — rather than sold for cash. Investors would then hold REIT units instead of an interest in real estate, which generally ends the ability to complete another 1031 exchange with that interest and changes how and when tax is triggered. It is a contemplated structure, not a completed transaction; the mechanics, timing and sponsor discretion sit in the PPM and trust agreement.
Who can invest, and what does Rule 506(b) mean?
The Form D reports the offering as made under Rule 506(b), an exemption that lets an issuer sell privately without registering with the SEC but bars general solicitation or advertising — meaning the sponsor and its selling broker-dealers cannot cold-market it and must rely on pre-existing relationships. Buyers must be accredited investors, qualifying on income or net worth, and the filing reports a $250,000 minimum investment.
