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 — tied to 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 ↗
- U.S. Department of Energy, Better Buildings Solution Center ↗
- U.S. Securities and Exchange Commission, Form D ↗
- AltsWire ↗
- PR Newswire (Blue Owl Capital) ↗
- KCRG (Cedar Rapids) ↗
- Manufacturing Dive ↗
- The Wall Street Journal ↗
- Fortune ↗
- 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 its Middle Amana plant for $92.7 million to an entity named WHRAMIA001 LLC and said it would keep operating there under a long-term sale-leaseback.2 The U.S. Department of Energy describes the Amana operation as a 43-acre site manufacturing French door and column refrigerators.3 The Trust's Form D names no property, and no deed tracing title into this Trust surfaced in records reviewed through September 4, 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 lease that accompanied the 2020 sale-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?
The Trust's Form D offers equity and discloses no debt.1 No mortgage, note or deed of trust recorded for the Trust surfaced in public records reviewed through September 4, 2026. Where a DST does borrow, the loan sits ahead of investor equity and is generally non-recourse to the investors themselves.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
The Trust's filings name Blue Owl Real Estate Exchange LLC as sponsor, with affiliated Blue Owl entities as manager, signatory trustee and depositor.4 Blue Owl runs one of the larger exchange platforms by volume: AltsWire reported on August 5, 2026 that Blue Owl Real Estate Exchange had raised about $436.5 million, roughly 7.9% of the DST market.5 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, 2026.6
- 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 its Middle Amana manufacturing plant on October 26, 2020 for $92.7 million to WHRAMIA001 LLC and planned to keep operating it under a long-term sale-leaseback. The U.S. Department of Energy describes the site as a 43-acre operation making French door and column refrigerators. None of those sources states the lease term, rent, escalators, renewal rights or any go-dark, assignment or early-termination provisions, and the SEC Form D record does not describe the lease at all. Those economics and rights live in the Private Placement Memorandum, the offering's full disclosure document, and the lease itself.
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. Manufacturing Dive reported on February 26, 2026 that Whirlpool planned to lay off 341 employees at Amana beginning March 9, 2026, following a July 2025 layoff of 250. KCRG reported on June 5, 2026 that second-shift production would end effective July 5, 2026, affecting 288 employees. The Wall Street Journal reported on August 4, 2026 that plant employment had fallen from about 3,000 to 650. On its first-quarter 2026 earnings call, reported by Fortune on August 29, 2026, Whirlpool described a multi-year modernization at Amana refocusing the site on bottom-mount refrigeration. 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 does not establish one. The Form D offers equity and discloses no debt, and research through September 4, 2026 did not retrieve a mortgage, note or deed of trust recorded for the Trust; no lender, principal amount, interest rate or maturity is publicly established. Third-party marketplace summaries have described Blue Owl exchange DSTs as carrying no loan, which is a marketing description rather than loan documentation. Ask the sponsor for the loan documents, or their absence, and read the debt section of the PPM.
Did Blue Owl buy this plant directly from Whirlpool?
The public record does not show that. The Gazette reported that Whirlpool sold the Middle Amana plant in October 2020 to WHRAMIA001 LLC and planned to lease it back, so any purchase by this Trust — whose first sale to investors was March 27, 2025 — would have been from that later owner rather than from Whirlpool itself. Research through September 4, 2026 did not retrieve a deed, SEC exhibit or sponsor release tracing title into the Trust, and the Form D does not identify 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?
The asset record reports a potential Section 721, or UPREIT, exit — the property may eventually be contributed to a REIT operating partnership in exchange for units 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 the sponsor's discretion sit in the PPM and the 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 — 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.
