IREX II Self-Storage Portfolio
5 self-storage properties in 4 states · sponsored by Invesco Real Estate Exchange
IREX II Self-Storage Portfolio was a DST sponsored by Invesco Real Estate Exchange that owned 5 self-storage properties in 4 states. Its last Form D was filed Jul 15, 2025.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jul 15, 2025.
Invesco Real Estate Exchange has 1 active offering on record →
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $85,695,652Equity offered, per the Form D
- Sold
- 94.1%Form D, Jul 15, 2025; the % is our arithmetic
- Investors reported
- Form D, Jul 15, 202570
- Selling commissions
- Form D Item 15; the % is our arithmetic$5,998,697 · 7.0% 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 →
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: IREX II Self-Storage Portfolio. Top1031 is not a broker-dealer.What did IREX II Self-Storage Portfolio own?
Invesco Real Estate Income Trust, the firm's non-traded REIT, says it sourced the storage portfolio, which it announced on July 2, 2025. 2 A trust-specific marketplace listing reports portfolio occupancy of 87.20%, with no measurement date attached to the figure. 3 Individual facility names, street addresses, acquisition dates and purchase prices are not established in the public material reviewed.
- Reported location
- Multi-state (4)
- Property size
- 3,894 units / ~463k SF (8 props)
How was it financed, and what did it cost to sell?
Debt
- Financing
- All cash. This offering reports no mortgage debt.
- May convert to a REIT (721)
- Yes
Costs and terms from the Form D
- Selling commissions
- $5,998,697 · 7.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $856,956 · 0.9% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of offering and organizational expenses and closing costs that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 7 named in the Form D
Show the firms
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Concorde Investment Services, LLC · CRD 151604
- FNEX Capital, LLC · CRD 166316
- Morgan Stanley · CRD 149777
- Realized Financial, Inc. · CRD 22333
- Sanctuary Securities, Inc. · CRD 205
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Nov 27, 2024
- 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 IREX II Self-Storage Portfolio?
The sponsor is the Invesco unit that packages DST interests for 1031 exchangers. 1 The Trust sits inside the DST program of Invesco Real Estate Income Trust, Invesco's non-traded REIT, which sourced the assets and announced full subscription on July 2, 2025. 2 That REIT's filing for the quarter ended June 30, 2026 still lists the Trust among the DST-program entities consolidated in its financial statements. 4 Commercial Observer described IREX II on August 3, 2026 as Invesco's tax-oriented DST strategy for private-wealth investors.
- Sponsor
- Offerings on record
What does the SEC record show?
Each amendment restated the same total offering amount while updating the dollars sold and the investor count as the raise progressed. Interests were offered privately, without general advertising, to accredited investors — people meeting SEC income or net-worth tests — after a first sale the issuer reported as November 27, 2024. 1
- Legal Trust name
- IREX II Storage Portfolio DST
- SEC CIK
- 2043736
- First Form D
- Dec 11, 2024
- Latest Form D
- Jul 15, 2025
- 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 | $85,695,652 | $80,663,234+$7,180,269 | 70+17 | EDGAR | |
| Form D/A | $85,695,652 | $73,482,965+$24,003,537 | 53+13 | EDGAR | |
| Form D/A | $85,695,652 | $49,479,428+$3,444,499 | 40+7 | EDGAR | |
| Form D/A | $85,695,652 | $46,034,929+$6,846,524 | 33+9 | EDGAR | |
| Form D/A | $85,695,652 | $39,188,405+$23,453,435 | 24+12 | EDGAR | |
| Form D/A | $85,695,652 | $15,734,970+$3,218,458 | 12+6 | EDGAR | |
| Form D/A | $85,695,652 | $12,516,512+$11,699,065 | 6+4 | EDGAR | |
| Form D | $85,695,652 | $817,447 | 2 | 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
- What happened to IREX II Self-Storage Portfolio?
- IREX II Self-Storage Portfolio is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jul 15, 2025.
- Does IREX II Self-Storage Portfolio have a 721 UPREIT exit?
- The record lists a possible 721 exit for IREX II Self-Storage Portfolio. The offering documents set whether and when it could happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- Who runs the storage facilities day to day?
- A trust-specific marketplace listing identifies Westport Properties, Inc. as the manager of the facilities, operating under the US Storage Centers brand. Because self-storage income comes from many short-term renters rather than a single corporate tenant, the operator's leasing and pricing execution drives results more than any one lease document does. The Trust's own Form D filings do not name an operator.
- How full are the facilities?
- A trust-specific marketplace listing reports portfolio occupancy of 87.20%, but no source reviewed attaches a measurement date to that number, so it cannot be tied to a point in time. The Trust's Form D filings say nothing about occupancy. A current, dated figure would have to come from the sponsor's offering materials or a sponsor report.
- Does the Trust use debt?
- The public record is not conclusive. An exchanger who needs to replace mortgage debt from a relinquished property would have to confirm the capital structure in the offering documents.
- Why does the sponsor's raise figure differ from the SEC filing?
- They are two different records taken at different moments. Invesco Real Estate Income Trust's July 2, 2025 announcement states the offering was fully subscribed at $85.7 million in aggregate. The Form D/A filed July 15, 2025 is a point-in-time issuer notice of amounts sold and still available as of that date, and no public document reviewed reconciles the two. Form D information is filed by the issuer and is not reviewed or verified by the SEC.
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.