IREX II Self-Storage Portfolio
Self-storage in Multi-state (4) — sponsored by Invesco Real Estate Exchange
Files with the SEC as IREX II Storage Portfolio DST
Minimum investment
$250k
Offering size
$85.7M
How much has sold
94.0%
Asset type
Self-storage
Location
Multi-state (4)
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
IREX II Self-Storage Portfolio is a Delaware statutory trust (DST) — fractional, passive real estate ownership that can serve as 1031-exchange replacement property. It holds self-storage facilities in Tennessee, Texas, North Carolina and Oregon. Invesco announced on July 2, 2025 that the offering was fully subscribed, raising $85.7 million in aggregate; the Trust is now closed to new investors.2
0% LTV; min $250k; 87.2% occ; mgr Westport Properties; 721 UPREIT into INREIT; raised $85.7M 7/2025
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These links support the public record as a whole; individual details may come from different sources.
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?
Invesco Real Estate Income Trust, Invesco's non-traded REIT, sourced the storage portfolio, according to the sponsor's July 2, 2025 announcement.2 A marketplace listing reports the facilities operate under the US Storage Centers brand and were 87.2% occupied, without stating a measurement date.3 Public material reviewed establishes the four-state geography but not individual facility names, street addresses, a purchase price or acquisition dates.
- Reported location
- Multi-state (4)
- Property size
- 3,894 units / ~463k SF (8 props)
Who is the tenant, and what's the lease?
Self-storage income comes from many month-to-month renters rather than one corporate tenant, so results ride on the manager, Westport Properties.3 INREIT's program-wide disclosure says each DST property is leased by a wholly owned subsidiary of its operating partnership under a master lease that the operating partnership guarantees.4
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.
94.0% reported sold
- Amount sold
- $80,663,234
- Still available
- $5,032,418
- Investors reported
- 70
- Total offering
- $85,695,652
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How is it financed, and what does it pay?
The public record is unsettled here: a marketplace listing reports the portfolio carries no mortgage debt, which conflicts with the classification shown below.3 Form D notices disclose no loan terms, so only the private placement memorandum — the sponsor's confidential offering document — establishes the capital structure.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
The sponsor is Invesco's dedicated exchange arm, which packages DST interests for individual 1031 investors. This Trust sits inside the DST program of Invesco Real Estate Income Trust, the non-traded REIT that announced the full subscription on July 2, 2025.2 An INREIT prospectus supplement reporting as of March 31, 2026 still lists the Trust as part of that program.4 Commercial Observer profiled the platform's tax-oriented private-wealth DST strategy on August 3, 2026.
- Sponsor
- Invesco Real Estate Exchange
- Legal Trust name
- IREX II Storage Portfolio DST
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 4 active / 5 total offerings from Invesco Real Estate Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The original notice reports a first sale on November 27, 2024, a $250,000 minimum and reliance on Rule 506(b).1 Each later amendment restated the same total offering amount while updating dollars sold and the investor count, which is how a private raise reports progress publicly.
- 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 IREX II Self-Storage Portfolio still raising money?
Top1031 lists IREX II Self-Storage Portfolio 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 IREX II Self-Storage Portfolio?
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.
Can I still invest in this Trust?
No. Invesco announced on July 2, 2025 that the IREX II Self-Storage Portfolio DST was fully subscribed, raising $85.7 million in aggregate, and the Trust is closed to new investors. Secondary transfers of DST interests, where permitted at all, are governed by the trust agreement rather than by any public market.
What does the 721 UPREIT feature mean here?
A 721 UPREIT exit swaps DST interests for operating partnership units in a REIT instead of cash. A marketplace listing describes a plan under which, after a roughly two-year hold, investors' interests could be taken into Invesco Real Estate Income Trust through a Section 721 contribution. That is a described plan, not evidence any option has been exercised. Accepting OP units can defer tax but ends eligibility to 1031-exchange that interest again, because OP units are not real property.
Who runs the storage facilities day to day?
A marketplace listing identifies Westport Properties, Inc. as property manager, with the sites operating under the US Storage Centers brand. Because self-storage revenue comes from many short-term renters rather than a single corporate tenant, the manager's leasing and pricing execution drives results more than any one lease document does.
Does the Trust use debt?
The public record is not conclusive. A marketplace listing reports the portfolio is held with no mortgage debt, while this record's financing classification reads otherwise, and Form D notices do not disclose loan terms. An exchanger who needs to replace mortgage debt from a relinquished property would have to confirm the capital structure in the private placement memorandum.
Why does the sponsor's raise figure differ from the SEC filing?
They are two different records taken at different moments. Invesco'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 notice snapshot of amounts sold and remaining as of that date, and no public document reviewed reconciles the two.
What is not settled by the public filings?
A fair amount. Individual facility names and street addresses, the purchase price and acquisition dates, any loan terms, and the measurement date behind the reported 87.2% occupancy do not appear in the Trust's own SEC record. The master-lease and guarantee language located in SEC filings is program-wide for Invesco's DST program rather than specific to this Trust. Form D discloses the offering size, the exemption relied on, the minimum investment and amounts sold — nothing about the real estate itself.
Chapter 9Invesco Real Estate’s Chase Bolding Talks Market OpportunityIn an interview, Chase Bolding identified the IREX II Self-Storage Portfolio Delaware Statutory Trust as Invesco Real Estate’s tax-oriented private-wealth strategy for investors seeking to defer taxes on appreciated gains. Invesco Real Estate Income Trust Inc. Fully Subscribes $85.7 Million DST OfferingInvesco Real Estate Income Trust Inc. (INREIT) announced it fully subscribed its IREX II Self-Storage Portfolio DST that launched in June 2025, raising $85.7 million in gross proceeds from eight self-storage properties in TN, TX, NC, and OR managed by Westport Properties, Inc.